Investors, not demand, are driving force behind rising oil prices

03/31/2010 | MSNBC

While President Barack Obama announced a plan today to open oil and natural gas drilling off the Atlantic Coast and Gulf of Mexico to reduce the country's dependence on foreign oil -- which theoretically could help keep prices down -- a major cause of rising oil prices is Wall Street investors. Prices have been steadily increasing, and the driving factor has nothing to do with demand and everything to do with investors betting that crude oil will eventually trade above $90 a barrel this year.

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