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Fear of OPEC stranglehold spreads as oil surges to new record.
Knight Ridder/Tribune Business News, October, 2004
By Brian O'Connor, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 26--Oil prices hit new peaks of close to $56 a barrel in the US as the Centre for Global Energy Studies warned that the industry was facing "a structural crisis not seen since the 1970s" with "capacity shortages throughout the supply chain."
It said the Opec nations will be able to keep prices high for years "until the 21st century equivalent of non-Opec oil is developed."
In the 1980s, Opec's grip on supplies was weakened by newcomers Britain and Norway. The equivalent today might be Canada's vast tar sands, but only over the long term.
Economists are growing alarmed that the price of oil will stay high. It could be as much as $60 this time next...
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