Oil price almost $120/barrel.

Bloomberg radio in NY area (1130 AM) announced today that oil is trading at $119.40 a barrel. It is all great, except for one thing – the cost of oil production for “Big Oil” companies like Exxon-Mobil, Shell and Chevron did not change much in the last few years. So all of this ridiculous rise in oil price is purely speculative, and

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