Bush zombies will tell you that it is world demand, analysts frightened of being 'Plamed' will tell you they cannot tell you how much the cost of oil is a direct result of the Bush War.
But numbers don't lie, and are never afraid.
World demand and supply ratios have remained practically unchanged over the last six years, that is to say supply is meeting demand in much the same way as it has over the last six years.
So what has changed, The Iraq war, a failed US coup in Venezuela, trouble in Nigeria and uncertainty about Russian production has lead to fears and uncertainties in the market.
Most of the Oil surge in price is based solely on market fear and panic and the uncertainties created by the Iraq war.
In 2002 OPEC was quite happy with 29 dollar a barrel oil. In less than 5 years that price has quadrupled and is growing. This effects every corner of the globe, every economy on the planet and every technology and society.
The Bush people are laughing all the way to the bank. Nice work George, mission accomplished!
It is wholly unfounded and absurd. Part of this uncertainty has to be laid at the feet of this administration whose foreign policy has led to production disruptions and fear.
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