$109.55 a Barrel?!?!?!

[runngwlf]

Ok, I am like any other guy, I have a truck, I need it for work, its just something I cannot do a lot about.  Now they are saying gas prices could go as high as $3.75 a gallon by the end of the spring.  Now, we do have a more economical vehicle too, but since all of my driving is done in town, the savings is minimal.  They are saying the reason

Comments

[thrashbear]

If it helps, oil is a commodity traded on the open market, much like steel, corn, and stocks. Speculators have driven up the price, even though the actual cost to extract a barrel of oil from the ground is only $8 per barrel. Yes, oil companies are making record profits, but so is the government from all the taxes they tack on, and the speculators who trade on it and drive the price higher.

Also, blame it on competition from China and India, which are emerging markets and we're competing with them for the same oil that comes from the sands of Saudi Arabia.