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[Just about the only thing about which both sides agree is that the recent run-up in oil prices, which began well before Hurricane Katrina, has been caused because demand for oil – spurred by growth in China, the generally healthy economic condition of the Western world, and other factors – has caught up with supply.] The world produces about 85 million barrels a day, … That’s where demand is now, too. And I’ve seen forecasts that demand is going to be higher than that by the end of the year.

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