Egypt's in trouble at the moment, and they actually have oil. Egypt calls in favours as credit crunch hits key imports
At the moment, we (as in western Europe) are in an unprecedented energy predicament. Many people refer to this predicament as "peak oil" as a sort of shorthand. Unfortunately, this is a little misleading. We know that global oil production will peak at some point, probably in a decade or so when Saudi Arabia's oil fields have depleted seriously. But the precise date of the peak is not all that economically relevant to us.
What matters is the cost of that oil to the consumer. Cost has leapt, and this is because of our increasing reliance on "tight oil", oil trapped in difficult-to-extract geologocal formations. Since about 1900, the growth of the industrialised world has been dependent on non-tight oil. Oil that you get from a big trapped pool under the ground. Saudi oil is mostly non-tight. With non-tight oil you just inject a tube into the ground and oil just gushes out. That's a pretty cheap way to get oil. You can sell it at $30 a barrel at a profit.
But tight oil, that needs a fracking process, or an oil-sands steaming process, needs much, much higher prices to be profitable.
This is causing all hell to break loose in Europe and the USA. Both regions depend a lot on oil to transport their populace from home to workplace. In China, the populace cycles and oil is chiefly used for the purposes of manufacturing and delivering goods. As a result, the west is close to recession while China is growing gangbusters. Here's just one example, with Chinese businessmen buying more cars than Europeans. Bear in mind that for over 75% of Chinese people, the cheapest car on the market costs more than 3 years wages. Yet they're still buying that many:
This problem refuses to go away, but to judge by the posting online, you'd imagine the problems of expensive oil had evaporated.
As you can see from the following link, they haven't:
The Oil Drum | Our Energy Predicament in Charts