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Why Oil Prices Are Up, and What We Can, and Can't, Do about It
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******************************** Why Oil Prices Are Up, and What We Can, and Can't, Do about It http://knowledge.wharton.upenn.edu/index.cfm?fa=viewfeature&id=1466 Rising prices for crude oil and gasoline have alarmed many consumers and put President Bush and other U.S. politicians in a position where they feel they have to do something -- anything -- in response, especially in an election year. But members of Wharton's finance department and private-sector economists say it's a good time to look rationally at the reasons for the price hikes and their likely effect on the economy and on energy policy. They also say that as long as the United States continues to rely on oil producers in other parts of the world, high prices and price volatility will be the norm. Bolivian President Evo Morales's decision, announced this week, to nationalize the country's natural gas sector, only underscores that point.
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