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Thursday, August 26, 2004

Oiling the gears

Pipeline Attack cuts Iraq's oil exports in half, but oil price falls anyway (below $43).

Powerful forces are clearly at work here. World demand continues to grow, supplies are limited and threatened, but something is keeping prices from continuing to skyrocket. I would guess that the main goal of those forces is trying to keep American voters from seeing either gas lines or $3 a gallon prices before November. Arms are being twisted, along with promises that they'll let go after the election. Instead of $3 a gallon by Labor Day, we'll see $5 for Christmas.