I'm curious.Does anyone know what the world wide demand for oil as in millions of barrels per day say 3yrs ago and what it is today?I mean for the price of oil to more than double there has to be a reason for it.Speculators are using ANY excuse to run the price up.
And THAT is the point. Oil consumption is NOT double what it was 1 or even 3 or 5 years ago. There is an increase in demand - but oil is flowing reasonably unempeded (other than a paranoid fool in South America). Despite the terrorists continued actions in Iraq, the oil is flowing better than it has in years. Yes, the Russian oil company Yukos is still an issue.... but it's all still, as a whole, MORE stable than a year or two ago.
The prices are currently being driven by profit-motivated speculators who will spawn whatever rumor or story it takes to bump their prices. If Wall Street traders were allowed the same freedom as the oil speculators, holy cow.....! But the US government is smart enough to have regulations to try to prevent such speculative lying and scare tactics to increase profits. Folks have spent time in prison for what the oil speculators are doing....