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June 2, 2008

FUEL WATCH O8: No “Quick Fix” for High Oil Prices

Filed under: Fuel Watch — Rick Seaney @ 9:59 am

This is one in a series of reports on the soaring cost of oil; look for more items on this topic each week as we continue to present “Fuel Watch 08″ items, specials and exclusives.

The U.S. Treasury Secretary said Sunday that we can’t expect a quick fix when it comes to high oil prices.

It’s simply, said Sec. Henry Paulson, an issue of supply and demand.

Paulson was speaking in Qatar, where he was, according to the Associated Press, to “deliver a message to officials of Saudi Arabia and other oil-producing nations that soaring oil prices are putting a burden on the global economy.” He is urging those nations to “open up their oil markets to investment that can boost yields, exploration and production.”

In the meantime? Expect more fuel surcharges on your airline tickets. What else is new?

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