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| High Oil Prices May Not Be Temporary by noteworthy at 9:44 am EDT, Aug 16, 2004 | |||
Most oil market commentary still makes it sound as if high prices are a passing phenomenon. But the markets are smelling something different. The problem is not a lack of oil in the world. The problem is getting the oil to refineries and then to market. Many arguments in Washington have been irrelevant. A shortage of oil is not the biggest problem. The reality is becoming clear because of Iraq, but Iraq was not the cause, and diplomacy will not make it go away. | |||
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