{"id":3070,"date":"2013-10-11T11:20:34","date_gmt":"2013-10-11T10:20:34","guid":{"rendered":"http:\/\/www.theoillamp.co.uk\/?p=3070"},"modified":"2013-10-11T11:20:34","modified_gmt":"2013-10-11T10:20:34","slug":"one-thing-learnt-week","status":"publish","type":"post","link":"https:\/\/www.theoillamp.co.uk\/?p=3070","title":{"rendered":"One thing we have learnt this week-oil prices still high"},"content":{"rendered":"

Why are oil prices still high?\u00a0 A few weeks ago<\/a> I wrote about political tensions in the middle east affecting oil prices.\u00a0 I wrote in conclusion<\/p>\n

“However, it seems that the current high oil price is partly due to these geopolitical factors and this will continue.<\/em>”<\/p>\n

Over the last few weeks we have seen a rapprochement between the US and Iran with UK and Iran in the early stages of reopening embassies.\u00a0 At the same time the bombing of Syria has vanished with the chemical weapons destruction agreement and there is the prospect of talks between the Palestinians and Israelis.\u00a0 There is still trouble in Iraq and Libya but generally the tensions have reduced.\u00a0 The oil price has not dropped- in fact its on a gentle upwards trend.\u00a0 So it seems there is little geopolitical element to the high oil price.\u00a0 This means there must be more geological and demand elements to it.\u00a0 With the world economy picking up demand will be rising.\u00a0 We have some missionary friends visiting from India.\u00a0 Demand for oil is soaring there as people buy cars and scooters. At the same time many analysts think supply is tight.\u00a0 In the row over rising energy prices in the UK yesterday, one analyst suggested whilst most of the increase up to now had been due to gas prices in the future it would be renewables costs.\u00a0 This seemed slightly naive with the suggestion that gas prices would move up any more.\u00a0 With gas prices linked to the oil price this seems unlikely.<\/p>\n

Neil<\/p>\n","protected":false},"excerpt":{"rendered":"

Why are oil prices still high?\u00a0 A few weeks ago I wrote about political tensions in the middle east affecting oil prices.\u00a0 I wrote in conclusion “However, it seems that the current high oil price is partly due to these … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-3070","post","type-post","status-publish","format-standard","hentry","category-one-thing-we-have-learnt-this-week"],"yoast_head":"\noil prices still high<\/title>\n<meta name=\"description\" content=\"Why are oil prices still high? A few weeks ago I wrote about political tensions in the middle east affecting oil prices. 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