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News Link • Energy

A $10 increase in the price for a barrel of oil means what?

• The Economic Spy
OPEC will meet in Vienna next month with Iran’s Ahmadinejad acting Chair We will be okay as long as we have a friend in charge of setting OPEC oil prices, right?Since that won’t be the case, however, what can we expect in terms of production and pricing goals when OPEC meets to discuss oil in Vienna next month. No one has to be reminded that the average price at the pump for gas is somewhere around $4.00 a gallon ($4.25 in New York). This price, if it were to stay here or go higher, would begin to have an adverse effect on the economy. This as households and businesses would have to make spending and pricing decisions based on this critical component.

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