I have often wondered how much of this increase is based on "market speculation" and just who may be behind it.Wasn't there recently a world socialist guy who ruined the currency of several countries? This price increase certainly does not benefit the GOP but certainly does immensely benefit the DNC. Just who might be helping out the DNC ....Just a thought?
The price of oil is volatile due to the rather low price elasticity of both supply and demand in the short run. It is further compounded by the political instability of many of the largest and lowest cost producers. The recent volitility in energy prices hasn't been associated with recession in economies around the world the way it was back in the 1970's and early 1980's. I think a lot of that has to do with not interfering to make domestic prices artificially lower than world prices as was done by the Nixon, Ford, and Carter administrations.