$10 oil too cheap; $35 too much

When it comes to energy, the past year has demonstrated to the oil producers that $10 oil is too cheap and to the consumers that $35 oil is too expensive.We all know that $10 oil was the result of increased quotas on the part of OPEC, which raised production above demand, and that $35 oil is the result of OPEC quotas that reduced production below demand. We also know that $10 is too cheap because of the havoc it created in the US oil patch; exploration and production dropped, and employment fell to record lows. With time, $35 oil will result in increased production with or without OPEC cooperation. The danger, of course, is that with increased production we will again enter a period of l...

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