[tfecw]

The oil prices are up in part due to panicky idiots running the market over there, but you can't forget about the 3 billion or so folks (i have no idea how many people live over there) over in India and China that are consuming more and more oil. It used to be just us buying, now that there is some competition going on, prices go up. Unfortunately that variable of the equation is just going to rise as well.

[HamiltonJay]

Yes, China and India are using more oil, but production has kept up even with their demands... there isn't a shortage of supply... so this run up is not based on actual state of affairs as far as I can tell...

Looks to me like either panicy "bubble" type mentality by futures buyers, or flat out manipulation and profiteering.