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<blockquote data-quote="HazMatMan" data-source="post: 330628" data-attributes="member: 8077"><p>A number of reasons are given for the rising prices. There is a higher demand for oil throughout the world than in decades past, largely due to the massive growth and industrialization of China. However, oil production has not kept up with the increase in consumption. </p><p>The constant instability in the Middle East has led to a shortage of crude oil being produced there. "The number one oil producer of the world is Saudi Arabia," says Mike Pina, a spokesperson for AAA. "Number two is Iraq. As long as there is a war there, Iraq is not producing as much oil as before the war."</p><p>Adding to the problem is the fear that turmoil could interrupt the oil production in other countries. "People are concerned about what could happen in Iran, which also produces oil," Pina says. "The Venezuelans don't like us. There are problems in Nigeria, which is also a very large oil producer. So as long as there are problems in these places, the oil speculators will be nervous about the ability of the world to produce the amount of oil that's necessary and hence you're going to see the oil prices going up."</p></blockquote><p></p>
[QUOTE="HazMatMan, post: 330628, member: 8077"] A number of reasons are given for the rising prices. There is a higher demand for oil throughout the world than in decades past, largely due to the massive growth and industrialization of China. However, oil production has not kept up with the increase in consumption. The constant instability in the Middle East has led to a shortage of crude oil being produced there. "The number one oil producer of the world is Saudi Arabia," says Mike Pina, a spokesperson for AAA. "Number two is Iraq. As long as there is a war there, Iraq is not producing as much oil as before the war." Adding to the problem is the fear that turmoil could interrupt the oil production in other countries. "People are concerned about what could happen in Iran, which also produces oil," Pina says. "The Venezuelans don't like us. There are problems in Nigeria, which is also a very large oil producer. So as long as there are problems in these places, the oil speculators will be nervous about the ability of the world to produce the amount of oil that's necessary and hence you're going to see the oil prices going up." [/QUOTE]
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