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A money game

11/12/2007
Eighty-five dollar crude oil is obscene! The traders on the New York Mercantile Exchange are gambling with the economic health of the US and the world.Crude oil production worldwide is in balance with refining capacity. The Saudis expressed their belief a couple of years ago that the price of crude should be in a range of $28-34/bbl.When the Department of Energy announces on Wednesday each week inventory at refineries the traders react immediately. Recently, inventories fell by 3.5 million bbl. The market rose to $80/bbl. This is actually a modest amount of crude, about the cargo of two large tankers.What can the government do in this emergency? We hold approximately 700 million bbl of cr...
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