The Instapundit highlights this link from Fabius Maximus, a sober, sobering, and erudite breakdown of world food prices and the connection to inflation of all foundational commodities (energy, industrial materials, precious metals, and agriculture). Having lived in a period of seemingly unending over-capacity all my life, the coming years are starting to seem a little galling.
Of course, I've been anticipating the rise in oil for most of my life. Possibly just not so soon. While I think supply is definitely part of trouble with energy, I think here in America there has been a lack of maturity regarding investment in the infrastructure. Every one wants more gas, but no one is willing to have a refinery in their backyard. Nuclear power is a similar problem. If only this applied to refineries and nuclear power, but it also applies more benign energy source like wind. Wind! Too noisy, too unsightly. If I had the choice, I'll volunteer for the wind farm and the others can have the refinery.
The under-capacity, under-investment problem could be thorny for years to come. The only bright spot is that it should generate investment in energy infrastructure, alternative energies, nuclear power, and agriculture while also softening opposition to genetically modified food and hopefully ending support of misguided subsidies for corn-based biofuel. For now, hold on to your seats. It's going to be a bumpy ride.