What's driving up oil prices again? Wall Street, of course

04-01-2010 • McClatchy News

Oil consumption has fallen, demand from U.S. motorists for gasoline is flat at best and refiners that turn crude into fuel are operating well below capacity. Yet oil prices keep marching toward $90 a barrel, pushing gasoline toward $3 a gallon in many markets, and prompting American drivers to ask, "What gives?"

Blame it on the same folks who brought you $140 oil and $4 gasoline in 2008: Wall Street speculators.

2 Comments in Response to What's driving up oil prices again? Wall Street, of course

Comment by Dracula Tepish

Entered on: 4/2/2010 5:54:50 PM

then why is our oil fields being drilled by the russians in the GULF OF mexico

something wrong here this is our oil not theirs somebody did a dirty deal and who is repsonible its MR NOT MY PRESIDENT BARRACK WHO SAID THE CHICKERN OBAMA

Comment by Chip Saunders

Entered on: 4/2/2010 12:15:21 AM

This has happened before. When gas went to over $4 a gallon, it was because of speculation and investors looking for somewhere safe to park their money as the economy began to unravel. The writing is on the wall, and investors are beginning to see the supposed economic recovery is fake. So they start looking for the one thing they think they can't lose money on,...oil!

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