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Originally Posted by Mattyk72
Supply and demand is such an easy cop-out, we all know there are many layers to any issue and big oil is certainly no different. Is supply and demand a part of the big picture? Sure. Is it the end all explanation? No way.
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Supply and Demand is definitely the all-encompassing argument and is the biggest driver. But it's important to look at what's driving the increases in demand. A big part of it is developing markets (China and India) ramping up their manufacturing and using more oil. On the supply side, supply is dropping because of conflicts in Iraq and tensions with Tehran. Here's where you can get political, and I'm not going to jump into the fray in a political argument, but Bush's excursion into Iraq is definitely not helping gas prices. Whether or not we're justified in being there, that's another story and again I'm not going there.
But Matty, those are the two biggest factors at play here. What else is it? Are you accusing big oil of price gouging? Because if so, I hope you have some numbers to back that up.