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Reply #25: There's a clue here [View All]

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GliderGuider Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-14-11 01:51 PM
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25. There's a clue here
Edited on Fri Jan-14-11 02:10 PM by GliderGuider
I know it's fashionable to blame speculators, but think about the implications of this graph for a second:

This graph shows the sum of all the world's net oil exports -- the amount of oil for sale on the world market -- over the last 24 years. Notice what's happened since 2005. That was the year that the world's oil production hit a plateau that it's been on ever since.

So, global oil production has been flat for 5 years. In oil exporting nations their consumption has continued to rise, resulting in lower levels of net exports. With less oil on the world market, oil importers are forced to bid the price up in order to get the supplies they need. As the world economy tries to recover from the recession, it needs more oil. The result is rising demand in the face of falling supply. It doesn't take a rocket scientist to figure out why prices are rising. It does, however, take an open mind and an ability to look deeper into the issue.
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