Posted by: Dr. Breffni Lennon | June 22, 2012

High oil prices are caused by consumers, not speculators, apparently…

Writing for the European Energy Review, energy consultant Steven Kopits puts forward the argument that it is consumer behaviour and not profit-hungry speculators that are to blame for high oil prices. His analysis suggests that in fact it was US consumers, who ignored the rising oil prices and continued to up their demand for oil that led to the price spike in 2008. He blames the recent spike this year on consumer behaviour in China, given US consumers have adjusted their consumption.

His article can be accessed in full here.

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