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The Oil Report, August 1, 2006

PORTLAND, OR — by Mike Bryson. The a short article from last Thursday, TheState covered an interview with oil lobby economist John Felmy. The quick interview shows that Felmy lays the blame on higher oil prices in decreased supply from U.S., Nigeria, Venezuela and Iraq oil wells, as well as the fact that no refineries have opened in the US in ten years due to bureaucracy. He doesn’t cover the fact that the dollar may have lost half its value in that ten year time frame; fiat inflation caused by the Federal Reserve’s doubling of the amount of dollars in circulation over the decade. Read this entire article at the oil report site.