What makes oil price increase significantly lately, aroun $120 per barrel?

Is it because of a matter of demand and supply, or is there any big political scenario behind it? Or maybe a conspiracy of certain nations?What makes oil price increase significantly lately, aroun $120 per barrel?
George Bush in Iraq.What makes oil price increase significantly lately, aroun $120 per barrel?
There are a variety of reasons for the increase in oil prices.





Supply uncertainty created by political instability in areas like the Middle East and South America.





The rising demand by China as it becomes and increasingly industrialized nation. As well as many other countries that are gaining economic strength.





Price manipulation by people who trade oil futures.





The strength of the dollar against other currencies.





And in the US there are other factors that account for the increase in gas prices aside from the cost of oil. One is the increased cost of transporting gas due to higher oil/gas prices.





Reported reductions in production capacity at oil refineries resulting form fires, hurricanes, and maintenance.





And I'm suspicious of the increased profits being reported by US oil companies. I've heard people try to excuse this by saying it's not the oil companies' fault prices are increasing. But I feel they are unfairly taking advantage of the situation to yield higher profits.
It's like this: There is X amount of oil in the ground. X is diminishing and is being used at such a rate that it will all run out in the foreseeable future (i.e. maybe within one hundred years).


So yes, the price goes up because of demand, and yes, because the amount available is shrinking fast, and yes, because there is a lot of politics behind this, and yes, because every country wants to be the one that controls it. And finally, yes, it will go up a lot more because, regardless of all else, the supply is limited.


In the long run, the only way to reduce the price is to find an unlimited supply of oil.
Probably a conspirancy of certain oil companies and global money holders!





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Three thrings:





1) Demand


2) Demand


3) Demand





Oil is a fungible commodity. There is no conspiracy of nations.
it is demand ..... or just politics greedy businessmen ( George bush).....chevron and Exxon were the top earning companies for 2007
I'm not sure about events lately...





But sometimes there are just times were mining companies go a long time without finding oil... They freak out and put up the price.
It's because of speculation on the futures market .
OPEC sets the prices. And they are greedy. Simple as that.