Whats the reason for sudden hike in crude oil prices? what are the control measures?

What will be its effect on world economy? How does it affect inflation? Is US Sub prime mortgage crisis related to this?

I'm not sure there are any control measures on crude oil.

Maybe we should start listening to John McCain and Hillary Clinton and throw Obama off a cliff???

There are many reasons for this faster rise in Global crude oil prices...........
1.)Due to uncertainty of oil supplies in oil supplies......
2.)In spite of increase of oil demand from emerging economies & the world over there is ever stagnation in energy supplies...
3.)There are many speculation surrounding this incrase in oil prices & opec wants to maintain this high oil prices as they had got a fair deal after so many years after ever stagnating oil prices until 2003...........

there are measures to control it.......
1.)To decrease the dependencies in oil & rely on more renewable resources........
2.)To follow the Brazilian model & blend the sale able oil with up to 25-35% ethanol..........
3.)Next is the hope against the hopes is that Opec will try to increase the output of the participating countries......
4.)Incrase stability in oil producing countries like Iran,Iraq & Nigeria.................

Yeah this high oil prices after certain level will definitely affect global economic growth.........
Personally in my view if oil reaches 175-200/barrel then it will produce an negative impact............on global economy as it will be out of reach of most 3rd world countries & larger consumers like China & India will fell the pinch & there industrial & manufacturing growth will be at stake....

It is one the major reason for the inflation world wide now & will remain as the driving reason for months to come.......

No i don't view us sub prime problem as a reason for it...........
but instead due to sub prime crisis the US consumers wil be spending less & when oil breaches all reasonable boundaries it is bound to affect the US growth & the spending nature of already stereched out US customer

you need to go back and get some background.

You don't have enough basis to ask the question.

Control measures? You're buying from SPECULATORS.

Seriously - do a little research then come back.

It doesn't affect inflation, it's because of inflation.
Our dollar is worth less and therefore oil is way more.

They are telling us it is a supply crisis. The supply of oil is going down and therefor prices go up and quantity consumed goes down. Yes it does effect the economy because extra money spent on Foreign oil is money not spent on American products. Inflation affects the price of oil in that, Oil is traded in US dollars and if the value of the dollar is down then oil is more expensive. Sub prime mortgages is a different matter. People can't afford their homes because they were not smart enough to buy what they can afford and stop living above their means. Hope this helps.

The main reason is again supply crunch. Many previous oil producers like Nigeria have turned to become consumers in recent years. So the supply of Oil has dropped considerably.

It's a very complex system. This site will get you started.

i heard it was something about ethanol.

well i saw that France is paying $8 a gallon so we are half way there but its the war Bush has oil so hes getting rich

i can tell you this answer.
the war.

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