Why are petrol prices rising?

Question

I'm writing an essay and need some points about what is causing the prices to rise so dramatically. some dates would be great but if you can't don't worry you would have been a great help. thanks heaps!!!!!!!!

Answer 1

Increased demand on the world market - Particularly from developing economies in Asia - China and India.

Combined with an expected decrease in future supply of crude oil..

Answer 2

True, plus other smaller shocks have short term impacts, like worker strikes and fighting disrupting supply from Nigeria, and uncertainty about production in Venezuela. The scarcity/cost of equipment, like rigs, and of skilled engineers adds to costs and puts the brakes on increasing output.

Take a look at today's Economist for a bit about the current oil price:

http://www.economist.com/displayStory.cf...