Energy Prices: What's Supply Got to Do With It?

Oil and gas prices keep on soaring, so are supply and demand the real reasons they continue their climb? CNBC asked the experts for their take.

“Volatility is clearly driving the market; this bull run in oil has been well defined over the last year in ten dollar price buckets…And certainly, from a technical standpoint, all guns are pointed at a $150 at this point.”

—Stephen Schork, The Schork Report Editor

“If we are not allowed more access in the oil industry for more hydrocarbons over the next ten to 15 years anything else we're working on will really penalize consumers because we can't get enough oil quick enough.”

—John Hofmeister, Former U.S. Operations CEO of Shell Oil

“As the different types of crude are changing and the outputs are changing companies' outputs, they are trying to reconfigure their refineries to address that problem, and it’s taken some time.”

—Jeff Kruper, Acting Deputy Secretary for the Department of Energy

“I think we are seeing a global battle for resources and I think it’s becoming very, very visible at the gas pump because supply simply can’t keep up with the rising demand...the prices are what they are because of the margin, the thin margin of supply and demand.”

Paul Hillard, CEO of Badger Oil

“I use the term practical peak oil in that, in terms of global resources, there’s more that could be developed, but access is limited and with limited access we are very, very close to where we get to the practical peak.”

Tom Petrie, Merrill Lynch Vice Chairman