High price of oil may force lifestyle changes

The dramatic increase in global demand for oil, and the resulting price spiral in the last couple of months, may be early warnings of a fundamental change in the economies of industrialized nations.

“If you believe America has been built on cheap resources – oil, gas and coal – and think the nation will not be affected, you are in for a big surprise,” said Charles T. Maxwell, senior energy analyst at Weeden & Co. in Greenwich, Conn.