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From their "breathtaking ascent that reached $145 per barrel by July 2008," oil prices then dipped below $40 per barrel again before the end of 2008. Previously, oil prices were stabilized around $30 during 2000-2004. As of this writing, oil has hovered in the neighborhood of $70 per barrel. Government leaders concerned with future spikes, particularly in France and the UK, have suggested regulating oil markets in their respective countries. The author says that such types of regulation typically create shortages. The U.S. had that experience in the late-1970s and early 1980s when it tried its hand at price regulation.
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