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The Gas Price Puzzle

July 12, 2011. Several weeks ago during a visit to Acadia National Park on Mount Desert Island, this reporter couldn’t help but notice the price of gasoline. It averaged about $3.75. Not exactly cheap, but considering it was in Downeast Maine, a tourist destination and an island, the price for liquid fossil fuel was certainly less expensive than expected. The joking began: “Let’s drive up here next time we need gas.” “Let’s ditch the duffel bags for jerry cans, fill them up with gas and bring it home.”

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Europe Gives $17 Billion to Greece to Avoid Default

Euro zone finance ministers confirmed Friday that they would announce the release of a $17.4 billion, or €12 billion, installment of aid for Greece on Saturday, buying the country time to avoid an immediate default. As part of the announcement, the finance ministers said they would cancel a meeting planned for Sunday, when the conditions for a second bailout were expected to be decided, and hold a video conference Saturday instead.

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