Could u suggest any specific reason for the rocketing oil price?

Exactly, look at the dollar. inflation.Could u suggest any specific reason for the rocketing oil price?
Supply (which is inexorably dwindling) and demand (isn't going away) seem like the standard business model.Could u suggest any specific reason for the rocketing oil price?
the price of something rises when the demand for it rises faster than the amount that is supplied.





in terms of demand...


since countries like china and india, which have huge populations, have been poor in the past but are now becoming more wealthy, they are demanding more oil for their cars, trucks, construction equipment, etc.





in terms of supply...


there is a limited amount of oil in the ground, and the more we use the harder the remaining bits are to get out. also countries that export oil, like saudi arabia, like to drill it out nice and slowly so the price stays high and they make lots of money!
There are a number of reasons like China needing more oil, but the last reason I heard was that the weakening dollar has caused an increase in prices