[rurgan]

Just one example:

If you look at the last bars on the graph that represent the latest numbers for 2008 you will see that Demand is at 88 million barrels per day while Supply is at 87 million barrels per day. That means that Demand is greater than supply hence the rising oil prices.

Oil at $140/bbl? Congress refuses to amend Udall moratorium on oil shale production in Colorado and Utah.

On Democrats banning oil shale production ,the Udall moratorium on oil shale production, causing the $140 oil, you are absolutely correct on that.

[bruinbirdman]

"If you look at the last bars on the graph that represent the latest numbers for 2008 you will see that Demand is at 88 million barrels per day while Supply is at 87 million barrels per day"

Take another look at the graphs! Another trick.

Look at Supply 1Q2008 = 87. Demand actually shows 4Qs for 2008 (estimates?). But 1Q2008 Demand is less than 87.

yitbos