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Obama blames speculators for rising U.S. fuel prices

WASHINGTON (Reuters) - U.S. President Barack Obama on Tuesday blamed speculators for driving gasoline prices higher and straining American consumers, saying there was enough oil in world markets to meet demand. Speaking at a community college in suburban Virginia, Obama said increasing production of U.S. oil and creating a market for fuel-efficient cars would…

Obama blames speculators for high gasoline prices

ANNANDALE, Virginia — US President Barack Obama blamed oil “speculators” on Tuesday for soaring gasoline prices that risk weighing down the US recovery and could dampen his 2012 election hopes. “It is true that a lot of what’s driving oil prices up right now is not the lack of supply.…

Corn prices hit record highs in Chicago

NEW YORK — Corn prices surged to record peaks in the United States Thursday amid tight supply and fierce demand driven in part by rapid expansion of biofuels production. With demand outpacing supply despite a massive runup, and high oil prices adding to the pressure, analysts saw little respite in…

U.S. crude oil hits 2.5-year high

LONDON (Reuters) – Brent crude rose toward $120 a barrel and U.S. crude hit a 2-1/2-year high above $108 on Monday. Unrest in the Middle East and North Africa kept the focus on oil supplies as economic growth bolstered demand. Iran’s oil minister said there was no need for the Organization…

World can handle choked oil supplies: Geithner

WASHINGTON – The world can pump enough extra oil and has enough stashed in reserve to limit price shocks from sustained turmoil in the Middle East, Treasury Secretary Timothy Geithner said Thursday. “There is considerable spare oil production capacity globally, and we and other major economies possess substantial strategic reserves…

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