The price we are all paying at the pump or for heating oil was too mundane to be touched upon by Dr. Chu. A bit like leaving the aerie of the ivy covered halls of academe and getting your hands dirty on an oil rig.
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The current oil price of $52 per barrel reflects an increase of 400% from one decade ago. What else in your day to day experience has gone up that steeply in the past 10 years? Think about it.
OPEC announced today an additional production cut of more than 2 million barrels/day. And surprise, surprise: the price of oil fell by some three dollars a barrel. Sic Transit gloria!
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