Why has the price of oil risen so high again?

Remember when oil hit $75 a barrel after the 2005 hurricane season? Many experts predicted it would soon be back under $40 and that biofuels would be a short term bust. How wrong they were. Most failed to forecast the disruption to oil supplies in places like Nigeria, as well as the problems in refining capacity in the United States, as well as other places such as Iran. Now oil is up to $77 a barrel and the long term future of biofuels, as well as other renewables, is looking much, much stronger.

Click here to read a good analysis in the New York Times

- David Adams