Speculation makes oil prices rise

World energy prices, specifically oil, have been a topic of many books, talk shows, documentaries and on down to the 10 a.m. gathering at the water cooler. It


There are several reasons for the record high oil prices. Supply and demand is front and centre, with peak oil theories morphing into current estimates of time, population and consumption against world oil reserves. (Google M. King Hubbert for a closer look at this peak oil theory.)

Geopolitics is next. Since the 1970s, for example, there have been three oil crises: the Arab embargo of 1973-74; the Iran-Iraq war in 1979-80 (when crude prices hit the equivalent of paying almost $105 in today