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Oil prices driven by speculation?

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As oil price soars, Bank must keep rates on hold | Markets Analysis

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I'm still shocked at people who are surprised at current gas prices, and those that think it's temporary. The global, long term patterns seem to me to be blatantly clear - China and India GDPs growing at rates that mean many millions of car consumers are coming on-line yearly, US past peak as well as any country we futz with (welcome, Libya!), the human race finally learning it has to try and charge up front for environmental damage or suffer from tragedy of commons...
 
As long as the Dollar falls, you can have as many task forces as you like and oil prices will continue to rise. Ask the rating agencies...
If you plot WTI in Swiss Francs, things look a lot less dramatic.
 
Wonder what's going to happen if there is a real emergency, you know like war breaking out in multiple Middle Eastern states and civil unrest in South East Europe escalating?

Are they going to top the tanks back up at today's prices?
 

I doubt the accuracy of this article. The EIA: Factors Affecting Gasoline Prices - Energy Explained, Your Guide To Understanding Energy
claims that 10% of gas prices in the US were distribution and marketing and 7% was refining cost.
The BBC claims a 1% refining cost. That just doesn't seem possible, even when the UK taxes double the cost of petrol ( UK ) vs gasoline ( US ).
It is also disingenious to call out the retailer margin but hide the profit of the oil company in "oil cost".