Oil prices are 86 dollars a barrel now. Last month it was 80 dollars a barrel. Prices seem to be rising so much no one can seem to afford it anymore. Not only that, heating cost have also gone up by 10 percent. The reason why prices seem to soaring is because of global demand for energy. Prices are not only rising in the United States, but also in China and the middle east.
There seems to be a lot of oil in Iraq, but we cannot seem to get to it because of the bombing that has been going on there. Last month Iraq pumped millions of barrels of oil and exported over a half of it.
Such prices are ridiculous even when it comes down to oil. It has been said, some of the reason oil prices might come down are: milder-than-expected weather, unexpected growth in supplies from Nigeria or Iraq, or an American economic slowdown. But even without such situations the prices should not be so high.
