Why did price of oil rise to US$147 per barrel in July 2008?

Why did price of oil rise to US7 per barrel in July 2008?
could u tell me detailedly? if u know the site that can help this question, link plz.

5 Responses to “Why did price of oil rise to US$147 per barrel in July 2008?”

  1. mike c Says:

    investor speculation
    yes, greed was the main driver
    However, investors (both private investors and investment funds) took money out of real estate and the stock markets and started buying oil futures. once the price of oil (or any traded commodity) starts to rise, many more investors jumped in. There was a ‘run’ on oil futures.
    This ‘bubble’ burst when suppliers of crude oil scheduled over-production.

  2. Billy bob jr. Says:

    So the oil companies can get richer.

    They have such an evil fetish watching their customers fork over their cash, and watching them whimper.

  3. the_hjp Says:

    GREED. That is the only answer. It didn’t help that our president at the time was in bed with Big Oil either.

  4. Brent Says:

    George W Bush owns an oil company. During his time in office rose from about $2.00 a barrel to $5.00 a barrel in some parts. It isn’t a coincidence that is somehow fell back to $2.00 a barrel once he left office.

  5. Seeker Says:

    Because they can, if you can ask for any wage you want how much you want? They also do some planning and works like buying off battery company for electric car and close it.