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Iraq's crisis should make us thankful for America's oil boom

from Slate

So far, oil markets have mostly shrugged off the turmoil in Iraq. The world's seventh largest crude producer is tearing apart at the seams thanks to sectarian violence, yet the cost of a barrel is up just 5 percent this month — a bump, sure, but not a crisis. Why the mere blip? The most important reason prices haven’t surged is straightforward enough: As of now, Iraq’s oil production isn't in serious danger. more

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