Energy Literacy Advocates Newsroom

Drawing surprise from forecasters, the price of oil continued to rise today. Much of that price jump came from news that US stockpiles of crude oil were down. The price of oil and fuel continue to rise, despite declining demand and demand that's down from the same time last year.

Adding to the run up in price is the run down in the US dollar, the form of currency used in oil transactions.

What does this price jump mean? For one thing, it indicates that simple demand/supply mechanics are not always enough to bring down the price of oil. This mirrors much of the commentary from the Oil & Money Conference, held October 20-21 of this year in London. Complex issues like looming policy change, lagtime in oil production capabilities and increased expenses in developing new oil fields threaten to exert extreme pressure on the price of oil.

The data reinforces the need for smart, timely decisions on energy policy, and for the diversification of America's energy supply, particularly in transportation.

For a link to the co-founder of ASPO-USA Steve Andrews' commentary from the Oil & Money London conference, click here.