What drives oil prices the most?



  1. 0 Votes

    The other answer is correct in that there are many factors in the price of oil, but the single factor driving the price the most is demand. Demand is governed most importantly by consumption in the US, where nearly 25% of all the world’s oil is burned. And consumption in the US is controlled primarily by car driving; 70% of US oil consumption is in the transportation sector, mostly automobiles.

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