Is it the cause of oil price hike due to the supply and demand or political?

BothIs it the cause of oil price hike due to the supply and demand or political?
Mostly its set by the futures market bidding up the price over perceived oil instabilityIs it the cause of oil price hike due to the supply and demand or political?
The price of gas is directly affected by the price of oil, with oil over $73 a barrel gas is going to be high. Only problem is there is alot of oil still and they are profiteering from it. It is pure greed on the big oil companys part. They buy the oil from themselves as the same company that owns the well's own the refinery's and even the gas stations. While it is unfare they have us by the gonads and there is little or nothing we can do about it. It is a free economy. Even though they should be arrested they can't be because they are breaking no laws.
Dont worry. In another 10 years, it will be moot.





With Oil running out worldwide, we'll have plenty of other things to keep us occupied.


Oil is a limited resource. The dwindling supply has been accurately tracked since the 60's.


If you want to keep ahead of the trend, get into corn and soybean production. Both are proving to be useful bio-fuels.
I think it is the result of greedy business and political inaction going on. This is not an issue of demand and supply, indeed if there is any truth about it, the government can use its price mechanism tool to save the poor consumer from these greedy business. There is no perfect market economics where this are left to take it equilibrium in the market. The government has a responsibility to protect the poor and the weak from the strong. The government can deploy price ceiling mechanism where prices will not be allowed to go over a certain amount or go under a certain amount. IE maximum of $50 per barrel and minimum $30 per barrel. It is not true that, government of America cannot do this. we have the power to do this, we are the highest consumer of world crude oil and Nation follow our lead. We have to put a ceiling on the prices, and let the traders be aware that, this is America if you want to sell your oil this is how much the government and the people of the USA are ready to pay for your oil. if not take your oil away. then those Iran and the Arab guys will show the world where they will send those excess 25% of the world crude to? The congress need to act on these to save the poor consumer from these racketeers.
bush
Both
The full weight of the energy crisis will wait till the baby boomers retire. Their retirement bill combined with the lack of energy will colapse the 1st worlds economy.





Remeber Social Secuity can only invest in government Debt!
It probably should be around $1.50 due to supply and demand... the rest is political (and profit)
There is no free supply and demand = Else why such cartels as OPEC.
Its the fault of market speculators, mostly.
In 2005, Exxon Mobile yielded the highest profit margin of any company in history. That leads me to believe that it's not a result of supply and demand. Oh, and it's gas prices going up, not so much oil.
Environmentalists are controlled by the oil companies, creating an artificial scarcity. These are both run by rich kids, who can't help benefiting their class. The Kennedys and the Bushes are the same as far as results go.
It`s a Political scam to rape hard working people so the ';Elite'; can line their pockets,plain and simple!
Definitely political. And caused by greed.
Its not supply and demand by any means. Crude oil is only up 11 dollars a barrel than it was years ago, and how many gallons of gas is in a barrel of crude oil? I'm not sure but our prices go up almost 2 dollars? Doesn't make much sense to me.





Although it is OPEC that supposedly controls our gas prices not individual gas company's. I would say the biggest gas company would profit the most under any circumstance. The only thing i don't quite understand is OPEC says the gas prices are too high, but someone else is telling them there is nothing they can do about it. I thought that OPEC controlled our gas prices and now there saying some foreign company is telling them there is nothing they can do about them? go figure.
Shut up! They are stealing from America, right in our faces. This is Capitalism at it's finest, you know hit them fast, and hard, and as long as you can, then bail out. The Republican way man! Exxon Mobil of Texas 340 billion in profits 2005! George Bush retirement.
It is supply and demand. Price elasticity to be exact. The point is, the oil companies can continue to raise prices and demand will only change slightly. The problem is America is addicted to oil. We all drive cars and cannot imagine life without them.





And stop complaining about oil prices. Gas is at least twice as expensive in Europe. Yeah, it must be the government's fault that I have to pay $2.75 a gallon. Give me a break.
Both. There is a political side to it, an economic side to it, but mostly, the fact is the world is running out of oil.


On the other side of it, there is price gauging, which is rampant in USA, i don't care what Bush says.
Worlds thirst for oil. We use 25% of the worlds oil and now China uses 25% of the worlds oil and growing. China is securing oil all over the globe while we become more hated. We unfortunately are on a collision course with China. We should have had a energy plan thirty years ago.
A combination of things, the speculative nature of the oil futures market where events that have not yet happened artificially drive up the price (the upcoming war in Iran and resulting supply disruptions and embargoes), the control of refining capacity by a increasingly smaller number of oil companies (which directly effects and controls the available supply), increased demand worldwide for a limited resource (India and China are putting away their bicycles), the massive tax breaks for the oil companies and the fact that they have little incentive to use their massive profits to find new sources of energy (why do that when you can keep your prices high by limiting the supply) or new refining. Oh yea, and add to that our current energy policy which prohibits the importation of refined oil products and you have a recipe for high prices and even higher profits.
both
problems in the countries which produce oil
political
POLITICAL