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Consumers are facing a “50/50 oil market,” according to Daniel Yergin, Chairman of Cambridge Energy Research Associates (CERA). “There is now a 50/50 probability that the price of oil will reach $50/bbl within the next 50 days,” he said. And Gulf of Mexico operators got a double reminder, during the second week of August, that the relatively quiet hurricane season could still threaten their drilling and production operations.
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