World oil exports DROP in the face of a 57% price rise:
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Of course, the market isn't exactly free. Some producers are hemmed in by artificial limitations on exploration and production, and others have no need to increase production when price increases mean tremendous revenue and earnings increases at zero marginal investment. And to top it off the tenfold price increase in oil since its bottom comes after oil spent a \*long\* time at the bottom, during which time there was not enough money to explore. So it's not clear whether this is \*the\* peak or \*a\* peak.
on May 29, 2008 at 02:13 AM PDT