Welcome to the world of $70-per-barrel oil. That's if there is no crisis in the Gulf over Iran's nuclear ambitions. If there is, then get ready for $140 a barrel. Oil briefly breached the $70 barrier eight months ago, but this time it is going up for good. Exactly one year ago the investment bank Goldman Sachs put out a paper suggesting that the "new range" within which oil prices will fluctuate is $50-$105 per barrel. (The old range, still used by most of the oil industry when deciding if a given investment will be profitable, was $20-$30.) The price could surge well past the upper end of...
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