But Trichet still pointed out that the ECB raised interest rates in the summer of 2008, when oil prices were squeezing consumption levels compared to GDP.

FORBES: Trichet Cites Inflation Fears, Adding Strength To Euro

Once the Smart Sponge has soaked up some oil no amount of squeezing will get it back out.

FORBES: Shale Gas Frackers Get Excited About ... A New Sponge?

Enhanced oil recovery (EOR) technologies get extra petroleum out of depleted fields by squeezing CO2 into them.

ECONOMIST: Combating climate change