M.R. Venkatesh in a recent article published in Rediff tries to explain the reasons for the high oil prices. According to him, the current record high oil prices are a result of speculators creating an artificial demand, thus pushing oil prices higher.
Read more at Why Oil Prices are High
Also read a counter point by Paul Krugman who thinks the current high oil prices are more a result of supply and demand mismatch.
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