The price of oil is such a mystery. There are so many factors. A booming world wide economy (consumption) drives the price up. Tension in supplier nations drives the price up. Disaster drives the prices up. The OPEC Cartel manipulates the supply. Oil futures help business to hedge against future spikes. It’s so confusing and that is why I have no comment on the following chart.

UPDATE: I put very little stock in these studies, but the NY Post has a piece about a report from Harvard estimating that President Obama’s  agenda will cause gasoline prices to surge to over $7 per gallon. It begs the (conspiracy) question: Is there market manipulation going on right now so the President can pass his agenda? The last time the price of oil went sky high, the American people demanded more drilling. That is the exact opposite of what the President wants. So why is the price of oil so low?

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