The frenetic "debate" over oil prices, the future prospects for same, and the impact on the global and American economy currently, and in the future, has centered upon such issues as "peak oil production," the role of speculative money flows in driving the bull move in oil, and the realities of the supply/demand equation. These focii ignore certain key aspects of what we shall refer to simply as "the oil issue," in our view. We now propose to consider these issues and to assess their current and future likely economic and financial market impact. |
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