The bad, worse and awful news for energy prices

In the real world, it takes time for consumers and suppliers to respond to higher prices. Buying hybrid cars to replace old gas guzzlers takes time. Finding new energy resources and building refineries takes time. Supply and demand are heavily influenced by government policy and global politics, which adds complexity.
To understand the outlook for energy prices we need to look at whether demand, supply or policy will change and over what time frame. The news on these three elements is bad, worse, and awful, respectively.
Financial Express