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Location: Pantego, Texas, United States

Tuesday, September 09, 2008

The price of oil is falling, and is now hovering around $100 per barrel (Brent crude is actually under $100 today). The Saudi's are said to have decided to support the price at $80 per barrel (they can do that by cutting production; the other OPEC members can't afford to cut production because they need the money.) If true, this means that the Saudi's have determined that alternative fuels are able to compete economically with oil ate an oil price above $80per barrel. It also indicates that they are willing to accept into the marketplace oil from Canadian oil sands and US shale oil.

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