CNN reports that prices for U.S. light crude oil reached a new record high today of $47.40 a barrel. Though Iraq's normal contribution to the global oil supply was recently halved, according to this article, there appears to be some dispute over whether there is an actual shortage or if speculation alone has pushed up prices. In either case, these sky-high gas prices are threatening to hurt the economy as they cut into consumer spending. How do you think this problem could be solved? What would you do if you were in charge?
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