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Old 12-13-2009, 10:42 PM   #19 (permalink)
MadisonMPG
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Quote:
Originally Posted by mcguire View Post
True, but oil is a commodity with, to a first approximation, a single world market. The global price responds primarily to global demand. A better way to look at the economics of the situation is as a transfer between the oil producing countries and the oil consuming countries.
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