The price of oil and gas has surged amid the U.S.-Israeli conflict with Iran, which is causing a significant increase in demand. The Middle East oil crisis is expected to accelerate the trend of reducing the amount required to produce a certain amount of wealth. Oil consumption in developed countries has been stagnant, with the United States spending only 6% of GDP on energy in the past year compared to 13% in 1979. The price of crude oil is manageable, but it could lead to further increases in supply. Companies like Exxon Mobil and Chevron are set to benefit from this surge in demand, while companies like Chinese battery manufacturer CATL, solar panel maker JinkoSolar and EV producer BYD are potentially big beneficiaries. High oil prices will continue to impact the demand curve over the long run, with high prices expected to continue to increase.