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Ferdinand E. Banks'
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Michael, you should read the article by George Soros in one of the latest New York Review of Books. He has almost - almost - the entire story. Demand is outrunning the supply of "available oil", but there is also a speculative element present. He seems to believe, however, that the speculative element is minor/secondary, and I believe the same thing.
Sep 23 11:14 am
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All Comments by Ferdinand E. Banks »Oil Price Speculation Truth Begins to Leak into Mainstream Media [View article]
But you are right when you say that we can't handle oil at $140/b, and it could be that again after the international macroeconomy gets back in the groove.