PRICES: Oil Stays Up

By the law of supply and demand, the sky-high oil prices that are disrupting Western economies should be falling right now. Oil supplies are exceeding demand on world markets by 3% to 5%, creating the classic condition for a price drop. Saudi Arabia continues in its outspoken position as the one producing country whose officials have consistently argued that it is unrealistic for Middle East states to maintain posted prices for oil that are four tunes as high as they were last fall. Richer in petroleum reserves than any other nation, Saudi Arabia announced last month that in early August...

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