What Is Driving Oil Prices So High?

1. Citation
http://news.bbc.co.uk/2/hi/business/7048600.stm
BBC NEWS- What is driving oil prices so high?
Date published: January 2, 2008
Date chosen: March 9, 2008

2. Summary
Oil prices all over the world have significantly increased leading to rising prices of many goods and services. Many people are asking, “Why are the prices so high and rising so fast?” The simplest explanation for this is the concept of supply and demand. The balance between both supply and demand is not level. Currently the supply is low and the demand is high which leads the prices also being large and increasing at a huge rate. The demand and prices for oil is expected to keep soaring. It is only going to get worse because oil is a non-renewable resource which cannot be recreated. The more oil we use, the less there will be and the demand will increase. High energy and oil prices make life more expensive for consumers, business and regular middle/lower class citizens. The leading world supplier, Opec has tried to help the prices, but have done very little. This leaves the countries buying oil from others, struggling to pay for their essentials while oil giants and oil- rich countries are gaining money from all the consumers paying for their oil.

3. Reactions
A) The AP World History theme that relates to this article is the impact of technology, economics, and demography on people and the environment. This relates to my article because, economics have impacted the people around the world due to the high demand and prices for oil, which would soon lead to poverty.
B) The history of this issue is that this problem and conflict has been going on consistently. Over the years the prices for oil has gradually increased. Many people in present day are having trouble paying for oil because it is a necessity and is needed for many goods and services people buy as consumers.
C) The point of view of this article is someone who maybe suffering and enduring from the difficult, hard to pay for, oil prices.
D) This article may show some bias or point of view that may be impacting how the issue is being reported, by the author being in favor of the middle/low class citizens. He most likely himself is one because he was defending how the oil prices are increasing very high and are very difficult to pay for.
E) The point of view missing from this article is one of, the government and wealthy class citizens. It would be helpful to hear from them because they are not affected by the issue and it would be useful to see how they felt about the situation.
F) My reaction and insight to this article is that I agree with it because the society we are living in today is being effected by the high prices and demands of oil.