Why oil prices are rising
Bob Morris @ Nov 6th 2007 00:12 - Category: Unfiled
Lots of people know what is driving up the price. It can be stated simply — the demand line has crossed the supply line -
Production from Saudi Arabia and Mexico is slowing, China is importing much more and using their stockpiles of dollars to bid up the price, oil field equipment is often old and creaky, and the “major” oil companies only control 5% of world production with the other 95% coming from state-controlled companies - many of whom are not friendly to the US.
Might be a good time to sell your gas hog, assuming you still own one.
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