Can anyone tell me why oil prices are so high?

Yes, supply and demand basically. There haven't been any major new oil discoveries in decades while demand for oil from Asia has been rising sharply for several years. This day was put off a decade or more by the Asian economic slump of the 90s, so we can't claim we didn't see it coming.





The only place where oil production could be seriously increased is Iraq, but that doesn't seem like it's going to happen anytime soon. Places like Alaska simply don't have enough oil to make much of a difference. And if the USA attacks Iran it will likely get a lot worse.





http://www.wtrg.com/prices.htmCan anyone tell me why oil prices are so high?
Look at the tall building in dubai





http://probedeep.blogspot.com/2008/07/rising-oil-prices-and-rising.html Report Abuse
Can anyone tell me why oil prices are so high?
Supply and demand. OPEC is limiting supply and world demand is way up. That drives up the price. Want to start wars with OPEC?





It's time to tell the environmental wackos in the US to shut up so we can drill for our own oil and build our own refineries. Enough is enough.
GREED