Why would the price of oil almost double when Iraq doesn’t produce 50 % of petro...?
Me thinks someone is manipulating the market.....
nay couldn’t be....
You need to look up “price elasticity”, “inelastic supply” and “inelastic demand”. In the short-term, the price of oil rises or falls a large amount, if there’s even a small shortage or surplus of supply (as the case may be).
A 50% rise in the price of crude price is not unprecedented. That translates into a much smaller percentage increase in the retail price of gasoline.