10 reasons for the High Price of Oil

I had to talk about the price of oil which jumped as high as $114.08 a barrel today. So let's try to understand why this is happening:
1. The quick development of some emerging countries, such as India and China, which has occurred faster than the increase in oil supply.
2. The increase in processing capacity has lagged behind the growth of gas and other fuels consumption.
3. Several existing oil fields have reached their extraction peak and now are on the decline and other new resources are slow to be found.
4. The dollar is very weak, due to the problems in the American economy, so the price of oil seems much higher in U.S. dollars than it actually is; stated in Euros it has increased less and its parity with the price of gold is almost constant.
5. Several large producers of oil have unstable political situations, like Iran, Iraq, Nigeria and Venezuela.
6. Russia is using energy as a tool to blackmail the west in order to pursue its agenda, therefore the price for its oil is artificially increased.
7. Alternative energies and clean transportation systems have been developing too slowly, being underfunded, ignored by the politicians and discouraged by the existing energy corporations.
8. Some oil producers have formed a cartel, called OPEC (Organization of Petroleum Producing Countries) by which they can forcibly increase its price by controlling production.
9. Most economies are too dependent on oil, because it was cheaper to implement technologies that use oil as a fuel than to develop green ones.
10. Due to the numerous conflicts related to oil in the last decades, the markets are very sensitive to any news in this area so the price of oil is extremely volatile; with the current tensions in Middle East, it is normal to “play it safe” by overpricing it.

"Unfortunately, the price of gasoline and probably diesel as well, are going to escalate as long as the price of oil keeps moving higher".

Hopefuly we'll find a solution pretty quick if not I'll just ride my bike or walk to anywhere I need to go to. LOL........)