Another Reason Oil is Headed Higher
People have been scratching their heads wondering why the price of oil has held up relatively well this year in the face of a global slowdown and decreased energy demand in the United States. Fundamentalists will point to continued strong demand for oil from emerging markets like China and decreasing oil output from non-OPEC producing nations such as Russia and Mexico. But then we have the conspiracy theorists who say the only reason that oil prices are so high is due solely to huge quantities of oil being held offshore in tankers by those greedy oil companies in order to…