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It isn't the oil itself. It's the companies that control it. It still costs about $30 a barrel to get it, but we're paying $110 a barrel because the people who control it can get that much from us. Cost of production will rise a bit when we figure out how to recover difficult-to-reach oil, like that huge field off Brazil that was discovered a couple years back.
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Old 05-12-2011, 10:07 AM
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