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With Oil Nearing $130, Kicking the “Oil Addiction†Looks Like the Sole U.S. Hope
Oil prices set a new record just shy of the $130 a barrel level yesterday (Tuesday), despite a concerted – though probably futile – effort by the U.S. government to rein in the runaway commodity.
Crude oil for June delivery reached $129.331 per barrel on the New York Mercantile Exchange, eliciting dismissive comments from industry experts who say the United States attempts to bring prices down have already been checkmated. Indeed, after a series of repeated failures in that venue, it’s clear the final United States recourse is to break what President George Bush referred to in 2006 as an…
21May2008 | Money Morning | Comments Off | Continued
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