Because It is kept there by the powers that want to. Look, Dear Readers, it is not, directly, our business to answer questions why things move up and down, for us it is enough to know when they move and profit from it.
Nevertheless the statements, to congress, by T. B. Pickens and others advancing the BS about PEAK OIL, that there is no more OIL are causing some of us ask the question, why after all is the OIL where it is.
Well, I it is simple, If you are going to keep second and third biggest Muslim(and second and third with proven reserves) OIL producers from producing more OIL and, actually give them incentive to all, not to extract OIL, why would there be more OIL coming online. Why would IRAN develop more of the huge oils and gas fields, if it can make more money keeping the rest in the ground? In fact, why would Saudis will do that? Why Russians. And Of course IRAQ is held from producing not even half of its ability to produce. Well, after more of all these questions, I hope you have your own answers. And the heavier and heavier guns used to prop up the OIL ( Nigeria and Turkey do not cut it any more) the end may well be close, but need patience and technicals to watch.
And Please do not anybody tell me that AVERAGE AMERICAN municipality is innocent in all of this. What would the Local and Federal Governments do without over 100Billions of taxes payed by EXXON(XOM) just lat year. These Oil companies are Tax collectors. Not OIL producers, they are branches of silently and progresively oppressive government. Of course nobody should suspect that I have more respect for EUROPEAN governments that have been taxing their people, for ages, at $4 and now more than $6 for gasoline
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