News – The price of oil has been at a record high since the last few years. The simple explanation being that the demand for oil is increasing rapidly whereas the production is near capacity for several of the chief producers. In fact the ever increasing demand for oil threatens to surpass the world's oil production. New oil fields and technologies being
it is usual as it is already known that the prices will hike up.
but main concern was to stop Chinese economy.. their oil imports have rose to larger extent.. it is to stop them..
Of course, anyone discussing oil is going to get hit with the 'China Factor.' That's certainly understandable, since most articles discussing crude will bring up China's surging demand. However last year China imported 3.2 million barrels of oil per day, or something less than half of their total oil demand. It is now being estimated that China will use 7.9 million barrels of oil per day in the coming year, but that is their total oil use, imports included. (By contrast, the U.S. currently imports between 12.2 million and 13.6 million barrels per week.) In any case, the International Energy Agency is forecasting U.S. demand for crude will fall by 2%. Assuming the import component of China's oil use remains the same, the two nations' numbers cancel each other out.
On the same day the President and our Energy Secretary made those foolish comments, no less an authority than ExxonMobil (XOM) Chief Executive Officer Rex Tillerson was quoted by Marketwatch as saying, "The record run in oil prices is related more to speculation and a weakening dollar than supply and demand in the market." He added, "In terms of fundamentals, fear of supply reliability is overblown."
http://www.businessweek.com/lifestyle/content/a... -- lifestyle subindex page_top stories
well it looks like the terrorists cant bomb us here so they go for the gold and raise the oil prices!!! if we cant bomb you suckers then we will make you poor and take all your money
What goes around comes around. Let's see how they like the taste of oil. It's about the only thing they have to eat other than sand unless someone sells them something. Which is a more valuable commodity, Oil or Food? If they won't help get the price of their oil back down then we should make sure the price of their food is offsetting the increase.
How much does it cost to build an oil refinery? It was on the news that the Arabs said that we were not demanding enough oil and the price will go up. With only two refineries in America, how can we generate enough gas to buy more? The higher it gets the less we can buy. I don't think they want our business.
Has anyone wondered why everytime a report comes out showing that our reserves are lower than expected, the price of Oil goes up on the Mercantile exchange? I know a commodities trader who is building his fourth house. His bonuses are 8 figures. And just for clarification, I haven't stood in any line and I can get as much gasoline as I want, anytime that I want it. I remember the shortages in the 70's. I don't see any shortage at all unless it's being shorted on the Mercantile exchange.
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Rise in oil price is inevitable because of fall in the value of Dollar and the increased demand for oil.
more or less it is true, but mainly to stop the growth of Chinese industrialization, it is dependent upon the oil and price hike in oil will hurt China..