WASHINGTON — Despite weak demand in the U.S. and Europe, oil prices climbed this week to near $90 a barrel and gasoline prices have passed $3 a gallon on the West Coast and parts of the Northeast.
Why? If demand is down and supplies are plentiful — and they are — why would prices be going up?
Oil speculation might be one aspect that is causing oil prices to climb, but there are other factors to consider as well. Refinery slow down, very harsh winter season, and dollar devaluation by the Federal Reserve Bank, would be prime causes of gasoline price increases. - kdtroxel