1) The declining value of the dollar. Oil is a worldwide commodity traded in US dollars.
2) Speculation. As the equities markets tanked, more investment money was diverted into commodities, particularly oil.
3) Rapidly increasing worldwide demand. The Chinese want to live like us. They need oil to do it. Demand goes up, price goes up.
Whoa - actual good facts which are correct. Wow!
But yes, the declining value of the dollar creates a higher oil price. In Canada, where the dollar has declinced 33% to the Canadian currency, oil has not gone up like in the US.
But in Europe, I think the price of a gallon of gas is around $7 or so?
Ben White's first pro contest was ok, sixth place... but soon, the guy will be a contender.