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Recession! How bad will it be?
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[QUOTE]Originally posted by glassman: [QB] [QUOTE]Originally posted by IWISHIHAD: [qb] "High oil prices paining U.S. consumers is a key topic of Vice President Dick Cheney's talks Friday with Saudi King Abdullah, yet it's unclear whether Cheney will ask the Saudis to increase production to bring down prices at the pump". They never thought about this before? :rolleyes: [/qb][/QUOTE]there has been no oil shortage. the "forces" that drove oil from 60$ to 110$ are basically traders (playing on security issues), the fall of the US dollar, and (oddly enough?) gasoline supply disruptions... from 50$ on up? the price of gasoline has LED the price of oil and not vice versa.... refinery explosions/fires, maintenance shutdowns and seasonal blending "problems" have runup the price of gasoline over and over. oil just followed it. if commoditites traders had been held to stricter margin standards? and the refiners were more compettitive with each other? we would probably be paying 60 to 70$ per barrel of oil... [/QB][/QUOTE]
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