Mainu aina taan pata aa kee the rise in price is because of speculation (same thing that Enron employees did for energy in california in 2000). But this time, I have heard this speculation is not limited to US and India is a major player because of relaxed rules on speculation.
I only know oil prices are high just because of the speculation nothing other than this bit.Hope someone else will be enlightning enough or will have to do a bit of googling.i think ET will be good.
India's GDP. doing good but still no growth in rup. value because of other things, i.e security, education, quta for most of the jobs, and the big one free market, i. e tata, airtel.
Damage to US refineries was estimated to be a lot more than what it really turned out to be, this derived the prize high too. It has come down a bit now that they have a more realistic estimate.
crude oil prices is going down. Two main reasons
1. Less consumption
2. Election time and Republicans did gave major tax rebates and now its pay back time for Oil companies as they know Democrats will prove costly to them.