I dont think that inflation and demand have increased enough to drive it to $109 per barrel, so what else is driving the price up, I recently thought it was 80 dollars a barrel less than a year agoWhat is driving up oil prices?
WEAK dollar.
When the oil supplier accepts $109 for a barrel, then goes to Europe to purchase an item, they have to come up with about $150-200 dollars. More than they received from US.
Inflation is high in Europe.
The exchange is higher.
The Canadian dollar was only worth about 67 cents, US, a few years ago. Now it's worth more than our $$.What is driving up oil prices?
Price gouging.
The demand due to development and consequential demand from the developing nations like China, India, Brazil, Former East European nations.
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