I'm just wondering why the oil prices worldwide is soaring high?

Question

I'm just wondering why the oil prices worldwide is soaring high?

Answer 1

On CNN, they say it's because of spectators.

Answer 2

Low or stagnant production plus rise in demand from countries that previously didn't require much oil (China).  Simple supply and demand, a rise in production will lower prices.

Answer 3

The media lie to us saying oil CEO claim is supply and demand. There several evidence to say is a lie 1) when oil barrel prices incline gas prices increase to new records, when oil barrel decline gas prices lower to .05 cents compare to increase of .10 cents 2) Everytime a storm approaches the gulf oil prices go up high while a years ago they never attended to rise, making exusess why gas price high... there too much to explain but don't believe in supply and demand

Answer 4

We are running out of oil.

Answer 5

High demand for oil has made it go up.  So has restricted production of oil..so there's less supply. Its not great.  There is big demand and low production.  Those are the two biggest problems.  Sure oil is not an infinite thing.  But its far from running out- it'll take a while from what I read (i used to think we have low supply but some say that we have enough to last for a long one).  As for the other factors. Hmm the war in Iraq contributed somewhat but not nearly as much as demand and supply (Iraq's contribution was at the extreme most- somewhat) so they don't play a huge factor and speculation are a factor.  But it isn't a top factor.  It plays a role.  Neverthelesss , it isn't as bad as supply and demand.  Speculation works by investors buying oil shares and that drives demand which makes prices go up.  Yes that's played a factor (not the major factor however I mean it is big but not as big as demand for oil in the world and lower supply) and oh oil prices went down lately (yes gas prices haven't, like only 10 cents average in the country, but not much but it won't go down much until later on) in the last week or so...145?- 120 (around it) so that's great.

Answer 6

oil is tied the dollar our dollar is weak so it cost more dollars to buy that oil