The cost of oil has increased due to the shortage of oil yet use of gasoline has decreased. Go figure!?

Question

Recent events.

Answer 1

Oil is paid for in u s dollars,The dollar has dropped in value,You figure.

Answer 2

The use of of gas has decreased because the price has increased.

Answer 3

There is no oil shortage on the global energy market.

OPEC President Chakib Khelil recently (last week) emphasized that there was no shortage of oil: “As far as fundamentals are concerned I think we have equilibrium between supply and demand. . . . In fact right now we have more supply than demand.”

The current oil price shocks are caused largely by the destabilizing wars and political turbulences in the Middle East. These include not only the wars in Iraq and Afghanistan, but also the danger of a looming war against Iran that would threaten the flow of oil out of Persian Gulf through the Strait of Hormuz.

Add to that the depreciating US dollar.

Answer 4

Can you spell GREED!!!!

Answer 5

it is for this very reason that oil prices are declining now, keep up the good work.