Why is the oil price rising?

Why is the oil price rising? Are these guys raising the oil prices just to suck the juices out of other nations that do not have oil reserve?

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  • dumdum
    Lv 7
    1 decade ago
    Best Answer

    It's very simple really. It's called greed. We are nearing the end of the term for our two oil men in office and since they can't run again,now is the perfect time for the greedy oil companies to see how much profit they can run up while their two men are in office.

    If you remember , Dick Cheney had the oil companies come to the white house and draw up an energy plan for the country.. You are seeing the results of that energy plan right now in the price of oil headed for $5 a gallon. Dick Cheney gets one million dollars a year in retirement benefits from Haliburton ( a major player in the oil industry, not to mention the Iraq war) I would say that they got a very good investment on their million dollars a year. wouldn't you?

  • 3 years ago

    loss of refinery ability does not reason oil expenses to upward push - in certainty, a sufficient international loss of refinery capcity could certainly cut back the call for, and for that reason industry value, of crude. What it may do is reason the fee of gas to upward push /even greater/ than the extreme value of oil could point out, if call for is physically powerful sufficient. Oil manufacturers income while the fees upward push. Oil-exporting international places frequently have long-term exploration and progression contracts with oil agencies. while the fee is greater than it grew to become into estimated to be while such contracts have been drawn up, the organization reaps a providence. different oil-exporting international places pump thier very own oil, and sell it on the open industry, and that they recieve the providence, themselves. yet another huge winner while the fees are extreme are international places that have greater durable to make the main oil supplies. Canada, case in point, has super oil reserves, yet they're perplexing to certainly extract: while expenses are extreme, Canada has an oil industry, while they're low, it efficiently does not (yet no person accuses Canada of attempting to restoration oil expenses). finally, option fuels and renewable means supplies get a super develop from extreme oil expenses. So environmentalists must additionally be perking up each and every time the fee of a barrel is going up. the costlier oil gets, the greater almost possible photograph voltaic, EVs, biodiesel, and whatnot develop into. (yet, returned, no person accuses the environmentalists of conspiring to create unrest interior the middle east).

  • Anonymous
    1 decade ago

    As the value of the dollar sinks the prices go up, it is known as inverse economics.

    Apparently junior was out of class that day and doing a couple of "lines".

    But then when someone mentioned the fact that the price of gasoline was approaching $4.00 a gallon a while ago he was confused. Oh well we get what we deserve when we vote into office an incompetent don't we.

    Think when you go to vote in November. Friends do NOT let friends vote republican.

    Even a caveman knows that, now you do as well.

  • cantcu
    Lv 7
    1 decade ago

    Because it can!

    It is rising in large part because of Bush's failure to address economic interests in 7 years and limit out tax-base by giving tax-cuts to the wealthy, exactly those who do not need a tax-cut. They have plenty of shelters and write-offs while many people in this country file the EZ form and have NO write-offs at all. Now people who are making $160,000 a year are complaining about their $800.00 fuel bill to fill their oil tank! I could care less about them as 1/2 of America makes less than $30,000 a year!

    Thanks to Bush, our dollar fell on the market 10% last month so your dollar buys less!

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  • 1 decade ago

    The demand for oil is rising. We get our oil from foreign countries, and so they can pretty much charge whatever they want knowing that we'll pay. That's why we should start processing fuel here.

  • 1 decade ago

    Democrat Pelosi promised to lower gas prices 2 years ago if we elected a Democrat congress. Go figure, they are all politicians like Hillary and lie.

    It is simply greed, greed and then more greed. Congress is about to raise taxes on gas again.

    The only ones willing to help are McCain, Obama and Clinton if elected President, yea, right.

  • dlk
    Lv 7
    1 decade ago

    Supply and demand. The price of oil is set on the world market..............trading in futures. You've seen nothing yet as those futures which were traded have not yet been felt on our gas pump prices.

  • Anonymous
    1 decade ago

    Because China is willing to pay more for it and BUSH wont do **** to drill around here. We are so dependent on every other nation its sick. Were spending millions to fix other countries while our country is on a short fuse of economic depression.

  • 1 decade ago

    Maybe it's running out? who knows, it could be because the US president wants to make another bundle before he gets out of office, but it won't go back down.

  • 1 decade ago

    thst id correct shell made 14 billion last year and first quarter thsi year 7 billion thats 3.3million an hour

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