I was chatting with a friend and were both wondering what could be the real reason of the recent rocket high raise in fuel price. As far as most consumers were concern, their living cost has rise significantly due to this phenomenon. And isn’t it back to the basics of supply and demand, so if there’s a supply problem and thus rise in price, why can’t oil producing countries increase the output and export? Or are there any other complicated factors that comes into play as well?

Can anyone shed some light for me and write down whatever your theories are, whatever documents and resources that other people can refer to, as well as educating me (and future readers) to what might had cause this crisis to happen?