Foreign Affairs Article

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Two Cheers for Expensive Oil

Author: Leonardo Maugeri
March/April 2006
Foreign Affairs


Prices of crude oil are high these days not because oil reserves are waning -- in fact, they are plentiful -- but because inadequate refining capacity has limited the quantity of crude available on the world market. And high prices come with an upside: they could convince the oil industry to invest in new capacity.

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