It is a brilliant system from an operational perspective, but relies on inexpensive oil as well as instantaneous communications.

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Chances are that such a system can continue to function well, at least as long as the oil boom lasts.

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The AMT is a shadow tax system ostensibly designed to make sure that fat cats with tax breaks like oil-well depletion pay at least some tax.

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Meanwhile, we are in discussions with oil-producing countries, as well as the IEA, about the various options that are available in the global system to deal with a major disruption, should that occur.

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