In our view, the persistence of strong growth in Chinese oil demand could drag 2011 oil demand another leg higher, despite widespread fears of a slowdown, with all the rate hikes, in our view, are largely unfounded.

FORBES: Slowdown? China Oil Demand Up 15%, Gasoline Demand Breaks Record

So we face two options: oil prices come down sharply, or we enter a recession, which will drag oil prices down.

FORBES: Falling Oil Prices: Worrying Trend Or Saving Grace?

Even if the south has no chance of winning the oil back, it may drag out legal proceedings to satisfy its hotheads at home.

ECONOMIST: A ruling from The Hague pleases the north and vexes the south

Patton Boggs joined the lawsuit by Ecuadorean villagers suing Chevron over toxic drilling waste in the Amazonian jungle last year, but has been stymied in efforts to drag the global oil giant to the bargaining table to settle.

FORBES: Judge Tosses Patton Boggs Suit Over Unpaid Ecuador Bills

Well, one reason is that high oil prices are a very real drag on the global economy.

FORBES: Saudi Bid For 'QE3' Quashed By OPEC Discord

Cheap natural gas can also drag down the price of oil--albeit with a lag, since it takes a while to bring gas wells online or to convert some petroleum consumption to gas consumption.

FORBES: Magazine Article

Since many expect the economy to drag for a year or more, oil prices likely will stay low.

NPR: Oil Prices Hovering At 3-Year Low

Crude oil prices traded modestly lower Thursday and that was a drag on the commodity sector.

FORBES: Comex Gold Ends Weaker On Corrective Pullback, Consolidation

Slow growth in demand from the U.S. will be a drag on price appreciation for industrial metals, oil, natural gas and coal.

FORBES: Investing Strategies For Low Inflation

But oil prices have to correct when economies slow down, or else high energy costs drag things down even further.

FORBES: Falling Oil Prices: Worrying Trend Or Saving Grace?