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The curse of $95 oil

11/12/2007
For reasons that will prove to have been fleeting, the price of crude oil exceeds $95/bbl at this writing and is flirting with the $100/bbl landmark. While market fundamentals account for some of the buoyancy, they don’t explain the seeming imminence of a triple-digit crude price. Neither will they explain a possibly sudden price correction about which there can be only one question: When?For the oil and gas industry, the self-levitating crude price is regrettable, as refiners already know. Producers will regret it when they discover how quickly extraordinary revenue can vanish but how slowly, by comparison, swollen cost structures react. If commercial costs, such as those of oil fi...
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