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The article "Oil Prices Slide Back to $60" reflects how classic economic theory regarding supply and demand impacts prices. According to the article, prices fell because supply increased more than demand. Production increased because the industry is now recovering after Hurricane Katrina and because of a resolution to a union strike that had cut production by half for a major oil company, Shell. Increase in demand has been held in check by a mild start to the winter season and by the use of cheaper substitutes
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oil prices, oil company, Gross Domestic Product, aggregate supply, Hurricane Katrina, union strike, price level, economic growth, retail sales, United States, inelastic, painful, commodity, imports, healthy, pressure, theory, interest rates, industries, industry, the higher, news,