Some articles discussing why Oil prices suddenly shoot up.
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Why the Oil Price Is High
How to explain the oil price? Why is it so high? Are we running out? Are supplies disrupted, or is the high price a reflection of oil company greed or OPEC greed. Are Chavez and the Saudis conspiring against us? ...
http://www.informationclearinghouse.info/article20072.htm
Speculative capital catalyzes oil-price bubble
The Saudi Arabian government announced recently that it would host a conference inviting the world's prominent oil producers and consumers to have a discussion on runaway oil prices in the international market. On June 6, untamed crude oil prices hit another new high, closing at $138.54 a barrel. Goldman Sachs, a U.S. investment advisory institute, predicted that it would shoot up to $200 per barrel in the following two years.
The skyrocketing oil prices do not showcase the essential relationship between demand and supply; instead, they are bubbles catalyzed by international speculative capital...
http://english.people.com.cn/90001/90780/91421/6429833.html
PERHAPS 60% OF TODAY'S OIL PRICE IS PURE SPECULATION
The price of crude oil today is not made according to any traditional relation of supply to demand. It’s controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. How? ...
http://www.engdahl.oilgeopolitics.net/Financial_Tsunami/Oil_Speculation
http://www.engdahl.oilgeopolitics.net/Financial_Tsunami/Oil_Speculation_II
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Malaysians march to protest fuel hike
http://ap.google.com/article/ALeqM5hOs_
One killed in Tunisian price riot
http://news.bbc.co.uk/2/hi/business/7440897.stm
Fishermen Riot In Fuel Price Protest
http://news.sky.com/skynews/article/0,,30200-1318072
Oil has grounded airlines
http://en.rian.ru/analysis/20080611/110202112.html
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Saudis will increase oil production.
http://news.yahoo.com/s/afp/20080614/ts_afp/ussaudioil_080614031419
So.. we'll see.
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if u read about the controversial oil scam theory, it says that oil is a renewable source of energy.
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http://www.prisonplanet.com/archives/peak_oil/index.htm
The Scientific evidence also flies in the face of the peak oil theory. Scientific research dating back over a hundred years, more recently updated in a Scientific Paper Published In 'Energia' suggests that oil is abiotic, not the product of long decayed biological matter. Oil, for better or for worse, is not a non-renewable resource. It, like coal, and natural gas, replenishes from sources within the mantle of earth.
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Russia's Oil Boom After Discovering Abiotic Oil
'Peak Oil' Scam Unravels, Oil Reserves Increasing
Then came the surprise; it reversed itself and increased production to 13,000 barrels a day. Probable reserves have been increased to 400 million barrels from 60 million.
The field appears to be filling from below and the crude coming up today is from a geological age different from the original crude, which leads to the speculation that the world has limitless supplies of petroleum. -
