Oil price increases since 2003
Okay kiddo, imagine that there is a big bathtub full of oil in the world. People use this oil to make gasoline for their cars and to heat their homes. When there is a lot of oil in the bathtub, the price of oil goes down because there is more of it than people need and they don't have to pay as much to get it.
But over the years, more and more people around the world have been using oil, so they have been taking more and more oil out of the bathtub. And sometimes, the people who own the bathtub don't let as much oil out, so there is less oil for everyone else to use.
When there is less oil in the bathtub, the price of oil goes up because people have to pay more for it since there isn't as much of it to go around. Plus, some countries have had conflicts that stopped them from being able to get as much oil as they used to, which also makes the price go up.
So, because there has been more demand for oil from people around the world and there has been less of it to use, the price of oil has been going up since 2003.
But over the years, more and more people around the world have been using oil, so they have been taking more and more oil out of the bathtub. And sometimes, the people who own the bathtub don't let as much oil out, so there is less oil for everyone else to use.
When there is less oil in the bathtub, the price of oil goes up because people have to pay more for it since there isn't as much of it to go around. Plus, some countries have had conflicts that stopped them from being able to get as much oil as they used to, which also makes the price go up.
So, because there has been more demand for oil from people around the world and there has been less of it to use, the price of oil has been going up since 2003.