[timr]

"Oil is skyrocketing because we are consuming more oil than producing. On a daily basis."

Oil has been fluctuating by as much as 10% per barrel in a single day. That's not due to changing global demand. Global demand for oil can't even be measured that precisely.

Right now, the oil futures market is overreacting to everything -- up to and including speculation that the market might overreact next week. The overall trend is correct, but there's no rational argument for the ~$50 gain per barrel we've seen since the beginning of the year.

[steveplace]

That increase in volatility usually precedes a correction.

[timr]

Yeah, I know. I was commenting on your assertion that the current price of oil is due to supply problems.