The Price of Oil

CBS News 60 Minutes (Jan 12, 2009): The historic swings in oil prices last year were the result of financial speculation from Wall Street and not supply and demand. Steve Kroft from CBS News investigates:

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Recent News on Oil as of Jan 15, 2009:

Wall Street Journal (15-Jan-2009): Inventories Move Up, and Oil Drops

Bloomberg (15-Jan-2009): Oil Falls Below $34 After OPEC Reduces 2009 Demand Forecast

CNN (15-Jan-2009): Oil falls as demand crumbles
Forecasts predict massive decline in demand for 2009. 'We don't know where the bottom is,' says expert.

CNN (15-Jan-2009): OPEC cuts 2009 world oil demand forecast
The oil cartel sees a further drop in demand this year, while 2008 saw the first drop in global oil consumption in 20 years.

Reuters (15-Jan-2009): Oil falls towards $35, OPEC cuts demand forecast

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