Causes high oil prices

• High crude oil prices could be due to a shortage of oil supplies.
• Sentiment is also an important factor: if traders in the oil market believe there will be a shortage of oil supplies, they may raise prices before a shortage actually occurs.
• Taxes have more influence over the price of oil products: When oil taxes are raised, end consumers often mistakenly blame the oil producers, but it is really their own governments that are responsible.