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Page added on March 8, 2005
The Militarisation Of Oil – Marshall Auerback
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Oil prices spiked to record levels last week, propelled by a rally in petrol prices and a cold snap in the northern hemisphere, against the backdrop of a tight balance between supply and demand. Yes, that’s right, basic “supply/demandâ€Â, not “political turbulence in the Middle Eastâ€Â. But talk, unlike oil, is cheap. OPEC could no more “talk up†the market than it could talk it down last year. If high oil prices are here to stay, it clearly has epochal implications for the global economy. |
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