Why is oil price very high?

Question

what is the main reason? is it because it is in scarcity?

Answer 1

Because its summer

Which means everyone is going on vacation

And alot are driving to go to wherever their going

So thats why gas is so high in the summer atleast

Answer 2

China's and India's economies are booming so their supply vs. demand just went up. OPEC is supposed to increase supply, but there's, as you said, we're drilling the planet dry, and they make more money this way.