Oil-Rich And Oil-Hungry Governments Are Lockin Up oil Reserves...
June 30, 2008 1:59am CST
Here's How They Could Permanently Destabilize the Price of Crude... (BALTIMORE) - The world's largest governments are drastically changing the way they buy and sell oil. And this shift is quietly altering the future of energy... Rapid economic expansion in Russia, India and, most importantly, China, has led the governments in these countries to review their traditional sources of oil, and to make substantial changes in the way they get it. And they've opted to circumvent the traditional distribution networks of the New York Mercantile Exchange (NYMEX), and other bourses, entirely. Now, the free markets that have historically determined the pricing and allocation of oil are in sudden danger of extinction. And with them, competitive prices for U.S. consumers...
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