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£1 a litre - how much of that is political?

  • Paul Mason
  • 24 Apr 06, 01:08 PM

Petrol is already £1 a litre on some British forecourts and the average price could soon (today?) pass £1. Coming out of OPEC right now are various statements from oil ministers that they are not going to raise the 28 million barrels per day ceiling on production. They argue that it is not short supply but demand driven by political instability - notably America's refusal to take off the table the possibility of nuking Iran, Condoleeza Rice's statement that "self defence does not require a UN resolution" in this regard, and Iran's veiled warning that it will take the price a lot higher if sanctions are imposed...

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