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Page added on May 30, 2008

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Why are oil prices so high?

Why are oil prices so high? The obvious answer would seem to be because we are running out of it. Peak-oil enthusiasts have argued this for years, but the idea is creeping closer to the mainstream. In the New York Times Paul Krugman argued that prices were based on fundamentals of supply and demand in this column from a week ago. He was responding to the idea that commodity speculators are wreaking havoc on the natural play of economic forces, an argument that fund manager Michael Masters recently presented at a Senate committee hearing. He blames

According to the DOE, annual Chinese demand for petroleum has increased over the last five years from 1.88 billion barrels to 2.8 billion barrels, an increase of 920 million barrels.8 Over the same five-year period, Index Speculators



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