Business, Finance & Economics

What Drives the Price of Oil?

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Drilling for oil in inaccessible places can drive up its price. (Photo: Ken Hodge/Flickr)

Many factors come into play when it comes to the price of oil.

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The cost of extracting oil is one thing that has an impact; another is the law of supply and demand. And then there's politics.

Marco Werman talks with Michael Klare, professor of Peace and World Security Studies at Hampshire College, about the forces that drive oil prices up and down.

Klare is the author of "The Race for What's Left: The Global Scramble for the World's Last Resources".

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