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In Saudi Oil Output Discussions, The Old Clout Will Be Missing
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The Saudi government appears inefffective to prevent the current runup in oil prices. The Saudi have convened a one day meeting in which European and American government and Chinese government representatives, major oil companies and others will participate. But not much is expected as all participants have no clear idea on what direction to take and who gets to take the blame. European government leaders also meet in Brussels as more protests take place. Transportation fuel costs about $9 a gallon in Europe with about two thirds of it going to taxes.
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