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Politics, News & Issues > Economic News Causes and implications of rising oil prices

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The posturing Congressman in this election year (2008) were sure that the high prices are caused by the large US oil companies. "You all are gouging the American public and it needs to stop," declared Representative Steve Cohen, Democrat of Tennessee.

The oil executives on the firing line protested that the true causes of the rise in the price of oil and its products are just the impersonal forces of the vast world market. "As repetitive and uninteresting as it may sound, the fundamental laws of supply and demand are at work," said John Hofmeister, the president of Shell Oil Company.

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