The puzzling increase in oil prices continues to hurt businesses and consumers, and threatens to undermine the economic recovery. The New York Times detailed today how the volatility in the oil market has frustrated government officials and policy analysts. At the same time, business and consumer are also feeling the pinch. The airline and auto sectors have been hit especially hard.
Prices have more than doubled since the beginning of the year. The jump in prices is especially frustrating given that demand for oil is down and supply is up. So why do the basic laws economics not apply? An Inquirer editorial a couple of weeks ago said speculators are partly to blame as well as regulators who are happy to look the other way.
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