Record High Oil , Now $140 per barrel , inspite of increased output is this?

Question

Just another Price gouging , by Traders and those on Wall Street ? Its strange how Oil can lower yet the Traders keep whining about things happening all over the world that doesnt even effect our Oil supplies , yet they continue to raise Prices in the stock and tradings . Is the Stock Market and traders American's ? Seems to me , nothing would be better than to get rid of the Wall Street crowd . They are the ones weakening the Dollar . Even Saudi Arabia , has bailed out the US Dollar more than once , yet Wall Street and its traders and skeemers , just keep helping the Dollar to Plumet further down . What say You , is this a wrong forcast or opinion ??

Answer 1

Oil companies are responsible to their shareholders. Their job is to max profits and min costs. The price of oil floats on demand. Huge growing demand in Asia = higher prices.

Answer 2

Its a communist plot designed to weaken our resolve so the reds can come in and take over!

Answer 3

Many people always say:"It's China! It's China!". It may be true that they consume much more materials than we do, but they have 1.3 BILLION people compared to 304 MILLION in the U.S. See, oil is traded on futures, which means you kinda "prepay" and get your oil later. Really it's the people who want oil are the ones that drive oil up. Let's say I have a barrel of crude. I say "Who wants this barrel for a dollar?" You say "Me!". But someone else comes along and says "I'll take it for 5 dollars". And then you say "NO! I'll take it for 20 dollars" and the price goes up as more people come. Also, another reason is the plummeting U.S. dollar. Oil is measured in U.S. dollars and as the dollar gets weaker, prices go up, because oil's value stays the same and the dollar's value drops. So if the Saudis released more oil, but the U.S. dollar dropped, prices would higher or lower, depending on the amount of oil released and how much the dollar dropped. I do not believe there is MUCH price gouging in  the industry.