About the continuous oil price hike?

From a purely economic standpoint, it's supply and demand.

They supply you with oil based products and demand your money! (just kidding).

First of all, oil is a limited resource in the Earth's crust. As a limited resource, we only have so much of it before it runs out and there's none left at all. So as the demand worldwide stays the same or increases for oil, the supply is only getting smaller. As supply goes down, and demand goes up or remains the same, prices naturally get higher.

Second, the companies and countries that have the rights to the land on which they drill for oil have the right to sell their oil at any price (assuming it's similar or less in price than other companies/countries offer) they want to countries with less oil-rich land. The demand in these countries may be very high, while the supply may be very very low. This drives up regional prices.

Finally, as inflation happens, the price of all commodities increases. As the value of a money supply decreases, the value of a limited resource increases.

Therefore, you get a constant rise on the price of oil.

-Jonathan C. Holcomb