Thursday, 22 May 2008 14:37 UK
By Anthony Reuben
Business reporter, BBC News
"Who knows why oil prices are so high"
"It's the fundamentals, stupid," says Mark Lewis from Energy Market Consultants.
Its the increasing demand from China and India, a stand-off between the US and Iran, a hedge fund having to sell a particular oil contract so it does not end up receiving a tanker-load of oil - or a trader deciding it would be fun to be the first to trade oil above $100 a barrel.
It was the assassination of Benazir Bhutto in Pakistan, to over-optimistic expectations of oil production by non-Opec countries -the rocket testing in North Korea.......................
"We really don't know what the fundamentals are doing at any point in time," Mr Lewis says.
"The markets are looking for signals from the fundamentals. Some of them are irrelevant, some of them are wrong, some of them are meaningless, but they affect prices nevertheless."...........ends.................................................................................
What is the matter with people to listen to such claptrap........don't they know there is a war on and someone has to pay for it......and the oil tax is as good a way as any to pay off a war bill currently standing at three trillion whatever.....after all it was conducted by concerned democratic governments on behalf of the people and for the welfare of the people.......
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