Opinion: Today's oil prices reflect future demand

The recent increase in the cost of oil reflects anticipation of strong demand in the future, writes Martin Feldstein in The Wall Street Journal. He noted that increasing the expected future supply would reduce today's oil prices. "That fall in the current price would induce an immediate rise in oil consumption that would be matched by an increase in supply from the OPEC producers and others with some current excess capacity or available inventories," Feldstein writes.

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