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And don't miss Liam Denning on the tricky math of long term oil prices: "About a decade ago, at the height of the peak oil frenzy, this need on the part of OPEC countries was used by some to justify ever-higher price expectations. Under this thinking, OPEC had most of the oil reserves, and its members' one-trick economies needed $100-plus prices to function; ergo, oil had to be priced at that level. I mean, come on. That's like me going to my boss and saying, 'I need to be paid millions because, you know, I've got a certain lifestyle to maintain.' They'd find another, cheaper journalist or make do with none at all. Oil consumers did the same thing."
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