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(The New York Times) - No sooner did BP announce that a corrosion problem was forcing a shutdown of its pipelines serving Alaska's Prudhoe Bay than prices again shot up, with oil temporarily gaining more than $2 a barrel, to nearly $77, pushing up gasoline prices. Consumers are understandably rankled. But there's nothing necessarily predatory about what's going on - this time. Refineries and gas stations that are not well stocked rush to buy when there's a sudden shortage, provoking an immediate price increase. Link |
