An excellent article on The Economics of Volatile Oil Prices
http://anz.theoildrum.com/node/5110
here is the pdf link to this article the-economics-of-volatile-oil-prices
There is a very nice YouTube video that animates these curves and shows how the price spike and recession mechanism work.
http://www.youtube.com/watch?v=T7vGDwGLU7s
the official data for world oil supply/demand information
https://www.iea.org/oilmarketreport/omrpublic/
