Its not specs, we know that. and its not JUST inflation. Sure demand is growing, but not as fast as oil prices are. Think about it, has demand grown WORLDWIDE by 40% in the past year? I donât think so, yet the price of oil has. Also demand is easy to measure. We can see exactly how many barrels are going into foreign countries and at what rate. If there were some crazy demand spike, we would know about it. I think demand would be responsible more a slow creeping, but inexorable rise in oil prices, but not one at the velocity weâve witnessed lately. Is there any hard evidence to support that its supply? Nope, but I thatâs part of the reason why I think supply is the issue. Its nearly impossible to tell how much is 20,000 feet underground at any point, and even if it wasnât impossible do you think countries like Saudi Arabia are going to tell us what they really have left? We donât even know how much oil we have, and even of we did know we couldnât drill it because it might distress some obscure gnat in Alaska. I think that there are supply issues in the Middle East that we simply donât know about. The futures market doesnât lie and it is incredibly efficient at pricing commodities, thatâs why itâs been around forever. Itâs the only piece of the puzzle thatâs unaccounted for and unclear. So it makes sense that if there were a supply problem we would be left scratching our heads like we are today.. If there was a supply issue and we did know about it, maybe thatâs part if the reason for our military presence in the middle east, if thatâs the case then Iâm all for the war so you would be too, but thatâs for another day.