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IPFS News Link • Energy

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

• 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

Comment by Dracula Tepish
Entered on:

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:

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!