Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I think that is definitely part of the story. Another part of the story is that in some countries, especially emerging market countries, the oil was heavily subsidized, and some of those subsidies are now coming off because continuing to subsidize as the oil price climbs entails a rather heavy budgetary burden. So you’re also seeing a sort of normalization of oil prices in a lot of places. Think about the oil that Russia used to sell to Eastern Europe or some of the surrounding countries at preferential prices. They are no longer getting those preferential prices, so there is a demand response. I think it is happening on both sides. There has been a demand response to higher oil prices, and there has been a supply response coming out of places like Africa.

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