Why are oil prices going up?

India
June 14, 2008 9:25am CST
It is commmon knowledge that if the supply goes down, the price of that commodity goes up. When a person like me invests in oil in a commodity exchange, I put bit of oil in hoarding and out of supply. I am not even talking about speculation and futures trading yet. It is just plain investment. Now when millions of dollars are pumped in the commodity exchanges to hoard as much oil like this for future profits, what happens? The prices go up. What do mylotters think?
1 response
@kerriannc (4282)
• Jamaica
14 Jun 08
I think the prices of oil can drop if those rebels in Nigeria stop putting holes in the pipelines. The war in Iraq needs to quell too. These things are affecting us terribly and at this particular moments citizens of this world is crying out.