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Setting Yet Another Record

Posted by Michael Link on May 6, 2008 at 09:57 AM

Oil over $120 a barrel, setting a record high. But no worries -- President Bush is on the case!

U.S. President George W. Bush, who has called upon oil cartel OPEC to increase output to help bring down prices, is expected to talk with officials from Saudi Arabia about the effects of high fuel prices on the U.S. economy on his trip to the world's top exporter later this month.

More, via the Associated Press:

Threats to supply emerged over the weekend and on Monday from Iraq, Nigeria and Iran. Also, a pullback in the recovery of the dollar against the euro and yen pushed investors back to commodities such as oil as a hedge against inflation.

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