Here is an interesting analysis on the gold /oil ratio (if you google gold/oil ratio you will a find a bunch more):

http://www.resourceinvestor.com/News/2011/2/Pages/How-to-Use-the-GoldCrude-Oil-Ratio.aspx

It appears that the current ratio of about 21 indicates either gold is too expensive of oil is too cheap.  Granted both oil and gold prices are up dramatically in the last 5 years, but it seems like real demand for oil would favor the oil side of the equation.  Here is a decent historical chart of the gold/oil ratio:

With Oil priced in the low $80’s, perhaps this is one commodity that isnt overpriced in todays world.  It would seem that even if international political progress was made on carbon emissions for fossil fuels, coal would be the likely first target, maybe even increasing demand on oil.  So anybody thinking of investing in gold at current price levels, you may want to consider oil as a lower risk alternative.

Here is an interesting chart on projected oil consumption:

The Orange bars are demand from developing countries – which has grown primarily due to increased wealth in those countries.  While western demand may continue to drop as the economy slows and efficiency gains are made, it doesnt seem likely that the orange bar curve will change too much in the near future.