FT.com / UK - Crude slips to $38 despite vow to cut output - 0 views
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Lydia Georgieva on 19 Sep 09Even while analyzing the complicated subject of oil in global economies, the basic principle of scarcity of resources is at work. Oil is a limited resource that is not free. In fact, it is controlled by organizations such as OPEC which determine the amount of the resource available to customers all over the world. There are universal and unlimited wants for oil, however, its scarcity prevents these wants from being fulfilled.