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July 9th, 2005

ritaxis: (hazy mars)
Saturday, July 9th, 2005 10:42 am
From the Cox News Agency, in my local paper -- but only in the print version, not online, and I can't find it anywhere else:


by Jeff Nesmith:

The world is using so much crude oil that supplies can no longer be stretched to control prices, Energy Secretary Samuel Bodman said Friday.
"Demand is right at the ragged edge of supply," Bodman said. "Therefore, we are in the hands of the traders, and they are setting prices in a free market."
The world price of crude oil passed $60 a barrel for the first time on June 27 and has remained near that level. Light, sweet crude for August delivery settled at $59.63 a barrel Friday on the New York Mercantile Exchange.
Over the last 20 years, the price of crude oil was responsible for 85 per cent of the change in the price of U.S. gasoline, the Federal Trade Commission reported, meaning gas prices could reach new heights.
While producers increased production as demand increased in previous years, there was virtually no increase in oil supplies in 2004, Bodman said.


Now, since W makes his profit off the exploration for oil, rather than the production, refinement, or marketing of oil, this state of affairs pleases him mightily.

Why is an obscure right-wing news service, and an obscure small-town newspaper, the only source I can find for this thing?
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