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Why oil prices are rising

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Oil prices have been climbing, reaching the highest level since 2014. CNN's John Defterios explains what's driving the rise.
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Text Comments (64)
Hamza Aman (1 day ago)
Oil wars....
Jayde L (2 days ago)
One day Mother Earth will take it all back...
Shawn Afshar (7 days ago)
Just more of a reason why electric cars need to take over
400lb HACKER sitting in my bed (10 days ago)
Enjoy your tax break! While my billionaire friends and I at OPEC, the Middle East, Netanyahu, Putin, Kim Jong-Un, Xi Jinping, the Sadi Prince, and Jared Kushner make money off your back. I also informed all of my billionaire cabinet members that I would be doing this so they could invest in oil to become even richer without paying taxes so you could make them richer have a happy summer. Thanks again, Donald Trump. PS isn't that the way it works? Brilliant."believe me" "incredible," "Winning", "historic," "we're going to round you all up in a nice humane and squeeze everything out of you that we can. this is the way I am   making America great for billionaires again.
TProgressASAP (11 days ago)
why talking about higher oil prices, i have an electric car i dont care if these PETROL heads are screwed.........
James Johnson (13 days ago)
You forgot The Canadian government wants to keep millions of barrels inside the ground in the third largest Reserves in the world.
monarch1957 (14 days ago)
All it is ,is a RIPOFF> there is no need to charge $70 a barrel for oil. $50- %60 is more than enough. You are just going to kill the ecomony if oil prices are not rolled back.
이명후 (14 days ago)
artifical producing by chemical with environmental produving repitie or repute of layer in land that artifial
Tanish Jain (15 days ago)
Increase in oil price is the reason for the fall of India rupee as import prices are increasing,if the rupee keeps going down like this daily products will be costlier
Tanish Jain (15 days ago)
Simple reason for oil price increase United States drank all of it
lissa leggs (16 days ago)
Trump and his oil buddies is the reason...
Tochukwu Azubike (16 days ago)
'CNN money' the only partially real part of their fake news network operations..👏👏👏
GPO (16 days ago)
Tell that to opec. They are not pumping oil on purpose otherwise the price per barrel would be around 20usd
Adam Smith (15 days ago)
Cost of producing a barrel is around $50-$60 a barrel, the price is not outrageous until it hits over $100 which I don't think will happen since the US is a big oil producer now unlike in 2008 when we bought every drop of oil from OPEC.
william 4 (15 days ago)
GPO u want oil at 20$ per barrel means cheaper than subway sandwich,the cost of producing a barrel is above 20$, u r so stupid
Walden Smith (17 days ago)
CNN Money. Great report on the laws of supply and demand. I recently released my Youtube video on Money titled Giving and Receiving can be accessed with rev. waldensmith. No obligation but thanks for viewing these timely messages if you can on Money etc prepared to bring hope, encouragement, inspiration etc from a different perspective.
Youtube Demonetized (17 days ago)
Dani (17 days ago)
Loooool CNN Bullshit. China just cut its imports from Saudi Arabia by 40% for the second month in a row. Costing Saudi a huge loss. Why? Because they claim the hike is "unjustified" . They know Saudis ambitious plans need funding and their failing wars in Yemen need funding. So Saudi decides to screw the whole planet for threir own games. But that God for the Chinese who are so logical.
S S (17 days ago)
Thanks Obama.
S S (17 days ago)
And I'm being sarcastic you crazy internet trolls you 🙄
Master Kush (17 days ago)
I smell a war
slhines7 (17 days ago)
Rigged markets are more than likely a *BIG* factor.
Derek K (17 days ago)
I came here just so I could dislike another CNN video. Down voted 👎🏻Bush would be proud with my level of mission accomplished.
LCarlTBM x (17 days ago)
It's because capitalist pigs are greedy for more money. I just watched the entire video. Let me rephrase what I said. It's because American capitalist pigs want oil hegemony. Fuck them.
Mr. Z (17 days ago)
Obamas fault.
Charan sv (17 days ago)
Trump is the current US "PRESIDENT"
Peter Piper (17 days ago)
Where’s all the border jumper stories?😂
peter lee (17 days ago)
Trump is cutting green energy, air and water pollution, and will end solar and wind power energy spending. He's also planning to get rid of the tax incentives to buy electric vehicles. Coincidence? I don't think so. With Trump and Republicans is drill, drill, drill. And the rest of us is cough, cough, can't breathe.
Patrick Reardon (14 days ago)
Adam Smith oh okay Adam. Thanks for the reality check. Guess we should keep drinking the coolaid. Hey, how are all those hurricanes affecting your country? How are heat waves and cold snaps working out? Harvey 2017 (125bn) Katrina 2005 (129bn), Maria 2017 (90bn), sandy 2012(65bn) Irma 2017(50bn) etc etc... Statistically aggressive hurricanes are more prominent than ever. What about the cost of war to secure this energy? 4.8 trillion for Afghanistan, Pakistan, Iraq. The current wars are being paid on borrowed moneys. Some estimates project interest at 7.9 trillion by 2053. If I'm such a moron, retard, then why doesn't this make sense to me when we could have pumped all of that money into a new energy economy and employ millions of Americans and be completed energy independent? Maybe you just aren't that smart enough to consider the bigger picture because you're just a puppet of the system....
Adam Smith (15 days ago)
Drill drill drill is why gas prices aren't at $5 a gallon retard. In fact the USA is now on track to out produce Saudi Arabia in late 2018 and beat Russia in 2019 becoming the world's largest producer of oil and it's all thanks to Obama not listening to morons like you.
Patrick Reardon (15 days ago)
J OneLife Huh? We have about 6-8 different models on the road since 2008.
J OneLife (15 days ago)
Canada won't approve the electric car...many want to buy it..
Patrick Reardon (16 days ago)
The thing is, he's entirely right. You can either be smart, and adapt or continue griping about it and piss away all your hard earned money.
MR SINGH (17 days ago)
Good opportunity for Elon Musk to make cheap hatchbacks with durability for other nations and earn big profits.
Joe Mitchell (17 days ago)
Trump is helping Putin... No more need for oil. We need to commit to a switch!
Joe Mitchell (17 days ago)
What am I providing proof for? A google search? Try searching How Google Search Works | Search Algorithms. Idiots...
sir robert (17 days ago)
Joe Mitchell that's bullshit provide proof or change your name oh I mean Cnn fake news and PMSnbc have dribbled out fake news but go to real sources , your name suggests that you are from northern England , and Ireland your heritage is fighting a oppressive government
Orangutan (17 days ago)
Joe Mitchell and your evidence for that?
Joe Mitchell (17 days ago)
Google search algorithm probably lead you to conservative sites anyway. So all of those Faux News and Alex Jones headlines don't really count, do they? EVERYONE ELSE reported Trump's determination to stop the sanctions! It's not everyone else who's lying here...
Joe Mitchell (17 days ago)
Every headline reads Trump is stopping all the sanctions on Russia. How F N dare you sit here and bold face lie like a child and have the nerve to call me a child! Republicans these days really are deplorable...
Stop believing them White lies sheep (17 days ago)
Greedy bastards
梁浩 (17 days ago)
If oil prices drop, how can Saudi Arabia buy US weapons?LOOOOOOL
sir robert (17 days ago)
梁浩 with the gold they stolen
ferdie (17 days ago)
梁浩 you got it
xxnike629xx (17 days ago)
Basic business. High demand, low supply...maximum profit. This is a big problem, and they really should stop dramatically increasing the price. It's probably why these big oil companies are worried about the flood of electric cars being adopted more as prices for these electric cars goes down and the cost of owning one goes down.
Patrick Reardon (17 days ago)
Great. Time to transition away from oil. We have the solutions now. Especially since solar is now cheaper than oil as an energy source.
Patrick Reardon (15 days ago)
Adam Smith okay Mr. generic. Keep on keeping on, and keep buying gasoline.
Adam Smith (15 days ago)
No we don't, while electrics have come a long way they still suffer from range and charging time. If we just develop better battery tech that lasts longer and takes less time to charge buying an electric would then be a no brainer (at least for standard cars and crossovers, trucks and larger SUVs will be gas based for a while)
Patrick Reardon (15 days ago)
Mike Jones click the link I posted and tell me why then. I mean you're the smart guy here..
Mike Jones (15 days ago)
Patrick Reardon what a dumb ass a wind truck yeah what a pipedteam
Whitney Mohrhauser (17 days ago)
Patrick Reardon. Mostly Natural Gas because coal is no longer efficient to use as fuel. Coal is used to make steel now. However, most mining is automated and those jobs are not coming back.