In the energy market Friday, crude for July delivery pulled back, closing at $134.86/barrel, down $1.88. July reformulated gasoline fell 6.74 cents, to $3.4626/gallon.

Here at Money Morning over the past six months, we’ve talked a great deal about oil and gasoline prices. We’ve offered our predictions about how high those prices were going, and have detailed a number of investment opportunities - chosen as much for their margins of safety as for their profit potential.

What will happen when there is less oil? U.S. oil demand will fall, whether anybody likes it or not. The oil will simply not be available in the volumes that the government, industry and people in general have come to expect. So the phenomenon of declining oil use will not be voluntary, graceful or cheap.

Last week, Indonesia’s Minister of Energy and Mineral Resources, Purnomo Yusgiantoro, announced that his nation would not renew its OPEC membership.

If you missed out on Indonesia before… don’t fret, because if I’m right, a second bite of the cherry is about to come your way.

What will happen when there is less oil? U.S. oil demand will fall, whether anybody likes it or not.

Perhaps part of the humor is that this comes at the same time as the price of gasoline went up 3 cents to another record high of an average of $3.70 a gallon. This is up 22% from this time last year! 22 percent! 22! Hahahaha!

In the energy market Thursday, crude for June delivery blasted higher, settling at $126.29/barrel, up $2.17 after easing off a record intraday high of $127.82. June reformulated gasoline rose 5 cents, to $3.22/gallon.

We will always need energy to heat and light our homes. We all need water to drink, to clean with, to cook with. Of course, this has always been true.

We’ve all heard the story. Most of the world’s major oil deposits have already been discovered. The low-hanging fruit has been picked. The remaining oil supplies are tough to get at – and expensive to recover.