Rising geopolitics in oil market

In 2004, hurricane Ivan caused significant damage to the northern Gulf of Mexico and southeastern U.S. It pushed this upward trend in oil prices, which continued even after Ivan dissipated. The more fundamental widening gap between the supply and demand of oil continues to increase, and the problems arising from this scarcity fail to be resolved.

…This kind of severe competition may remind people of the heightened economic frictions between industrialized countries during the events leading up to World War II.

Japan Today