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Big Oil Gets Lecture From Congress, Shrugs Shoulders

Oct. 27 2008, Published 7:07 a.m. ET

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"CAN WE HURRY THIS UP? WE'VE GOT TO GET BACK TO COUNTING OUR MONEY." Big Oil As the cost of oil surged passed $132 a barrel for the first time ever today, Congress did what it does best: held useless hearings allowing senators to vent their anger on behalf of their beleaguered constituents at frowny-faced oil executives who stroked their double chins and muttered familiar refrains about Arab intransigance and "supply and demand." The price jump sent stocks falling amid predictions that the cost per barrel could eventually exceed $200. With most analysts agreeing that an average price of $4 per gallon is all but inevitable, your best hope may be to find yourself one of the 8,500 service stations nationwide whose pumps are so old that their mechanical dials top out at $3.999. Or, you know, walk.

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