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Orgasmic groans could be heard from President Cheney's underground bunker, while Vice President Bush was reported to still be on vacation.
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Oil Futures Rise to $100 a Barrel
Wednesday January 2, 4:01 pm ET
Crude Futures Hit Record $100 a Barrel on Supply Concerns After Violence Breaks Out in Nigeria
NEW YORK (AP) -- Crude oil prices soared to $100 a barrel Wednesday for the first time, reaching that milestone amid an unshakeable view that global demand for oil and petroleum products will outstrip supplies.
Surging economies in China and India fed by oil and gasoline have sent prices soaring over the past year, while tensions in oil producing nations like Nigeria and Iran have increasingly made investors nervous and invited speculators to drive prices even higher.
Oil prices are within the range of inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today. (AP)
http://biz.yahoo.com/ap/080102/oil_prices.html
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