Turmoil, Uncertainty Fuel Record Oil Prices

from The New York Times:
By JAD MOUAWAD
Published: October 17, 2007

The price of oil jumped to yet another record yesterday, sparking predictions that motorists would see sharply higher gasoline prices by Thanksgiving — and fears that $100-a-barrel oil is no longer such a distant prospect...

...Most analysts say the reasons behind the price increases are complex. They include refinery bottlenecks in the United States, a weak dollar, geopolitical threats in the Middle East, the war in Iraq, violence in oil-producing Nigeria, and resource nationalism in Venezuela and Russia that is driving away foreign oil investment.

They also include strong growth in demand from China and the Middle East, where fuel prices are kept artificially low through government subsidies.

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