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No shortage of crude oil by OPEC

OPEC 29%

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It takes a price increase


There is a lot that we can do to curb speculation, but the claim that rising gas prices are not based on supply and demand is simply not true [“OPEC: No shortage of crude oil in market,” Business, April 19]. Speculators only magnify and quicken the effects of supply and demand.


In this case, the cutoff of Libyan oil was almost 2 percent of the world supply and OPEC’s spare capacity urned out to be a mirage.


Dick Burkhart, Seattle


Read more: The Seattle Times (April 25, 2011)

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