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Page added on March 31, 2005

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Oil Rises, Gasoline Surges to a Record as Fuel Supplies Decline

March 31 (Bloomberg) — Crude oil rose and gasoline and heating-oil surged to records on signs that U.S. refineries lack capacity to make enough fuel and Goldman Sachs Group Inc. analysts predicted that oil could touch $105 a barrel.

“Concern is growing that there will barely be enough fuel to meet growing global demand,” said Michael Fitzpatrick, vice president of energy risk management at Fimat USA in New York. “The world had cheap oil for years and the chickens are coming home to roost. Investment was deferred and China and India are now major users, which isn’t going to change.”

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