Israel threatens Iran, oil sets new record high. See the pattern? It happens every time they threaten, or the US does. All these articles show on google search and are dated June 2008, now oil prices are up to $140 per barrel. Yet no one is talking about war-mongering as a factor in high oil prices, even though Iran is the 4th largest exporter in the world. As some would say...Duh! It is not a supply issue.

Repeating for the upteenth time, high gas prices are due to:

1. speculative trading
2. dollar devaluation
3. geopolitical issues (war, rumors of war, US war policy, Israel)
4. government debt, increased money supply, war spending.

These all tie together and started oil's price surge when the Iraq war began, and not before. War policy drives oil up on the trade floor.