Question by Fishtalk: Why have oil prices doubled in the last year...?
I mean..... have the oil reserves 'suddenly' gone down by 50% ? Or have the oil producers 'suddenly' doubled the saleries of all thier workers ? Or are we just getting screwed again like in the last oil ...
Question by Fishtalk: Why have oil prices doubled in the last year…?
I mean….. have the oil reserves ‘suddenly’ gone down by 50% ? Or have the oil producers ‘suddenly’ doubled the saleries of all thier workers ? Or are we just getting screwed again like in the last oil “crisis’…. 67 I think. Sombody, somewhere must be making huge profits…. No ?
Dave S…… never thought of that one… So Mr Bush is responsible for this disaster TOO .
Best answer:
Answer by Kit Fang
yes they are making huge profits.
And supply and demand – decreasing supply, increasing demand from places like China and India.
Oh yeah, and the rediculous amounts of tax we have to pay force it up even further.
What do you think? Answer below!
Speculators are trading in stocks, making billions from the soaring record prices..
Its because the guys at the top are getting it while its good petrol will be obsolete in roughly ten years so the rich guys who own the oil are milking us all dry while they still can.
After that at last we might get some better cars
the higher the price the higher the revenue… you’ll see a drop when the elections come up so that they can get credit for making some bs difference, but you and I know “yeah right”!
Im amazed no-one has given the correct answer yet.
Its called the US dollar. All oil is traded in US dollars. The currency has dropped by nearly half in recent years. So to compensate for the loss, oil prices go up.
If oil was traded in Euros we would not have had this disaster. Fact.
Its not just about the dollar as Dave s points out, Oil, like any other scarce commodity is subject to supply and demand. Demand has risen in the main due to the surge of the Chinese and Indian economies, and the Oil rich nations are reluctant to increase supply to preserve their dwindly reserves. The Iraq situation has not helped. ether,
Source: http://www.eia.doe.gov/emeu/steo/pub/contents.html
Part of it is the devaluing of the US dollar.
The supply is finite and declining, but the demand is rising, therefore prices go up. However this is a gradual process, over perhaps a decade before we hit real hardship. The current hike in price is due to speculators and profiteers.