Middle East Economic Survey


No 49


Explanations Of The Recent Higher Oil Prices

By Shawkat Hammoudeh

Dr Hammoudeh is Professor of Economics and International Business at Drexel University. He can be reached at hammousm@drexel.edu.

The WTI crude price is flirting with $100/B, with US gasoline at $3.44/gallon registering a record price for this time of the year. There are certain times of the business cycle when oil prices follow equity indexes.1 Now is one of those times....