Why are oil prices going up (Econmically speaking)? Thank You?

Commodity traders are responsible for oil prices by bidding on oil futures contracts. There are many factors they look at when developing the bids that create oil prices:





1) Current supply in terms of output, especially the production quota set by OPEC.





2) Oil reserves, including what is available in U.S. refineries and what is stored at the Strategic Petroleum Reserves.





3) Oil demand, particularly from the U.S. (as estimated by the Energy Information Agency . During the summer, forecasts for travel from AAA are used to determine potential gasoline use. During the winter, weather forecasts are used to determine potential home heating oil use.





Of course, potential world crises in oil-producing countries can also dramatically increase oil prices. This happened in July 2006 with the Israel-Lebanon war that raised fears of a potential threat of war with Iran.Why are oil prices going up (Econmically speaking)? Thank You?
One of the new excuses is the refineries are breaking down and need to shut for rebuilding. This drove the barrell price up.Why are oil prices going up (Econmically speaking)? Thank You?
The elections are over.
The big driver in the increase in oil prices has been China. China is importing more and more oil and as a result the increased demand is raising prices.
The weather is nice %26amp; people are driving more, the refineries are having trouble meeting demand.
it is amatter of supply and demand.
greed and big profits for the oil companies.

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