So what's the real story with oil prices?

I've been reading up a lot on the oil price issue and what I'm finding is disturbing. There seems to be a lot of talk, if not consensus, that the surge in prices is pure supply and demand, and therefore there's little we can do about it (and little OPEC or anyone else can do about it, since, supposedly, they're pumping at near full capacity). Is anyone out there up on oil issues? I've heard all the talk about India and China, but am having a hard time believing that their economies have grown so much in the past year that oil prices have doubled (then again, I suppose it depends on the slope of the supply/demand curve?). I'd be curious who the recommended sources are on this, sources you can trust, sources little folk like us can understand, etc. Here are a few interesting (and accessible) articles I found on the topic: USA Today; TIME; WIRED.