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Crude import cost may rise 29pct for U.S., EU, Japan, IEA says

Posted on 02 March 2011

From Bloomberg: The cost of oil imports for the U.S., European Union and Japan may rise about 29 percent to $900 billion this year if crude prices average $100 a barrel, according to estimates from the International Energy Agency.

This would be almost $200 billion more than the U.S., Europe and Japan might have to spend on crude imports this year, “potentially threatening their economic recoveries,” Fatih Birol, the Paris-based agency’s chief economist, said today in an e-mail…………………………………….Full Article: Source

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