Some Reasons Why Oil Prices Have Skyrocketed

97 cents. That’s what I was paying per gallon for gas when I started driving. Today I go to the pump and fill up at around $4.05. OK, for perspective here’s something you can wrap your head around: In 2000 oil was $8 a barrel, as of this year it is well over $100 per barrel. That is a leap in price that is absolutely ridiculous. And now we scramble to figure out alternative ways to get around the fuel issue.

Everyone has their own suggestions. But you don’t wake up and just automatically know what it is you should do. Do you invest the extra cash in a diesel car that is more fuel efficient? The problem there is that diesel itself is now up to $5 a gallon. In the end that probably doesn’t make up the difference. The little golf cart looking cars don’t have the speed or power to handle the snowbound weather of where I live. The most truthful thing I can say to you – or anyone who asks what I think is the best course – is that there’s just no easy way to get around the gas problem.

Over at The Big Picture blog Barry Ritholtz has listed off 25 items that have contributed to the price of oil rising so fast. Not all of them are policies though, but each one has definitely had an impact on oil prices. It’s disheartening to read through the list and realize how many wrong turns we have made over the decades.