If what was reported on the news is correct the current price spike is based on speculation, not oil shortage. What little decrease in oil supplies is caused by the problem in Libya is being more than made up for by Saudi Arabia increasing production. So, just what is going on?
Of course there will be very few people on the planet who are not affected by increased energy prices. They will be reflected in everything we buy or do.
The real question is, again assuming reports are correct, what are the big investment houses and banks going to do with the big bonuses they will derive from all this?