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Today's Oil Price Jump Is Nothing
Putting off your summer vacation because of the price of gasoline? Don't bother. Not if you ever plan to take a trip again.
That is the grim conclusion of "The Coming Oil Supply Crunch," a report from the Royal Institute of International Affairs, a British think tank.
It's not that the institute, which is also known by the name of its headquarters building, Chatham House, particularly cares about your leisure time. Instead, it has concluded that crude oil is sti headed to $200 a barrel, despite a 20 percent pullback in recent weeks.
The paper's author, senior research fellow Paul Stevens, contends that a serious oil shortage is inevitable in the next 5 to 10 years. There is plenty of oil underground, he adds, but oil companies aren't investing what it will take to get it to the surface and into refineries.
Happy motoring.
by Mark Stein
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