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Crude oil hit a record of over $66/barrel today. In Georgia, a gallon of gas ranged from $2.17 - $2.59. So what is causing the high oil prices? Well, the standard economic answer is that demand is higher than supply. But, what is causing that? Is it refining problems? Increase in demand from countries such as China and India? People having a mania for SUVs? Is it greedy oil companies? Or are we possibly at peak oil? It's probably all these things. But, now that it's not uncommon to cost $50 to fill a tank, it's going to really hit peoples' pockets.

NewsNow - Oil
Yahoo Oil and Gas Coverage
CNN Gas Prices Coverage
Forbes Energy Coverage
Financial Times Oil Coverage
A Primer on Gasoline Prices
Oil extends record streak
The Coming Global Oil Crisis
Perils at the Pump
Oil Prices: Cause and Effect
Why high oil prices haven't cut demand

Posted: 2005-08-12 17:03:31

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