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Is Oil a Bubble? Part One [View article]
There should have been import taxes put on crude when prices went below $20/barrel. Most of the independents were absorbed by the majors or forced into bankruptcy.
Unfortunately, we don't have 5 or 10 years to straighten this mess out. Whether or not this was a result of the energy meeting in Aug 2001, a decision will have to be made soon over what the primary fuel of transportation for the U.S. is going to be.