Oil is the most traded commodity in the world market today because of the fact that developing countries such as China and India and also developed countries such as the United States of America need more oil in order to sustain their development. Todays oil price is extremely volatile and it is highly dependent on supply and also demand. Oil producing countries have formed some sort of cartel so that they control the oil prices. Todays oil price is highly dependent on how the oil producing countries decide. The fact remains that if the demand is so high, the price of oil also increases. So, why is it so high right now? It is because the supply of oil is very little and the demand for it is extremely high especially for manufacturing countries that need it in order to power factories and the sort.

                Oil is not only used to generate electricity but also to power cars. There are a lot of people that now have cars and it is said that the need for it will grow exponentially in the coming years. The problem with this is that todays oil price will continue to increase if nothing can be done. There is a huge clamor for alternative energy but no one has really found an oil-free solution for it. Hybrid cars are coming out in the market but the thing is most of them still electricity to power them and of course, to generate electricity you still need oil. There are some inventors that say that they have already created an oil-free car but none of them seems to be in the market today.

                Todays oil price will continue to increase in the coming years and somehow people feel a little bit help because of the fact they need oil. The price of basic commodities seems to be highly reliant on todays oil price. So if it will continue on increasing then the price of basic commodities will also increase. In countries like the Philippines, oil prices seem to increase and fluctuate each and every day. However, the price of commodities seems to actually just remain high and there is nothing that the government can do about it. Some people feel that there should be some sort of law that will not allow the sudden increase of todays oil price so that people will not suddenly get shocked with the high prices of basic commodities.