Via Instapundit, there's an opinion piece in Forbes about how high oil prices are not causing a drop in demand, at least not in the United States (although the author doesn't mention the foreign angle).
As I previously mentioned in my blog (in a post about the minimum wage), the demand for gasoline, like the demand for low wage labor, is price inelastic, which means that rising prices have barely any effect on demand. So if you read my blog, you don't have to read anything else because you already know what's going on.
Demand inelasticity (as well as supply inelasticity) contributes to the huge swings in prices. So if people want to know why prices are so high, the answer is inelasticity of both supply and demand. This is not an especially unusual situation for commodities. For example, the price of silver has more than tripled since November, 2001.