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Tuesday, January 6, 2009
Russian Dispute With Ukraine Worsens, Hitting Europe
Anyone who thinks the oil market is a "free market" is seriously delusional. The two largest producers--OPEC and Russia--have enormous power over prices. Russia's curtailment of gas supplies to a large swath of Europe in the middle of winter is causing a scramble for other heating fuels, like heating oil, and that is driving up the entire energy complex. Speculators add to this buying pressure.