Oil and you

Personal Finance: It's all about supply and demand | David Bahnsen

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Dominating the causes of the trouble in the stock market over the last year has been the rising cost of oil. Though the price per barrel has come down in recent weeks (the price was at an all-time high of $147 per barrel in early July), the fact remains that the price has virtually doubled in the last year. While many speculate on the root causes of the price increase, fewer suggest practical applications to your own situation.

Prices are directly set by supply and demand forces, no less for oil than any other commodity. The media have been fond of indicting "oil speculators" in recent times for "artificially moving the price of oil up," but the truth is that the price of oil is not set by speculators. They are simply trying to make a profit in predicting what the price will be.