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"A few days later, the chief operating officer of Atlantic Richfield for Alaska, Ken Fromm, who had invited Williams to the meeting, called him and told him he must never mention this new discovery--that the US government had classified it and was ordering it capped. It is still being held off the market and is not part of the environmental lock-down of oil in the Arctic National Wilderness. Williams was given a British Petroleum memoranda [probably by Fromm] which related the statements of upper echelon oil officials from Arco which said that Gull Island would be kept under wraps, limiting domestic supplies so Americans would someday see prices hit up to $10 a gallon at the pump."
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Read full article here
Please do your own due diligence traders, the release of Ken Fromm's name should facilitate this. Personally I think the scenario for $150 - $200 per barrel oil within 8 months is likely given the Federal Reserve's QE2 (and likely QE3, QE4, QE5...) and evidence of commodity inflation already in agricultural products and the huge move up in precious metals.
I did tweet Joe Terranova from CNBC Fast Money to ask if it were possible for oil to go up this fast, he was kind enough to respond. Here is his tweet quoted verbatim: "NopeRT @bearishtrader @terranovajoe Conspiracy oil trade is $150-$200 possible by June, 2011? http://stk.ly/9PpjIW $CL_F $OIL $OIH $$" LOL short but to the point.
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