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Wednesday, November 03, 2004

Oil prices shoot up in anticipation of Bush victory

Reuters reports:

"Oil prices spiked up above $50 a barrel on Wednesday as signs of an electoral victory for President Bush raised the prospect of continued high U.S. demand and Middle East supply anxiety.

Some U.S. tallies showed Bush just one electoral vote away from reelection, helping to reverse a slide in prices this week on speculation that a win by Democrat Senator John Kerry could usher new energy policies leading to lower prices...

'A Bush administration continued in its present form would have a Department of Energy that is extremely fossil fuel-centric and, because of the focus on fossil fuels, we would expect prices to rise,' said economist Jason Schenker at Wachovia Securities."


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