>>Factors affecting the rise in the price of oil per barrel:
- Increased demand world-wide but especially from countries such as India and China.
- Lack of refining capacity world-wide
- Lack of resources to bring new developments on-stream quick enough
- Political uncertainty particularly in Nigeria, Russia and Venezuela as major suppliers.
<<

Did you get those "factors" from the main stream media? The media dominated by Exxon and BP adverts?

You don't think that War in the Middle East trumps uncertainty in those other places?
You don't think it trumps all other concerns?

Its not supply and demand. There is plenty of supply on the world market and OPEC isn't pumping at anywhere near full capacity.

Refining capacity? How does a lack of refining capacity do anything but DEFLATE the price per barrel? You think the refiners are handing over checks saying "I can't refine that much, but ship it to me anyway. i just love sitting on billions in inventory."

There is no lack of resources to bring new supplies on line the oil companies are awash with cash.

The "uncertainty" problems with the three countries you mentioned are largely a consequence of the belliocose behavior of the Bush administration and the oil comapnies.