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Yes, the rising demand from developing countries like China is contributing to this, but oil is becoming more expensive for a variety of reasons that DON'T have to do with demand, like instability in the region, the increasing cost of finding new oil reserves, and oil producers holding back supply to drive up prices. And like I said, even if the rising price of gas COULD be attributed to demand, the rising price of other goods, due to the increasing cost of transporting them, is definitely cost-push. But hey, he's a conservative economics professor teaching at a community college...what do you expect?
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