I know there are several complicated reasons oil has overnight became liquid gold but the main reason is the same principle our entire economy is based on. In a word "Greed".
Our whole big business model is and has always been based on coming up with some product or service the public will buy or rent and then charge the most money the idiots will pay for it. Having nothing whatsoever to do with trying to be fair,honest or decent to the buying public at all. None of that matters to the business world at all. Only profit and as much as possible.
This underlining big business principle is driving America in the same direction as all the other third world countries. Before we know it, there will be a very few extremely rich people and the rest of us will be starving and freezing in the dark. I think this is the biggest mistake of all. The healthiest societies have always been the ones with the largest middle class. The middle class is the fuel that keeps everything healthy and productive. All societies with only a few rich and the majority poor always break down in civil wars and strife. You can see this happening all over the world right now. When you watch your children die of starvation, what would you do when you see the rich on the hill eating nothing but the very best as your family and friends slowly die? You would load up your guns and go try and get your share.
In my line of work, I hear all kinds of answers to our problems. The only one I see right now that makes any sense at all would be to get rid of EVERYONE in our government and start with a clean slate. We need to get rid of the professional politicians forever. Somehow we need to go back to the beginning of the American political system where common men got together ONCE IN A WHILE to make decisions and laws that were to the benefit of the common men and women. Our political system is the best in the world, bar none but somehow it just became a welfare system for professional politicians to have a lifelong job. A job by the way that pays far, far too much, with far, far too many benefits. Take it back to a part time job and take away ALL the benefits and retirement packages and let their real full time jobs handle those things for them. Just like you and I have to do.
One last thing and I'll be done with my tirade for now. I'm just a normal guy who runs a small business but this economy thing seems pretty damn simple to me. Here's the one sentence answer to all our fiscal problems.
"NEVER SPEND MORE THAN YOU BRING IN".
Whew? Real complicated huh?