"The huge surge in crude oil prices over the last seven years – up about 600% – stirs ferocious debates about causes ad concequences. Supply side causes under debate include OPEC supply constraints, geopolitical risk, "asymmetric warfare", the inevitable eventful result of declining reserves referred to as "peak oil", the lack of a coherent energy program in the U.S. over the last 30 years, or those darned environmentalists and Not in My Backyarders (NIMBYs). On the demand side, it’s the rising emerging market energy demand led by China, rich Americans gorging on cheap oil, and surging financial investment demand for commodities (also referred to as "those darned speculators"). The there’s  the dollar exhange rate, only down about 35% against the 600% rise in oil, but who’s counting".

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