Who's to blame for the current spike in oil prices and who exactly is benefiting? It seems everyone has an answer to these questions lately. Regardless of whether one believes that we should drill the ANWR region, end oil speculation, boost refinery capability, or pressure automakers to deliver fuel-efficient or electric vehicles, it still doesn't take away the current sting of paying more for gas than we've ever experienced.
- Gary Witzenburg
- Jul 14, 2008
Part of the problem is speculation: individual and institutional investors betting on higher future oil prices. Another big factor is the very weak U.S. dollar. But the bulk of the reason oil and gas prices have climbed so high is that age-old Economics 101 supply/demand equation. Global demand, especially by developing countries, continues to grow, while supply does not.
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