Why do oil prices continue to dramatically rise?

Question

If, like the majority of the OPEC and oil companies leaders say, that the oil market is "well supplied" and gas consumption has decreased, why does the price per barrel of oil continue to dramatically rise?

Some oil leaders have also said there is no justification for the way oil prices are right now or why they continue to rise and that it doesn't make any sense. Apparently, supply is greater than demand, at least for right now.

Why is this? Thoughts?

Answer 1

I'm going to tell you first-hand and honestly that boycotting gas for any amount of time - big or small - will not be practical for regulating gas prices. As soon as that boycotting is over, gas prices will be up again and even WORSENED because there will be much much higher national demand for gas. This is not the way to go, and, truthfully, there is nothing direct any person can do to influence these prices.

HOWEVER, you must know that the prices AREN'T high. it's the VALUE of the dollar that's LOW. inflation. the increase in production of money leading to the prevention of gas shortages by raising the price [of gas] and everything else in the market.

Who are we to blame for this? Who caused the inflation? Who regulates the amount of money in circulation?

One answer: The Federal Reserve. directed and influenced by the American government.

This gives them the ability to regulate the value of the dollar as they please. Hence, giving them the upmost control over the economy. Government doing anything to fight the recession?

Give me a break.

The government does not give a flying FC*K about Americans. Afterall, most of our attention is still paid to Paris, Britney, Miley Cyrus, and press pictures published of Jamie Lynn Spear's newborn baby.

Answer 2

The answer is because they can,they know we will pay for it because we need it.

Answer 3

It's all because of the energy speculators and the insane hedge funds that have been created because of them.

Don't worry at some point it will reach a peak and fall like a lead rocket.  Once the speculators realize the ride is over they will abandon ship quickly.  A lot of these speculators are going to lose everything because it will fall that quickly.

Answer 4

It's because of GREED.