What causes the oil prices to increase? Which type of ppl and country benefit the most?

Most prices increases are driven by OPEC(middle east) and the futures market.


OPEC obviously benefits from the increases and most countries are effectively held hostage by them. The US is because most democrats and no few republicans refuse to streamline the refinery and drilling permit processes.


We haven't built a refinery in the US since the 60's because of the government.


The price is determined by market forces and taxation, the latter of which takes up about 50% of the price and its higher in Europe.





Reason oil companies make so much money is that the government refuses to allow them drill more wells or build more refineries therefore, they can only control consumption through pricing.


Its also worth while noting that the 70's oil ';crunch'; was the result of the EPA mandating formula changes and dividing production into regions and seasons.What causes the oil prices to increase? Which type of ppl and country benefit the most?
the people who own the wells and the middle men. the price of gas has gone up by over 300% the lost couple of years. The oil companies are making record profits