Looks like the oil prices will remain high for much longer. With ever rising demand and little alternatives/replacements in sight, this will affect everything from inflation to the cost of travelling.

Fire Breaks Out at Oil Well in India
By Associated Press

GAUHATI, India -- A fire broke out in a damaged oil well in northeastern India on Thursday, and Russian experts were summoned to inspect the site.

Flames and dark smoke billowed from the well in Assam state, said J.K. Talukdar, who heads the eastern operations of government-owned Oil India Ltd, which owns the well.

There were no casualties, but the fire threatened to engulf the oil well, which was damaged Tuesday and may have been leaking crude and natural gas, he said. However, the cause of Thursday's fire was not immediately clear.

"It's a massive fire. We're trying to attack it with water and foam," Talukdar told The Associated Press from Duliajan, 340 miles east of Gauhati, Assam's capital.

Police and paramilitary soldiers cordoned off the area, although there are no houses within 985 feet of the oil well, which was surrounded by tea gardens, said Prashanto Borkotoki, a company spokesman.

More than 50 fire trucks and hundreds of firefighters were trying to contain the blaze and prevent it from spreading, he said.

The Russian experts were called to inspect the well after it was damaged in an explosion Tuesday. They were to arrive later Thursday and determine whether the well had been plugged effectively following Tuesday's blast, Talukdar said.