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The Oil Market, Explained

Jeff Taylor | 3.30.2004 10:05 AM

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Saudi oil minister Ali al-Naimi has it all figured out: "The price today has nothing to do with supply and demand.''

The Saudis blame rising gasoline prices in the U.S. on speculation, not on the underlying price of crude oil. There, all done.

(thanks to Edward Bird for the tip)

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NEXT: Remember The Memory Hole

Jeff Taylor is a contributing editor at Reason.

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