Oil..Oil...Oil.. That is latest news in every circle

Today crude is trading at $130 and see no sign of retreat to lower number. OPEC still claims that they see no problem in supply-demand gap, whereas countires across globe are witnessing huge oil crisis.Most effected are ofcourse emerging nations like India and China. Commodity is highly dependant on oil prices since majority of tranportations means are based on oil and slight increase in oil results in a direct propotionate hit on inflation numbers.
Analyst say that they see some corrective measures coming into picture by year end, and that crude should be down to $80/barrell price.
Now, what has to be seen if how economies are going to take the balanced approach to minimise the impact of crude hit