How exactly could oil have such a parabolic run? Which "players" could produce this price increase?

Question

I'm just baffled. The consolidation has no relent.

Someone ( I believe it was an official from OPEC) said that, fundamentally speaking, the price of oil should be $75.

I had heard previously that some other head (it could be the same guy, excuse my poor memory) mentioned the price of oil soaring to $170 short-term.

But which players (institutional, corporate, soveriegn, government, or what it may) can produce such a parabolic effect in the price of oil..

I don't think I can believe that speculators can exert this kind of effect (but that's just what I "think")

Someone must be behind this collective bid, and colelctive sell-off.. someone has got to know something... how is this happening.

Is it even possible to know?

Thanks for all your inputs!

Answer 1

Do you mean "players" or "playah's"?

Answer 2

If you use Oil everyday to move from A (House) to B (Job) then you will rise the price.

This is not about foreign countries, investors, speculators or corporations.

This is about you.

Demand for Oil in the United States of America is growing.

I suggest you to sell your Hummer to a Canadian or Mexican and buy a 2008 Honda Civic GX (This vehicle DOES NOT USE GASOLINE OR DIESEL)

I suggest General Motors to sell Hummer (The entire company) to a foreign corporation.

Answer 3

First, the US Dollar has lost half its value in the last years.

With that in mind, if it still would be pre Bush value, a barrel would cost about $65 US today.

Second, China and India using up much more oil then before and oil is a finite commodity and only so much can be produced a day (Supply and Demand regulating price).

The sheiks are very very happy about all that, they can't contain their grins.

Bush's wars in Afghanistan and Iraq and the unstable situation in Nigeria and other oil producing countries, don't help very much.

We should have spend the last 40 years to get independent from oil, instead we still beg now for more drilling, like a sick addict.