The difference.

WSJ: Robust Oil Demand Fuels Prices. [$]

Quote:

Last year's high was reached as Israel battled Hezbollah in Lebanon and amid fears of a showdown between Iran and the West. "The difference this year is that you are reaching $70 a barrel on fundamentals" of oil supply and demand, said Jan Stuart, energy economist at UBS Securities LLC. "Demand is growing faster. Supply is not keeping up. Inventories are trending lower, not higher."