This will be the largest uptick in the index for a long time. The current inflation scare will be relatively short-lived. We are in a long-term deflationery environment through about 2017. Sorry I don't have time to give you all the details here, maybe I'll do a topic on the subject.
Greenspan is not to blame for this spike, as claimed by a poster above. Energy prices are the reason for the spike. As properly noted above by another poster, oil and natural gas prices will decline as supply increases. Supplies will increase over time. The question is how well supply increase keep up with demand increase.
Congress is at fault if exploration and supply does not increase faster than demand. The oil and natural gas is waiting to be taken out of the ground. Congress needs to incentivize the process. So far, Congress has sat on its' collective hands, but pressure will build soon. Let's just hope they take proper action, not short term quasi-fixes.
But...but...what about the Carribou?
It's pretty amazing to see such long-range predictions when we do not even know what will happen next quarter. Could you please elaborate on this?