"According to normal economic theory, and the history of oil, rising prices have two major effects", said Fatih Birol, the chief economist at the International Energy Agency in Paris. "They reduce demand and they induce oil supplies. Not this time."
We have just sped away from the era of "normal" and lurch through territory history cannot illuminate for us. So, as they say in a metaphor that will become increasingly anachronistic: fasten your seatbelt.