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Paper money chasing paper barrels: Why oil prices are artificially high

The cost of oil keeps screaming higher while reports keep showing that demand for oil is down. Even the Saudis admit that their product is overpriced, yet oil and gas markets remain more volatile than ever.

At issue is the fact that the market mania has been driven by two factors: a weak U.S. dollar and speculators trading paper barrels with paper money on the New York Mercantile Exchange (NYMEX) futures market. Let's look briefly at each factor:

Why John McCain's plan to drill our way out of the energy crisis will fail

Today the Washington Post reported that John McCain has a solution to America's energy crisis: drill more oil by opening up more federal lands. The solution is not surprising, given that Mr. McCain has taken nearly $1 million dollars in contributions from Big Oil so far this year.

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