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On the one hand, high oil prices are the result of commodity markets at work. More demand and less supply means higher prices.
Meanwhile, prices are still out of whack with actual supply, both on and in the ground. Methinks therefore we are in a bubble of some kind. A couple days ago the Wall Street Journal said the same thing. (But I can’t find the piece online, hence no link.)
What will happen when it pops?
The Clinton-Obama Pennsylvania Decision Tree, by Amanda Cox, in The New York Times. Hat tip to Nathan Yao of Flowing Data, who explains, We see an entire story between Obama and Clinton – positions taken, counties won, and counties lost. Go ahead and take a look. Words bad. Picture good. Ooga. Booga. Via Andrew Sullivan.