Oil Price Quotes

Art is what we call...the thing an artist does. It's not the medium or the oil or the price or whether it hangs on a wall or you eat it. What matters, what makes it art, is that the person who made it overcame the resistance, ignored the voice of doubt and made something worth making. Something risky. Something human. Art is not in the ...eye of the beholder. It's in the soul of the artist.

CHOW^TM contained spun, plaited, and woven protein molecules, capped and coded, carefully designed to be ignored by even the most ravenous digestive tract enzymes; no-cal sweeteners; mineral oils replacing vegetable oils; fibrous materials, colorings, and flavorings. The end result was a foodstuff almost indistinguishable from any other except for two things. Firstly, the price, which was slightly higher, and secondly, the nutritional content, which was roughly equivalent to that of a Sony Walkman.

Hypocrisy, double standards, and "but nots" are the price of universalist pretensions. Democracy is promoted, but not if it brings Islamic fundamentalists to power; nonproliferation is preached for Iran and Iraq, but not for Israel; free trade is the elixir of economic growth, but not for agriculture; human rights are an issue for China, but not with Saudi Arabia; aggression against oil-owning Kuwaitis is massively repulsed, but not against non-oil-owning Bosnians. Double standards in practice are the unavoidable price of universal standards of principle.

Many have blamed the gasoline shortages and long lines at filling stations in 1973 on the Arab Oil embargo of that year. However, the shortages and long lines began months before the Arab oil embargo, right after price controls were imposed.

The ninety-nine cent price of a fast-food hamburger simply doesn't take account of that meal's true cost--to soil, oil, public health, the public purse, etc., costs which are never charged directly to the consumer but, indirectly and invisibly, to the taxpayer (in the form of subsidies), the health care system (in the form of food-borne illnesses and obesity), and the environment (in the form of pollution), not to mention the welfare of the workers in the feedlot and the slaughterhouse and the welfare of the animals themselves.

REMEMBER THAT INFLATION IS ONLY THE ACT OF PRINTING MONEY IN EXCESS OF GROSS NATIONAL PRODUCT. THEY COULD BLAME IT ON THE PRICE OF WIDGETS OR OIL ONLY BECAUSE YOU NEVER KNEW THE REAL CAUSE. THE REAL CAUSE AND THE ONLY CAUSE OF INFLATION IS THE PRINTING OF MORE MONEY BEYOND THE GROSS NATIONAL PRODUCT.]

History cannot be explained deterministically and it cannot be predicted because it is chaotic. So many forces are at work and their interactions are so complex that extremely small variations in the strength of the forces and the way they interact produce huge differences in outcomes. Not only that, but history is what is called a ‘level two’ chaotic system. Chaotic systems come in two shapes. Level one chaos is chaos that does not react to predictions about it. The weather, for example, is a level one chaotic system. Though it is influenced by myriad factors, we can build computer models that take more and more of them into consideration, and produce better and better weather forecasts. Level two chaos is chaos that reacts to predictions about it, and therefore can never be predicted accurately. Markets, for example, are a level two chaotic system. What will happen if we develop a computer program that forecasts with 100 per cent accuracy the price of oil tomorrow? The price of oil will immediately react to the forecast, which would consequently fail to materialise. If the current price of oil is $90 a barrel, and the infallible computer program predicts that tomorrow it will be $100, traders will rush to buy oil so that they can profit from the predicted price rise. As a result, the price will shoot up to $100 a barrel today rather than tomorrow. Then what will happen tomorrow? Nobody knows.

No,” said a third student. “Novartis is a public company. It’s not the boss or the board who decides. It’s the shareholders. If the board changes its priorities the shareholders will just elect a new board.” “That’s right,” I said. “It’s the shareholders who want this company to spend their money on researching rich people’s illnesses. That’s how they get a good return on their shares.” So there’s nothing wrong with the employees, the boss, or the board, then. “Now, the question is”—I looked at the student who had first suggested the face punching—“who owns the shares in these big pharmaceutical companies?” “Well, it’s the rich.” He shrugged. “No. It’s actually interesting because pharmaceutical shares are very stable. When the stock market goes up and down, or oil prices go up and down, pharma shares keep giving a pretty steady return. Many other kinds of companies’ shares follow the economy—they do better or worse as people go on spending sprees or cut back—but the cancer patients always need treatment. So who owns the shares in these stable companies?” My young audience looked back at me, their faces like one big question mark. “It’s retirement funds.” Silence. “So maybe I don’t have to do any punching, because I will not meet the shareholders. But you will. This weekend, go visit your grandma and punch her in the face. If you feel you need someone to blame and punish, it’s the seniors and their greedy need for stable stocks.

...whenever I hear people say clean food is expensive, I tell them it's actually the cheapest food you can buy. That always gets their attention. Then I explain that with our food all the costs are figured into the price. Society is not bearing the cost of water pollution, of antibiotic resistance, of food-borne illness, of crop subsidies, of subsidized oil and water -- of all the hidden costs to the environment and the taxpayer that make cheap food seem cheap. No thinking person will tell you they don't care about all that. I tell them the choice is simple: You can buy honestly priced food or you can buy irresponsibly priced food.

Alberta's two largest cities collected more in library fines than two higher levels of government levied against polluters in 2006-2007.

Faced with our addiction to oil, what does our leadership say? Get more of it! Strange when you consider their answer to drug dependence is to cut off the supply.

Drilling without thinking has of course been Republican party policy since May 2008. With gas prices soaring to unprecedented heights, that's when the conservative leader Newt Gingrich unveiled the slogan 'Drill Here, Drill Now, Pay Less'—with an emphasis on the now. The wildly popular campaign was a cry against caution, against study, against measured action. In Gingrich's telling, drilling at home wherever the oil and gas might be—locked in Rocky Mountain shale, in the Arctic National Wildlife Refuge, and deep offshore—was a surefire way to lower the price at the pump, create jobs, and kick Arab ass all at once. In the face of this triple win, caring about the environment was for sissies: as senator Mitch McConnell put it, 'in Alabama and Mississippi and Louisiana and Texas, they think oil rigs are pretty'. By the time the infamous 'Drill Baby Drill' Republican national convention rolled around, the party base was in such a frenzy for US-made fossil fuels, they would have bored under the convention floor if someone had brought a big enough drill.

Wake up America! The insurance companies took over health care! Wake up America! The pharmaceutical companies took over drug pricing! Wake up America! The speculators took over Wall Street! Wake up America! They want your Social Security! Wake up America! Multinational corporations took over our trade policies! Wake up America! We went into Iraq for oil! WAKE UP AMERICA!

New Rule: America has every right ot bitch about gas prices suddenly shooting up. How could we have known? Oh, wait, there was that teensy, tiny thing about being warned constantly over the last forty years but still creating more urban sprawl, failing to build public transport, buying gas-guzzlers, and voting for oil company shills. So, New Rule: Shut the fuck up about gas prices.

We had no money, but I felt we were rich: the pleasure of having some pecorino cheese, a few garden-grown tomatoes, and a liter of olive oil; of making love in the car, with Alba just sleeping quietly in the corner, was beyond wealth. There is no price for that. It was so impossibly beautiful - all three of us breathing the same rhythm, the days going by...

Products can be sold for a better price when there is a shortage, and crises and wars can also offer business opportunities.

Thank you for inviting me here today " I said my voice sounding nothing like me. "I'm here to testify about things I've seen and experienced myself. I'm here because the human race has become more powerful than ever. We've gone to the moon. Our crops resist diseases and pests. We can stop and restart a human heart. And we've harvested vast amounts of energy for everything from night-lights to enormous super-jets. We've even created new kinds of people, like me. "But everything mankind" - I frowned - "personkind has accomplished has had a price. One that we're all gonna have to pay." I heard coughing and shifting in the audience. I looked down at my notes and all the little black words blurred together on the page. I just could not get through this. I put the speech down picked up the microphone and came out from behind the podium. "Look " I said. "There's a lot of official stuff I could quote and put up on the screen with PowerPoint. But what you need to know what the world needs to know is that we're really destroying the earth in a bigger and more catastrophic was than anyone has ever imagined. "I mean I've seen a lot of the world the only world we have. There are so many awesome beautiful tings in it. Waterfalls and mountains thermal pools surrounded by sand like white sugar. Field and field of wildflowers. Places where the ocean crashes up against a mountainside like it's done for hundreds of thousands of years. "I've also seen concrete cities with hardly any green. And rivers whose pretty rainbow surfaces came from an oil leak upstream. Animals are becoming extinct right now in my lifetime. Just recently I went through one of the worst hurricanes ever recorded. It was a whole lot worse because of huge worldwide climatic changes caused by... us. We the people." .... "A more perfect union While huge corporations do whatever they want to whoever they want and other people live in subway tunnels Where's the justice of that Kids right here in America go to be hungry every night while other people get four-hundred-dollar haircuts. Promote the general welfare Where's the General welfare in strip-mining toxic pesticides industrial solvents being dumped into rivers killing everything Domestic Tranquility Ever sleep in a forest that's being clear-cut You'd be hearing chain saws in your head for weeks. The blessings of liberty Yes. I'm using one of the blessings of liberty right now my freedom of speech to tell you guys who make the laws that the very ground you stand on the house you live in the children you tuck in at night are all in immediate catastrophic danger.

We are living in a global world, and whether we like it or not our lives are intertwined with the lives of people on the other side of the planet. They grow our food, they manufacture our clothes, they might die in a war fought for our oil prices, and they might be the victims of our lax environmental laws. We should not ignore our ethical responsibilities to people just because they live far away.

There were a great many interesting questions in the world to which the only honest answer was, “It’s impossible to know for sure.” “What will the price of oil be in ten years?” was such a question. That didn’t mean you gave up trying to find an answer; you just couched that answer in probabilistic terms.

We produce thirty-year projections of social security deficits and oil prices without realizing that we cannot even predict these for next summer—our cumulative prediction errors for political and economic events are so monstrous that every time I look at the empirical record I have to pinch myself to verify that I am not dreaming. What is surprising is not the magnitude of our forecast errors, but our absence of awareness of it.

The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us. Business doesn't pay taxes, and who better than business to make this message known? Only people pay taxes, and people pay as consumers every tax that is assessed against a business. Begin with the food and fiber raised in the farm, to the ore drilled in a mine, to the oil and gas from out of the ground, whatever it may be -- through the processing, through the manufacturing, on out to the retailer's license. If the tax cannot be included in the price of the product, no one along that line can stay in business.

It was not our war, but it would be our disgrace, our shame. The West was filling to declare a war over the price of oil, but when it came to the wholesale slaughter of human beings we folded our hands across our chests and tapped our heels, with great anticipation that Sunday's sporting events would be wonderfully entertaining

Oil prices fell from thirty-six dollars a barrel in 1981 to about fifteen dollars by 1986, based on benchmark West Texas Intermediate prices. In 2013 dollars, that’s a decimating fall from over ninety dollars to just over thirty.

At the end of the day, we supported globalization because we wanted to be able to buy cheaper computers, cheaper vehicles, cheaper clothes and cheaper furniture. Wal-Mart parking lots were jammed with North American workers buying bargain-basement-priced goods made in China even if in the process they were shopping themselves right out of their own jobs.

Russia loses about $2 billion in revenue for each dollar drop in the oil price and the Russian economy duly took the hit, bringing great hardship to many ordinary people, but predictions of the collapse of the state were wide of the mark.

Oil extraction is much more capital-intensive than it is labor-intensive—which means it doesn’t produce a lot of lasting jobs. But in the end, it does produce big revenues when it’s sold on the global market. That sets the stage for grand-scale corruption of the political class: people who can maneuver themselves into getting a cut of that sale price of oil will find themselves quickly rich, whether or not they actually expend any effort to pump the stuff out of the ground.

The Dubai of Africa is happening.” “What is here? What is happening? Property speculation will ruin everyone.” “The oil price is up. We have a new president. It’s a good time. We are the sleeping giant of Africa, soon to awake like Sleeping Beauty.

Oil men, like producers of other raw materials, could not continue to sell their products below cost...For prices to be raised, production had to be controlled, and to bring production under control, Ickes began with an all-out campaign against the "hot oiler,"...This bootleg oil was secretly siphoned off from pipelines, hidden in camouflaged tanks that were covered with weeds, moved about both in an intrcate network of secret pipelines and by trucks, and then smuggled across state borders at night.

Money from taxpayers in Wichita and Denver and Phoenix gets routed through the Pentagon and CIA and then ends up here, or in Baghdad or Dubai, or Doha or Kabul or Beirut, in the hands of contractors, subcontractors, their local business partners, local sheikhs, local Mukhabarat officers, local oil smugglers, local drug dealers—money that funds construction and real estate speculation in a few choice luxury districts, buildings that go up thanks to the sweat of imported Filipino and Bangladeshi workers

Conspiracy theories have long been used to maintain power: the Soviet leadership saw capitalist and counter-revolutionary conspiracies everywhere; the Nazis, Jewish ones. But those conspiracies were ultimately there to buttress an ideology, whether class warfare for Communists or race for Nazis. With today’s regimes, which struggle to formulate a single ideology – indeed, which can’t if they want to maintain power by sending different messages to different people – the idea that one lives in a world full of conspiracies becomes the world view itself. Conspiracy does not support the ideology; it replaces it. In Russia this is captured in the catchphrase of the country’s most important current affairs presenter: ‘A coincidence? I don’t think so!’ says Dmitry Kiselev as he twirls between tall tales that dip into history, literature, oil prices and colour revolutions, which all return to the theme of how the world has it in for Russia. And as a world view it grants those who subscribe to it certain pleasures: if all the world is a conspiracy, then your own failures are no longer all your fault. The fact that you achieved less than you hoped for, that your life is a mess – it’s all the fault of the conspiracy. More importantly, conspiracy is a way to maintain control. In a world where even the most authoritarian regimes struggle to impose censorship, one has to surround audiences with so much cynicism about anybody’s motives, persuade them that behind every seemingly benign motivation is a nefarious, if impossible-to-prove, plot, that they lose faith in the possibility of an alternative, a tactic a renowned Russian media analyst called Vasily Gatov calls ‘white jamming’. And the end effect of this endless pile-up of conspiracies is that you, the little guy, can never change anything. For if you are living in a world where shadowy forces control everything, then what possible chance do you have of turning it around? In this murk it becomes best to rely on a strong hand to guide you. ‘Trump is our last chance to save America,’ is the message of his media hounds. Only Putin can ‘raise Russia from its knees’. ‘The problem we are facing today is less oppression, more lack of identity, apathy, division, no trust,’ sighs Srdja. ‘There are more tools to change things than before, but there’s less will to do so.

He is all my art to me now," said the painter gravely. "I sometimes think, Harry, that there are only two eras of any importance in the world's history. The first is the appearance of a new medium for art, and the second is the appearance of a new personality for art also. What the invention of oil-painting was to the Venetians, the face of Antinous was to late Greek sculpture, and the face of Dorian Gray will some day be to me. It is not merely that I paint from him, draw from him, sketch from him. Of course, I have done all that. But he is much more to me than a model or a sitter. I won't tell you that I am dissatisfied with what I have done of him, or that his beauty is such that art cannot express it. There is nothing that art cannot express, and I know that the work I have done, since I met Dorian Gray, is good work, is the best work of my life. But in some curious way—I wonder will you understand me?—his personality has suggested to me an entirely new manner in art, an entirely new mode of style. I see things differently, I think of them differently. I can now recreate life in a way that was hidden from me before. 'A dream of form in days of thought'—who is it who says that? I forget; but it is what Dorian Gray has been to me. The merely visible presence of this lad—for he seems to me little more than a lad, though he is really over twenty— his merely visible presence—ah! I wonder can you realize all that that means? Unconsciously he defines for me the lines of a fresh school, a school that is to have in it all the passion of the romantic spirit, all the perfection of the spirit that is Greek. The harmony of soul and body— how much that is! We in our madness have separated the two, and have invented a realism that is vulgar, an ideality that is void. Harry! if you only knew what Dorian Gray is to me! You remember that landscape of mine, for which Agnew offered me such a huge price but which I would not part with? It is one of the best things I have ever done. And why is it so? Because, while I was painting it, Dorian Gray sat beside me. Some subtle influence passed from him to me, and for the first time in my life I saw in the plain woodland the wonder I had always looked for and always missed.

Rising demand for oil exposed Europe, and later America, to oil shocks - serious interruptions in supply. Like a pebble tossed into a pond, an oil shock creats ripples, or effects, felt everywhere. Oil shocks have two causes. The first is natural, because existing oil fields may not yield enough to satisfy demand. Scarcity results in higher prices for oil products, reducing our standard of living. Natural scarcity was not a problem in the world's major producing areas until recently. The second cause of oil shocks is political. Political shocks happen when governments of oil-producing countries reduce or halt supply to gain the upper hand in dealings with other governments. This is the case in the Middle East, where oil has often mixed with politics, religion, and blood. The reasons for this have shaped the history of recent times.

Fracking—to take one example—was not the brainchild of private-sector research but the fruit of research paid for twenty years ago by the DOE. Yet fracking has collapsed the price of oil and gas and led to American energy independence. Solar and wind technologies are another example. The

The author points to the impact of what he called Dutch disease, where the discovery of found wealth from a particular commodity causes a culture to atrophy with respect to work ethic and broader development. Continuing wealth from the single commodity is taken for granted. The government, flush with wealth, is expected to be generous. When the price of that commodity drops, a government which would remain in power dare not cut back on this generosity.

Printing dollars at home means higher inflation in China, higher food prices in Egypt and stock bubbles in Brazil. Printing money means that U.S. debt is devalued so foreign creditors get paid back in cheaper dollars. The devaluation means higher unemployment in developing economies as their exports become more expensive for Americans. The resulting inflation also means higher prices for inputs needed in developing economies like copper, corn, oil and wheat. Foreign countries have begun to fight back against U.S.-caused inflation through subsidies, tariffs and capital controls; the currency war is expanding fast.

the International Monetary Fund basically acted as the world’s debt enforcers—“You might say, the high-finance equivalent of the guys who come to break your legs.” I launched into historical background, explaining how, during the ’70s oil crisis, OPEC countries ended up pouring so much of their newfound riches into Western banks that the banks couldn’t figure out where to invest the money; how Citibank and Chase therefore began sending agents around the world trying to convince Third World dictators and politicians to take out loans (at the time, this was called “go-go banking”); how they started out at extremely low rates of interest that almost immediately skyrocketed to 20 percent or so due to tight U.S. money policies in the early ’80s; how, during the ’80s and ’90s, this led to the Third World debt crisis; how the IMF then stepped in to insist that, in order to obtain refinancing, poor countries would be obliged to abandon price supports on

Every time it starts to get cool, I mean in the middle of autim, I start gettin nutty ideas like I was thinkin about what was forein and diffrent, like for exsample how I'd like to turn into a swallow and get away and fly to countrys where it gets hot, or be an ant so's I could get deep into a cave and eat the stuff I stored away durin the summer or be a snake like what they got in the zoO, the ones they keep lockt up in glass cages thats heated so's they don't get stiff from the cold, which is what happens to poor human beans who cant buy no close cause the price is to high, and cant keep warm cause theys no keroseen, no coal, no wood, no fule oil and besides theys no loot, cause when you go around with bocoo bread you can go into any bar and get some sneaky pete that can be real warmin, even tho it aint good to overdo it cause if you overdos it it gets to be a bad habbit and bad habbits is bad for your body just like they is for youre selfrespeck, and when you start goin downhill cause your actin bad in everythin, they aint nobody or nothin can stop you from endin up a stinkin piece of human garbidge and they never gone give you a hand to haul you up outen the dirty muck you rollin around in, not even if you was a eaglE when you was young and could fly up and over the highest hills, but when you get old you like a highflyin bomber thats lost its moral engines and fall down outen the sky. I jes hope what I been writin down hear do somebody some good so he take a good look at how he livin and he dont be sorry when it too late and everythin is gone down the drain cause it his own fault. -- Caser Bruto, What I Would Like to Be If I Wasn't What I Am (Chapter: "A St. Bernard Dog")

All the achievements of the Putin era so far – the economic growth, the increase in incomes, the riches of the billionaires that had turned Moscow into a gleaming metropolis where sleek foreign cars filled the streets and cosy cafés opened on street corners – boiled down to the sharp increase in the oil price during the Putin years, they agree.

Peace is a simple word, but it has a lot of ramifications. Peace doesn’t have any financial benefits. When there’s a war, countries buy billions of dollars’ worth of armaments that are made here in the United States. In peacetime, they don’t need any. Because Iran can’t sell its oil, oil prices are up, and the United States gets the benefit of that.

Under the export deals, the friendly firms would buy the raw materials at the Soviet internal price, which was fixed low under the rules of the planned economy, enabling them to reap vast profits when they sold them on at world market prices: the global oil price, for example, was almost ten times higher than the internal Soviet price in those days.

Begin therefore with little things. A little oil is spilled, a little wine is stolen: say, “This is the price of tranquility; this is the price of not being upset.

Take the price of oil, long a graveyard topic for forecasting reputations.

She could work any situation to her advantage, instantly turning herself into the life of the party, whether it was some soirée for an oil tycoon or a rally for the homeless.

In other words, no matter what country you buy your oil from, Saudi Arabia determines world price by how much oil it chooses to produce.

Stringent regulations as well as price and capital controls cause many companies to lose money and, as such, make companies more dependent on the government’s good graces to stay in business.

President Carter’s re-election campaign in 1979 commenced amid spiralling global oil prices. With Bandar’s help, Carter drafted a letter to Fahd requesting Saudi Arabia to put more oil on the market.69 Fahd responded: ‘Tell my friend, the president of the United States of America, when they need our help, they will not be disappointed.’70 He promised to do ‘anything in his power externally or internally to ensure your re-election’, since this was ‘essential if there was ever to be a just and lasting peace in the Middle East’.71 This assistance, which saw Saudi oil trading $4–5 a day below other suppliers, cost the kingdom $30m to $40m a day. In gratitude, Carter invited Bandar to the White House in early December 1979, where they discussed Middle East politics and the US–Saudi relationship.

If you were to ask me whether I hate Vladimir Putin, my answer would be, yes, I hate him, but not because he tried to kill me or put my brother in prison. I hate Putin because he has stolen the last twenty years from Russia. These could have been incredible years, the sort of period that we’ve never had in our history. We had no enemies. We had peace on all our borders. The price of oil, gas, and our other natural resources was incredibly high. We earned huge amounts from our exports. Putin could have used these years to turn Russia into a prosperous country. All of us could have lived better. Instead, twenty million people live below the poverty line. Part of the money Putin and his cronies simply stole; part of it was squandered. They did nothing good for our country, and that is their worst crime

Two years of Newtrition investment and research had produced CHOW™. CHOW™ contained spun, plaited, and woven protein molecules, capped and coded, carefully designed to be ignored by even the most ravenous digestive tract enzymes; no-cal sweeteners; mineral oils replacing vegetable oils; fibrous materials, colorings, and flavorings. The end result was a foodstuff almost indistinguishable from any other except for two things. Firstly, the price, which was slightly higher, and secondly the nutritional content, which was roughly equivalent to that of a Sony Walkman. It didn’t matter how much you ate, you lost weight.* Fat people had bought it. Thin people who didn’t want to get fat had bought it. CHOW™ was the ultimate diet food—carefully spun, woven, textured, and pounded to imitate anything, from potatoes to venison, although the chicken sold best. Sable sat back and watched the money roll in. He watched CHOW™ gradually fill the ecological niche that used to be filled by the old, untrademarked food. He followed CHOW™ with SNACKS™—junk food made from real junk. MEALS™ was Sable’s latest brainwave. MEALS™ was CHOW™ with added sugar and fat. The theory was that if you ate enough MEALS™ you would a) get very fat, and b) die of malnutrition.

America experienced its first oil shock. Within days of the cutoff, oil prices rose from $2.90 to $11.65 a barrel; gasoline prices soared from 20 cents to $1.20 a gallon, an all-time high. Across America, fuel shortages forced factories to close early and airlines to cancel flights. Filling stations posted signs: 'Sorry, No Gas Today.' If a station did have gasoline, motorists lined up before sunrise to buy a few gallons; owners limited the amount sold to each customer. Motorists grew impatient. Fistfights broke out, and occasionally, gunfire. President Nixon called for America to end its dependence on foreign oil. 'Let us set as our national goal. . . that by the end of this decade we will have developed the potential to meet our own energy needs without depending on any foreign energy source,' he said. We have still not met this goal.

Governments can tax carbon emissions, add the cost of externalities to the price of oil and gas, adopt stronger environmental regulations, cut subsidies to polluting industries, and incentivize the switch to renewable energy.

market fears that the oil-price decline is telling us something bad that we don’t know about global growth,’’ said Eric Stein, co-director of global income at money manager Eaton Vance Management, which has $297.7 billion in assets.

The owner actually tried the oil and chooses to carry it based on its taste. It’s not about packaging, marketing, or price. It’s about quality. He tried it and knew his store had to carry it. That’s the approach you should take too.

What most of these doomsday scenarios have gotten wrong is the fundamental idea of economics: people respond to incentives. If the price of a good goes up, people demand less of it, the companies that make it figure out how to make more of it, and everyone tries to figure out how to produce substitutes for it. Add to that the march of technological innovation (like the green revolution, birth control, etc.). The end result: markets figure out how to deal with problems of supply and demand.

That’s a strategic function of nothing, and in that sense, you could file what I’ve said so far under the heading of self-care. But if you do, make it “self-care” in the activist sense that Audre Lorde meant it in the 1980s, when she said that “[c]aring for myself is not self-indulgence, it is self preservation, and that is an act of political warfare.” This is an important distinction to make these days, when the phrase “self-care” is appropriated for commercial ends and risks becoming a cliché. As Gabrielle Moss, author of Glop: Nontoxic, Expensive Ideas That Will Make You Look Ridiculous and Feel Pretentious (a book parodying goop, Gwyneth Paltrow’s high-priced wellness empire), put it: self-care “is poised to be wrenched away from activists and turned into an excuse to buy an expensive bath oil.

New Rule: Stop talking about "the gas prices under Obama." As if he's the guy out there changing the numbers on the sign with that long pole. And while they're at the gas station, Republicans who still think human activity doesn't affect air quality should poke their heads in the men's room.

at a first glance, natural dyes appear to be more expensive than those used for petroleum-derived synthetics, simply because of the higher cost to farm raw materials. But there are "externalities" not included in synthetic's calculation -environmentally damaging ones like fracking and oil spills.

OPEC stopped exporting oil in early November, the Canadians followed suit a couple of weeks later, and that was it. The Department of Energy opened the Strategic Petroleum Reserve on January 15, along with strictly enforced price controls, and everybody had gas for about nine days, and then they didn’t anymore.

The cultural Left has contributed to the formation of this politically useless unconscious not only by adopting “power” as the name of an invisible, ubiquitous, and malevolent presence, but by adopting ideals which nobody is yet able to imagine being actualized. Among these ideals are participatory democracy and the end of capitalism. Power will pass to the people, the Sixties Left believed only when decisions are made by all those who may be affected by the results. This means, for example, that economic decisions will be made by stakeholders rather than by shareholders, and that entrepreneurship and markets will cease to play their present role. When they do, capitalism as we know it will have ended, and something new will have taken its place. […] Sixties leftists skipped lightly over all the questions which had been raised by the experience of non market economies in the so-called socialist countries. They seemed to be suggesting that once we were rid of both bureaucrats and entrepreneurs, “the people” would know how to handle competition from steel mills or textile factories in the developing world, price hikes on imported oil, and so on. But they never told us how “the people” would learn how to do this. The cultural Left still skips over such questions. Doing so is a consequence of its preference for talking about “the system” rather than about specific social practices and specific changes in those practices. The rhetoric of this Left remains revolutionary rather than reformist and pragmatic. Its insouciant use of terms like “late capitalism” suggests that we can just wait for capitalism to collapse, rather than figuring out what, in the absence of markets, will set prices and regulate distribution. The voting public, the public which must be won over if the Left is to emerge from the academy into the public square, sensibly wants to be told the details. It wants to know how things are going to work after markets are put behind us. It wants to know how participatory democracy is supposed to function. The cultural Left offers no answers to such demands for further information, but until it confronts them it will not be able to be a political Left. The public, sensibly, has no interest in getting rid of capitalism until it is offered details about the alternatives. Nor should it be interested in participatory democracy –– the liberation of the people from the power of technocrats –– until it is told how deliberative assemblies will acquire the same know-how which only the technocrats presently possess. […] The cultural Left has a vision of an America in which the white patriarchs have stopped voting and have left all the voting to be done by members of previously victimized groups, people who have somehow come into possession of more foresight and imagination than the selfish suburbanites. These formerly oppressed and newly powerful people are expected to be as angelic as the straight white males were diabolical. If I shared this expectation, I too would want to live under this new dispensation. Since I see no reason to share it, I think that the left should get back into the business of piecemeal reform within the framework of a market economy. This was the business the American Left was in during the first two-thirds of the century. Someday, perhaps, cumulative piecemeal reforms will be found to have brought about revolutionary change. Such reforms might someday produce a presently unimaginable non market economy, and much more widely distributed powers of decision making. […] But in the meantime, we should not let the abstractly described best be the enemy of the better. We should not let speculation about a totally changed system, and a totally different way of thinking about human life and affairs, replace step-by-step reform of the system we presently have.

One day, Carmona had an idea. Axcom had been employing various approaches to using their pricing data to trade, including relying on breakout signals. They also used simple linear regressions, a basic forecasting tool relied upon by many investors that analyzes the relationships between two sets of data or variables under the assumption those relationships will remain linear. Plot crude-oil prices on the x-axis and the price of gasoline on the y-axis, place a straight regression line through the points on the graph, extend that line, and you usually can do a pretty good job predicting prices at the pump for a given level of oil price.

In the great snowfall before the bomb" In the great snowfall before the bomb colored yule tree lights windows, the only glow for contemplation along this road I worked the print shop right down among em the folk from whom all poetry flows and dreadfully much else. I was Blondie I carried my bundles of hog feeder price lists down by Larry the Lug, I'd never get anywhere because I'd never had suction, pull, you know, favor, drag, well-oiled protection. I heard their rehashed radio barbs— more barbarous among hirelings as higher-ups grow more corrupt. But what vitality! The women hold jobs— clean house, cook, raise children, bowl and go to church. What would they say if they knew I sit for two months on six lines of poetry?

A political party without a higher purpose is nothing more than a cartel, a syndicate. No one asks what is the greater good OPEC is trying to achieve. Its purpose is to sell oil at the highest prices possible. So it is with today’s Republican Party. It is a cartel that exists to elect Republicans. There is no organized, coherent purpose other than the acquisition and maintenance of power.

Natural gas, even more than oil, had become Russia’s most powerful tool in foreign policy. Oil trades freely, sloshing through the world’s economy; gas requires fixed pipelines, linking the nations of Europe to Russia. The network of pipelines, dating to the Soviet era, gave Russia clout and, with rising energy prices, the prospect of the wealth that Putin nearly a decade before had argued in his dissertation was the core of the state’s power. Ukraine,

To be sure, there exists in principle a quite simple economic mechanism that should restore equilibrium to the process: the mechanism of supply and demand. If the supply of any good is insufficient, and its price is too high, then demand for that good should decrease, which should lead to a decline in its price. In other words, if real estate and oil prices rise, then people should move to the country or take to traveling about by bicycle (or both). Never mind that such adjustments might be unpleasant or complicated; they might also take decades, during which landlords and oil well owners might well accumulate claims on the rest of the population so extensive that they could easily come to own everything that can be owned, including rural real estate and bicycles, once and for all.3 As always, the worst is never certain to arrive. It is much too soon to warn readers that by 2050 they may be paying rent to the emir of Qatar.

The ninety-nine-cent price of a fast-food hamburger simply doesn’t take account of that meal’s true cost—to soil, oil, public health, the public purse, etc., costs which are never charged directly to the consumer but, indirectly and invisibly, to the taxpayer (in the form of subsidies), the health care system (in the form of food-borne illnesses and obesity), and the environment (in the form of pollution), not to mention the welfare of the workers in the feedlot and the slaughterhouse and the welfare of the animals themselves.

The success of authoritarian reforms in China, they argue, was a unique case and could not be repeated under Soviet conditions.55 China, although in many ways a communist clone of the USSR, had fundamentally different starting conditions for reforms. Gorbachev could not release the energy of the peasantry in the way Deng did: Soviet agriculture, no more than 20 percent of the total workforce, had long been a state-subsidized business. China could leave its old industries, 15 percent of the total economy, alone, while creating a new market industrial sector. The Soviet economy was industrialized to an absurd extent, and its mono-industrial cities had no chance of surviving under market conditions. China’s economy tapped into peasants’ savings and foreign investments. The Soviet budget was overloaded by a safety net of 100 billion rubles paid as pensions and social benefits to Soviet citizens, as well as subsidies to external clients and internal republics. Moscow was losing billions of rubles because of oil prices and ill-fated economic decentralization.

The explosion of energy prices—thanks to a bubble that Western banks and perhaps some foreign SWFs had a big hand in creating—led to Americans everywhere feeling increased financial strain. Tax revenue went down in virtually every state in the country. In fact, the correlation between the rising prices from the commodities bubble and declining tax revenues is remarkable. According to the Rockefeller Institute, which tracks state revenue collection, the rate of growth for state taxes hit its lowest point in five years in the first quarter of 2008, which is when oil began its surge from around $75 to $149 a barrel.

But the darkening national mood wasn’t Farah’s imagination. By the time of the ceremony at Reza Shah’s shrine, Iran’s bursting-at-the-seams quality was giving over to paralysis. The electrical blackouts, once sporadic and of short duration, had become almost daily occurrences and stretched to hours at a time. The continuing flood of food imports had by now thoroughly gutted the rural agricultural base, driving even more young men into Iran’s teeming urban ghettos. Simultaneously, the state was being schooled on a couple of basic economic laws, specifically that in a globally interconnected economy neither recession nor inflation can be confined. In the West, the oil shocks of 1973 and 1974 had triggered both an economic downturn and a conservation movement, sharply reducing the demand for Middle Eastern oil. At the same time, the spike in oil prices had triggered a knock-on inflationary effect on almost every other product or commodity the world produced, so Iran was now paying markedly more for everything from a Chieftain tank to a bag of imported rice. So hard was the economic brake applied that by the early summer of 1976 the Iranian government was compelled to take out the first in a series of massive international loans.

the planned destruction of Iraq’s agriculture is not widely known. Modern Iraq is part of the ‘fertile crescent’ of Mesopotamia where man first domesticated wheat between 8,000 and 13,000 years ago, and home to several thousand varieties of local wheat. As soon as the US took over Iraq, it became clear its interests were not limited to oil. In 2004, Paul Bremer, the then military head of the Provisional Authority imposed as many as a hundred laws which made short work of Iraq’s sovereignty. The most crippling for the people and the economy of Iraq was Order 81 which deals, among other things, with plant varieties and patents. The goal was brutally clear-cut and sweeping — to wipe out Iraq’s traditional, sustainable agriculture and replace it with oil-chemical-genetically-modified-seed-based industrial agriculture. There was no public or parliamentary debate for the conquered people who never sought war. The conquerors made unilateral changes in Iraq’s 1970 patent law: henceforth, plant forms could be patented — which was never allowed before — while genetically-modified organisms were to be introduced. Farmers were strictly banned from saving their own seeds: this, in a country where, according to the Food and Agriculture Organisation, 97 per cent of Iraqi farmers planted only their own saved seeds. With a single stroke of the pen, Iraq’s agriculture was axed, while Order 81 facilitated the introduction and domination of imported, high-priced corporate seeds, mainly from the US — which neither reproduce, nor give yields without their prescribed chemical fertiliser and pesticide inputs. It meant that the majority of farmers who had never spent money on seed and inputs that came free from nature, would henceforth have to heavily invest in corporate inputs and equipment — or go into debt to obtain them, or accept lowered profits, or give up farming altogether.

Two years after the accident, the USSR acknowledged that the Chernobyl disaster had so far cost them 11 billion Roubles (at a time when a Rouble wasn’t far off the value of a Dollar), while Gorbachev himself admitted a figure of 18 billion in 2006. That does not include a lot of secondary expenses, and even then it appears to be a significant under-estimation, based on a report released by the Belarus Foreign Ministry in 2009. It revealed that the Government there still spends roughly $1 million daily on the accident, and, “damage caused by the Chernobyl disaster is estimated at some $235 billion. However, the overall amount of money that Belarus and the international community invested into the recovery amounts to just 8 per cent of the total damage.275” The cost was catastrophic for the Soviet economy, as were its cascading effects on the coal and hydro energy industries. Soon after this, the oil price crashed to around half of its previous value, damaging the economy still further. The accident gave Gorbachev the excuse he needed to remove many high-ranking military and political opponents to his more transparent vision for the Communist Party, helping to further usher in the era of ‘glasnost’ - transparency. The USSR never recovered; Chernobyl is seen as one of the primary catalysts behind its collapse.

A diet rich in readily available nutrients allows the bones to mineralize properly, particularly during gestation and early development, and gives the teeth immunity to decay throughout the stresses of life. Not surprisingly, he found that the native diets that conferred such good health on healthy, so-called primitive groups were rich in minerals, particularly calcium and phosphorus, necessary for healthy bones and teeth. What is surprising about the work of Weston Price is his discovery that these healthy diets always contained a good source of what he called "fat-soluble activators," nutrients like vitamin A and vitamin D, and another vitamin he discovered called Activator X or the Price Factor. These nutrients are found only in certain animal fats. Foods that provided these nutrients were considered sacred by the healthy groups he studied. These foods included liver and other organ meats from grazing animals; fish eggs; fish liver oils; fish and shellfish; and butter from cows eating rapidly growing green grass from well-mineralized pastures. Price concluded that without a rich supply of these fat-soluble nutrients, the body cannot properly use the minerals in food. These fat-soluble nutrients also nourish the glands and organs to give healthy indigenous peoples plenty of immunity during times of stress.

THREE BIG MISTAKES. But, of course, it’s never that simple. Before we even got to the third one, we were down and done. As much as our willingness to believe in the constant rise felled us, as much as our eagerness to conquer risk opened us up to more risk, as much as Greenspan stood by as Wall Street turned itself into Las Vegas, there was also Greece, and Iceland, and Nick Leeson, who took down Barings, and Brian Hunter, who tanked Amaranth, and Jérôme Kerviel and every other rogue trader who thought he—and it was always a he—could reverse his gut-churning, self-induced free fall with one swift, lucky strike; it was rising oil prices, global inflation, easy credit, the cowardice of Moody’s, the growing chasm of income inequality, the dot com boom and bust, the Fed’s rejection of regulation, the acceptance of “too big to fail,” the repeal of the Glass-Steagall Act, the feast of subprime debt; it was Clinton and Bush the second and senators vacationing with banking industry lobbyists, the Kobe earthquake, an infatuation with financial innovation, the forgettable Hank Paulson, the delicious hubris of ten, twenty, thirty times leverage, and, at the bottom of it, our own vicious, lingering self-doubt. Or was it our own willful, unbridled self-delusion? Doubt vs. delusion. The flip sides of our last lucky coin. We toss it in the fountain and pray.

During the energy crisis and oil embargo of the 1970s, Dutch researchers began to pay close attention to the country’s energy usage. In one suburb near Amsterdam, they found that some homeowners used 30 percent less energy than their neighbors—despite the homes being of similar size and getting electricity for the same price. It turned out the houses in this neighborhood were nearly identical except for one feature: the location of the electrical meter. Some had one in the basement. Others had the electrical meter upstairs in the main hallway. As you may guess, the homes with the meters located in the main hallway used less electricity. When their energy use was obvious and easy to track, people changed their behavior.

The overall U.S. homeownership rate increased from 64 percent in 1994 to a peak in 2004 with an all-time high of 69.2 percent. Real estate had become the leading business in America, more and more speculators invested money in the business. During 2006, 22 percent of homes purchased (1.65 million units) were for investment purposes, with an additional 14 percent (1.07 million units) purchased as vacation homes. These figures led Americans to believe that their economy was indeed booming. And when an economy is booming nobody is really interested in foreign affairs, certainly not in a million dead Iraqis. But then the grave reality dawned on the many struggling, working class Americans and immigrants, who were failing to pay back money they didn't have in the first place. Due to the rise in oil prices and the rise of interest rates, millions of disadvantaged Americans fell behind. By the time they drove back to their newly purchased suburban dream houses, there was not enough money in the kitty to pay the mortgage or elementary needs. Consequently, within a very short time, millions of houses were repossessed. Clearly, there was no one around who could afford to buy those newly repossessed houses. Consequently, the poor people of America became poorer than ever. Just as Wolfowitz's toppled Saddam, who dragged the American Empire down with him, the poor Americans, that were set to facilitate Wolfowitz's war, pulled down American capitalism as well as the American monetary and banking system. Greenspan's policy led an entire class to ruin, leaving America's financial system with a hole that now stands at a trillion dollars.

The firepower uncovered in March 2005 in Sant’Anastasia, a town at the foot of Vesuvius, was stunning. The discovery came about partly by chance, and partly by the lack of discipline of the arms traffickers: customers and drivers started fighting on the street because they couldn’t agree on the price. When the carabinieri arrived, they removed the interior panels of the truck parked near the brawl, discovering one of the largest mobile depots they had ever seen. Uzis with four magazines, seven clips, and 112 380-caliber bullets, Russian and Czech machine guns able to fire 950 shots a minute. (Nine hundred fifty shots a minute was the firing power of American helicopters in Vietnam.) Weapons for ripping apart tanks and entire divisions of men, not for Camorra family fights on the slopes of Mount Vesuvius. Almost new, well-oiled, rifle numbers still intact, just in from Kraków.

Cornelius Vanderbilt and his fellow tycoon John D. Rockefeller were often called 'robber barons'. Newspapers said they were evil, and ran cartoons showing Vanderbilt as a leech sucking the blood of the poor. Rockefeller was depicted as a snake. What the newspapers printed stuck--we still think of Vanderbilt and Rockefeller as 'robber barons'. But it was a lie. They were neither robbers nor barons. They weren't robbers, because they didn't steal from anyone, and they weren't barons--they were born poor. Vanderbilt got rich by pleasing people. He invented ways to make travel and shipping things cheaper. He used bigger ships, faster ships, served food onboard. People liked that. And the extra volume of business he attracted allowed him to lower costs. He cut the New York--Hartford fare from $8 to $1. That gave consumers more than any 'consumer group' ever has. It's telling that the 'robber baron' name-calling didn't come from consumers. It was competing businessmen who complained, and persuaded the media to join in. Rockefeller got rich selling oil. First competitors and then the government called him a monopolist, but he wasn't--he had competitors. No one was forced to buy his oil. Rockefeller enticed people to buy it by selling it for less. That's what his competitors hated. He found cheaper ways to get oil from the ground to the gas pump. This made life better for millions. Working-class people, who used to go to bed when it got dark, could suddenly afford fuel for their lanterns, so they could stay up and read at night. Rockefeller's greed might have even saved the whales, because when he lowered the price of kerosene and gasoline, he eliminated the need for whale oil. The mass slaughter of whales suddenly stopped. Bet your kids won't read 'Rockefeller saved the whales' in environmental studies class. Vanderbilt's and Rockefeller's goal might have been just to get rich. But to achieve that, they had to give us what we wanted.

By posing climate change as a battle between capitalism and the planet, I am not saying anything that we don't already know. the battle is already under way, but right now capitalism is winning hands down. it wins every time the need for economic growth is used as the excuse for putting off climate action yet again, of for breaking emission reduction commitments already made. it wins when Greeks are told that their only path out of economic crises is to open up their beautiful seas to high-risk oil and gas drilling. it wins when Canadians are told our only hope of not ending unlike Greece is to allow our boreal forests to be flayed so we can access the semisolid bitumen from the Alberta tar sands . it wins when a park in Istanbul is slotted for demolition to make way for yet another shopping mall. it wins when parents in Beijing are told that sending their wheezing kids to school in pollution masks decorated to look like cute cartoon characters is an acceptable price for economic progress. it wins every time we accept that we have only bad choices available to us: austerity or extraction, poisoning or poverty.

What Dr. Price's work teaches us is that the absolute fundamental requirement of healthy diets cannot be found in pasta, nor vegetable juices, nor oat bran, nor olive oil, but only in certain types of animal fats. These fats come from animals who consume green, growing organisms (such as grass and plankton), or who consume other animals that have consumed green, growing organisms (such as insects). What is tragic is the difficulty in finding such foods today. Most of our dairy cows spend their entire lives in confinement and never see green grass; chickens are kept in pens and fed mostly grains; pigs are raised in factories and never see sunlight; even fish are now raised in fish farms and given inappropriate feed, like soy pellets. Even worse, most people avoid these foods today because medical spokesmen claim they cause cancer, heart disease or weight gain, even though a number of highly qualified scientists have admirably refuted these charges. Suffice it to say that the patient who is afraid of consuming foods containing animal fats and cholesterol will make no headway in his efforts to improve his diet as these foods are absolutely vital for good health.

When you visit Gindaco, spend some time watching the cooks make takoyaki before ordering, because it's an amazing free show. The shop has an industrial-sized takoyaki griddle with dozens of hot cast iron wells, each one about an inch and a half in diameter. The cook squirts the grill with plenty of vegetable oil. She dunks a pitcher into a barrel of pancake batter and sloshes it over the grill, then strews the whole area with negi, ginger, and huge, tender octopus chunks. Some of Gindaco's purple tentacles are two inches long. This cooks for a little while, then the cook tops off the grill with more batter until it's nearly full. Up to this point, the process looks haphazard, but then she whips out the skewers. Using only the same slender bamboo skewers you'd use for making kebabs, she begins slicing through the batter in a grid pattern and forming a ball in each well. Somehow she herds this ocean of batter into a grid of takoyaki in a minute or two. The takoyaki cost all of 500 yen, and the price includes a wooden serving boat that you can take home and reuse as a bath toy if you haven't gotten too much sauce on it. A Gindaco takoyaki is a brilliant morsel: full of flavor from the negi and ginger, crispy on the outside and juicy within. Takoyaki also stay mouth-searingly hot inside for longer than you can stand to wait, so be careful.

The city had changed beyond recognition. Wrecking balls and bulldozers had leveled the old buildings to rubble. The dust of construction hung permanently over the streets. Gated mansions reached up to the northern foothills, while slums fanned out from the city’s southern limits. I feared an aged that had lost its heart, and I was terrified at the thought of so many useless hands. Our traditions were our pacifiers and we put ourselves to sleep with the lullaby of a once-great civilation and culture. Ours was the land of poetry flowers, and nightingales—and poets searching for rhymes in history’s junkyards. The lottery was our faith and greed our fortune. Our intellectuals were sniffing cocaine and delivering lectures in the back rooms of dark cafés. We bought plastic roses and decorated our lawns and courtyards with plaster swans. We saw the future in neon lights. We had pizza shops, supermarkets, and bowling alleys. We had trafric jams, skyscrapers, and air thick with noise and pollution. We had illiterate villagers who came to the capital with scraps of paper in their hands, begging for someone to show them the way to this medical clinic or that government officee. the streets of Tehran were full of Mustangs and Chevys bought at three times the price they sold for back in America, and still our oil wasn’t our own. Still our country wasn’t our own.

Modern economics does not distinguish between renewable and non-renewable materials, as its very method is to equalise and quantify everything by means of a money price. Thus, taking various alternative fuels, like coal, oil, wood, or water-power: the only difference between them recognised by modern economics is relative cost per equivalent unit. The cheapest is automatically the one to be preferred, as to do otherwise would be irrational and “uneconomic.” From a Buddhist point of view, of course, this will not do; the essential difference between nonrenewable fuels like coal and oil on the one hand and renewable fuels like wood and water-power on the other cannot be simply overlooked. Non-renewable goods must be used only if they are indispensable, and then only with the greatest care and the most meticulous concern for conservation. To use them heedlessly or extravagantly is an act of violence, and while complete non-violence may not be attainable on this earth, there is nonetheless an ineluctable duty on man to aim at the ideal of non-violence in all he does… As the world’s resources of non-renewable fuels—coal, oil, and natural gas—are exceedingly unevenly distributed over the globe and undoubtedly limited in quantity, it is clear that their exploitation at an ever-increasing rate is an act of violence against nature which must almost inevitably lead to violence between men.

Planted rows went turning past like giant spokes one by one as they ranged the roads. The skies were interrupted by dark gray storm clouds with a flow like molten stone, swept and liquid, and light that found its way through them was lost in the dark fields but gathered shining along the pale road, so that sometimes all you could see was the road, and the horizon it ran to. Sometimes she was overwhelmed by the green life passing in such high turbulence, too much to see, all clamoring to have its way. Leaves sawtooth, spade-shaped, long and thin, blunt-fingered, downy and veined, oiled and dusty with the day—flowers in bells and clusters, purple and white or yellow as butter, star-shaped ferns in the wet and dark places, millions of green veilings before the bridal secrets in the moss and under the deadfalls, went on by the wheels creaking and struck by rocks in the ruts, sparks visible only in what shadow it might pass over, a busy development of small trailside shapes tumbling in what had to be deliberately arranged precision, herbs the wildcrafters knew the names and market prices of and which the silent women up in the foothills, counterparts whom they most often never got even to meet, knew the magic uses for. They lived for different futures, but they were each other’s unrecognized halves, and what fascination between them did come to pass was lit up, beyond question, with grace.

In the Middle Ages, sugar was a rare luxury in Europe. It was imported from the Middle East at prohibitive prices and used sparingly as a secret ingredient in delicacies and snake-oil medicines. After large sugar plantations were established in America, ever-increasing amounts of sugar began to reach Europe. The price of sugar dropped and Europe developed an insatiable sweet tooth. Entrepreneurs met this need by producing huge quantities of sweets: cakes, cookies, chocolate, candy, and sweetened beverages such as cocoa, coffee and tea. The annual sugar intake of the average Englishman rose from near zero in the early seventeenth century to around eighteen pounds in the early nineteenth century. However, growing cane and extracting its sugar was a labour-intensive business. Few people wanted to work long hours in malaria-infested sugar fields under a tropical sun. Contract labourers would have produced a commodity too expensive for mass consumption. Sensitive to market forces, and greedy for profits and economic growth, European plantation owners switched to slaves. From the sixteenth to the nineteenth centuries, about 10 million African slaves were imported to America. About 70 per cent of them worked on the sugar plantations. Labour conditions were abominable. Most slaves lived a short and miserable life, and millions more died during wars waged to capture slaves or during the long voyage from inner Africa to the shores of America. All this so that Europeans could enjoy their sweet tea and candy – and sugar barons could enjoy huge profits. The slave trade was not

fight in America would cost him an average of one million dollars a day, at least, plus significant operating expenses from al-Matari’s cell, but if the end result meant America came to Iraq with boots on the ground, pushed back the Iranian hordes encroaching toward the south, ended pro-Iranian Alawite rule in Syria, and brought the price of oil back up to a level that would protect Saudi Arabian leadership’s domestic security . . . well, then, Sami bin Rashid would have done his job, and the King would reward him for life. A moment later INFORMER confirmed he received the money, and he told his customer to watch his mailbox in the dark web portal on his computer, and to wait for the files to come through. True to his word, INFORMER’s files began popping up, one by one. While bin Rashid clicked on the attachments, a smile grew inside his trim gray beard. First, the name, the address, and a photograph of a woman. A map of the area around where the woman lived. A CV of her work with the Defense Intelligence Agency, including foreign and domestic postings that would have her involved in the American campaign in the Middle East. Real-time intel about her daily commute, including the house where she would be watering the plants and checking the mail all week for a friend. Incredible, bin Rashid thought to himself. Where the hell is this coming from? The next file was all necessary targeting info on a recently retired senior CIA operations officer, who continued to work on a contract basis in the intelligence field. He spoke Arabic, trained others in tradecraft, counterintelligence,

Manhattan Prep started out as one lone tutor in a Starbucks coffee shop. Less than ten years later, it was a leading national education and publishing business that employed over one hundred people and was acquired by a public company for millions of dollars. How did that happen? We delivered a service that customers liked more than what was otherwise available. They sought us out and rewarded us with their business. We hired more people, grew, and kept improving. This process—a new company filling a need and flourishing as a result—is an example of value creation. It’s the fuel of economic growth, and what our country has been seeking a formula for. It’s the process that leads to new businesses and jobs. Value creation has a polar opposite: rent-seeking. In the 1980s, economists began noticing that countries with ample natural resources experienced lower economic growth rates than others. From 1965 to 1998 in the OPEC (oil-producing) countries, gross domestic product per capita decreased on average by 1.3 percent, while in the rest of the developed world, per capita growth increased by 2.2 percent (for an overall difference of 3.5 percent). This was a surprise—if you had lots of oil in the ground, wouldn’t that give you more wealth to invest and thus spur more rapid growth? Economists cited a number of factors to explain this “resource curse,” including internal and external conflict, corruption, lower monitoring of government, lack of diversification, and being subject to higher price volatility. One other possible explanation on offer was that a country’s smart people will wind up going to work in whatever industry is throwing off money (like the oil industry in Saudi Arabia). Thus fewer talented people are innovating in other industries, dragging down the growth rate over time. This makes sense—it’s a lot easier for a gifted Saudi to plug into the Ministry of Petroleum and Mineral Resources and extract economic value than to come up with a new business or industry. Does this sort of thing happen in the United States? Yes, you can make money through rent-seeking as opposed to value or wealth creation.

Beauty Junkies is the title of a recent book by New York Times writer Alex Kuczynski, “a self-confessed recovering addict of cosmetic surgery.” And, withour technological prowess, we succeed in creating fresh addictions. Some psychologists now describe a new clinical pathology — Internet sex addiction disorder. Physicians and psychologists may not be all that effective in treating addictions, but we’re expert at coming up with fresh names and categories. A recent study at Stanford University School of Medicine found that about 5.5 per cent of men and 6 per cent of women appear to be addicted shoppers. The lead researcher, Dr. Lorrin Koran, suggested that compulsive buying be recognized as a unique illness listed under its own heading in the Diagnostic and Statistical Manual of Mental Disorders, the official psychiatric catalogue. Sufferers of this “new” disorder are afflicted by “an irresistible, intrusive and senseless impulse” to purchase objects they do not need. I don’t scoff at the harm done by shopping addiction — I’m in no position to do that — and I agree that Dr. Koran accurately describes the potential consequences of compulsive buying: “serious psychological, financial and family problems, including depression, overwhelming debt and the breakup of relationships.” But it’s clearly not a distinct entity — only another manifestation of addiction tendencies that run through our culture, and of the fundamental addiction process that varies only in its targets, not its basic characteristics. In his 2006 State of the Union address, President George W. Bush identified another item of addiction. “Here we have a serious problem,” he said. “America is addicted to oil.” Coming from a man who throughout his financial and political career has had the closest possible ties to the oil industry. The long-term ill effects of our society’s addiction, if not to oil then to the amenities and luxuries that oil makes possible, are obvious. They range from environmental destruction, climate change and the toxic effects of pollution on human health to the many wars that the need for oil, or the attachment to oil wealth, has triggered. Consider how much greater a price has been exacted by this socially sanctioned addiction than by the drug addiction for which Ralph and his peers have been declared outcasts. And oil is only one example among many: consider soul-, body-or Nature-destroying addictions to consumer goods, fast food, sugar cereals, television programs and glossy publications devoted to celebrity gossip—only a few examples of what American writer Kevin Baker calls “the growth industries that have grown out of gambling and hedonism.

The best way not to have to use your military power is to make sure that power is visible. When people know that we will use force if necessary and that we really mean it, we’ll be treated differently. With respect. Right now, no one believes us because we’ve been so weak with our approach to military policy in the Middle East and elsewhere. Building up our military is cheap when you consider the alternative. We’re buying peace and we’re locking in our national security. Right now we are in bad shape militarily. We’re decreasing the size of our forces and we’re not giving them the best equipment. Recruiting the best people has fallen off, and we can’t get the people we have trained to the level they need to be. There are a lot of questions about the state of our nuclear weapons. When I read reports of what is going on, I’m shocked. It’s no wonder nobody respects us. It’s no surprise that we never win. Spending money on our military is also smart business. Who do people think build our airplanes and ships, and all the equipment that our troops should have? American workers, that’s who. So building up our military also makes economic sense because it allows us to put real money into the system and put thousands of people back to work. There is another way to pay to modernize our military forces. If other countries are depending on us to protect them, shouldn’t they be willing to make sure we have the capability to do it? Shouldn’t they be willing to pay for the servicemen and servicewomen and the equipment we’re providing? Depending on the price of oil, Saudi Arabia earns somewhere between half a billion and a billion dollars every day. They wouldn’t exist, let alone have that wealth, without our protection. We get nothing from them. Nothing. We defend Germany. We defend Japan. We defend South Korea. These are powerful and wealthy countries. We get nothing from them. It’s time to change all that. It’s time to win again. We’ve got 28,500 wonderful American soldiers on South Korea’s border with North Korea. They’re in harm’s way every single day. They’re the only thing that is protecting South Korea. And what do we get from South Korea for it? They sell us products—at a nice profit. They compete with us. We spent two trillion dollars doing whatever we did in Iraq. I still don’t know why we did it, but we did. Iraq is sitting on an ocean of oil. Is it out of line to suggest that they should contribute to their own future? And after the blood and the money we spent trying to bring some semblance of stability to the Iraqi people, maybe they should be willing to make sure we can rebuild the army that fought for them. When Kuwait was attacked by Saddam Hussein, all the wealthy Kuwaitis ran to Paris. They didn’t just rent suites—they took up whole buildings, entire hotels. They lived like kings while their country was occupied. Who did they turn to for help? Who else? Uncle Sucker. That’s us. We

The Global Financial Crisis of 2007–08 represented the greatest financial downswing of my lifetime, and consequently it presents the best opportunity to observe, reflect and learn. The scene was set for its occurrence by a number of developments. Here’s a partial list: Government policies supported an expansion of home ownership—which by definition meant the inclusion of people who historically couldn’t afford to buy homes—at a time when home prices were soaring; The Fed pushed interest rates down, causing the demand for higher-yielding instruments such as structured/levered mortgage securities to increase; There was a rising trend among banks to make mortgage loans, package them and sell them onward (as opposed to retaining them); Decisions to lend, structure, assign credit ratings and invest were made on the basis of unquestioning extrapolation of low historic mortgage default rates; The above four points resulted in an increased eagerness to extend mortgage loans, with an accompanying decline in lending standards; Novel and untested mortgage backed securities were developed that promised high returns with low risk, something that has great appeal in non-skeptical times; Protective laws and regulations were relaxed, such as the Glass-Steagall Act (which prohibited the creation of financial conglomerates), the uptick rule (which prevented traders who had bet against stocks from forcing them down through non-stop short selling), and the rules that limited banks’ leverage, permitting it to nearly triple; Finally, the media ran articles stating that risk had been eliminated by the combination of: the adroit Fed, which could be counted on to inject stimulus whenever economic sluggishness developed, confidence that the excess liquidity flowing to China for its exports and to oil producers would never fail to be recycled back into our markets, buoying asset prices, and the new Wall Street innovations, which “sliced and diced” risk so finely, spread it so widely and placed it with those best suited to bear it.

remember that inflation is only the act of printing money in excess of gross national product. They can blame it on the price of widgets or oil only because you never knew the real cause. The real cause and the only cause of inflation is the printing of more money beyond the gross national

One upshot was that on April 29, 1879, a grand jury in Clarion County, Pennsylvania, indicted nine Standard Oil officials—including Rockefeller, Flagler, O’Day, and Archbold—and charged them with conspiracy to monopolize the oil business, extort railroad rebates, and manipulate prices to cripple rivals.

Meritocracy and the Mediterranean climate are by necessity incompatible. I suppose it's the price we pay for having the best olive oil in the world.

The price of oil quadrupled from October 1973 to 1974.

For instance, it was the rising oil prices and population growth in Texas in 2004 that alerted me to investment opportunities in the state. Their commercial real estate market was in a trough, which was indicated by the fact that there were many quality office buildings for sale at discounted prices.

Daniel Mas Masumoto: The blade slices into the soil. My muscles tense and push the shovel into the moist ground. Dark and damp, the sweet warm smell of wet earth…I can’t count the thousands of shovelfuls of earth I have moved in my life. But I like to think of the thousands that lie in my future, if I am fortunate. Spring irrigation brings life to the orchards and vineyards. Peaches ripen and the scent of bloom lingers in the air…I guide the water into my fields in an act of renewal, I think of Paul, a farmer and oil painter friend. He enjoys experimenting with green, capturing the subtle nuances of a fresh leaf or the thriving growth of mid-spring or the weak yellow green of a cover crop on bad soil… Paul knows his paintings work when the farmers gravitate toward a few, attracted by the colors, and begin talking about his greens. The true green of a field has depth, like the mysterious colors of a clear by deep lake. Each shade has meaning we interpret differently. Paul says farmers are his best art critics, we know more of greens than anyone else. I’ve lost raisin crops, peach harvests, whole trees and vines. I’ve lost money, my time, and my labor. I’ve lost my temper, my patience, and, at time, hope. Most of the time, it’s due to things beyond my control, like the weather, market prices, or insects or disease. Ironically, the moment I step off my farm I enter a world where it seems that everything, life and nature, is regulated and managed. Homes are built to insulate families from the outside weather. People work in climate controlled environments designed to minimize the impact of weather. In America, a lack of control means failure…I’ve abandoned my attempts to control and compete with nature, but letting go has been a challenge. I’m trying to listen to my farm. Before I had not reason to hear the sounds of nature. The sole strategy of conventional farming seems to be dominance. Now, with each passing week, I venture into fields full of life and change, clinging to a belief in my work and a hope that it’s working.

In their struggle with al-Qaeda, the Al Saud benefited from several favorable circumstances. The Saudi state was highly centralized, backed by important allies, and determined to hold on to power. A state-controlled media and consolidated education system got out the message that al-Qaeda members were criminals, not heroes. Oil prices were high and the Saudi treasury full. The war in Iraq drew militants away from Riyadh. In a very conservative society, revolution was never likely to be popular and, as we have seen, the Al Saud made some deliberate, and ultimately effective, choices. Unlike the rulers of Algeria, Egypt, Iran, Iraq, Libya, or Syria, the Saudi government did not turn the army on its own people. Torture was officially abandoned. Collective punishment of families and tribes was avoided. Less dangerous terrorists were treated more as prodigal sons than criminals. Police officers attended the weddings of released terrorists to indicate that they were still part of the community. In a deeply religious society, al-Qaeda was delegitimized in religious terms by respected theologians.

The result is that CEOs are often rewarded for pure luck; when the stock market valuation of the firm goes up, even if it is due to pure chance (e.g., world crude oil prices went up, the exchange rate moved in the firm’s favor), their salary increases. The one exception, which in some ways proves the rule, is that CEOs of companies where there is a single large shareholder who sits on the board (and is vigilant because it is his own money on the line) get paid significantly less for luck than for genuinely productive management.56

Between 2006 and 2013, Chinese gas consumption had tripled. Yet despite the decade of negotiations, the “big deal” on gas was mainly stuck on one question—price. Moscow wanted prices commensurate with what it charged Europeans and indexed to oil (which was still high), while Beijing wanted lower prices in line with domestic energy prices and competitive with coal.

France is a perfect example. After investing $33 billion during the last decade to add more solar and wind to the grid,20 France now uses less nuclear and more natural gas than before, leading to higher electricity prices and more carbon-intensive electricity.21 Between 2016 and 2019, the five largest publicly traded oil and gas companies—ExxonMobil, Royal Dutch Shell, Chevron Corporation, BP, and Total—invested

Crypto Cryptid by Stewart Stafford There's no point in hunting beasts, When you're the game you seek, Idle trigger finger behind the gun, Leave carcasses rotting in the sun. Billions springing from blood; From gushing oil to a crypto flood, Cutthroat games played to the hilt, Philanthropy, as rich boy's guilt. Bought your justice and rude health, Faux angelic in Faustian wealth, Scalpel wielded for everything's price, Trophy mansions rank with vice. © Stewart Stafford, 2023. All rights reserved.

Chaotic systems come in two shapes. Level one chaos is chaos that does not react to predictions about it. The weather, for example, is a level one chaotic system. Though it is influenced by myriad factors, we can build computer models that take more and more of them into consideration, and product better and better weather forecasts. Level two chaos is chaos that reacts to predictions about it and therefore can never be predicted accurately. Markets, for example, are a level two chaotic system. What will happen if we develop a computer program that forecasts with 100 per cent accuracy the price of oil tomorrow? The price of oil will immediately react to the forecast, which would consequently fail to materialize.

Nor will Vision 2030 dismantle the Saudi welfare system, but it can make it more sustainable. Finally, like everything else in Saudi Arabia, Vision 2030 will be affected by oil prices. With $100-a-barrel oil, the entire plan will look inspired; at $40 a barrel parts of it will appear ill-conceived and at $20 a barrel it will largely need to be rewritten.

the three major sectors (electricity, transportation, and industry) all produce comparable emissions. But they’d be affected very differently by an economy-wide carbon price. For example, coal fueled about one-quarter of US electricity in 2019, and each metric ton of that coal was sold for about $39.7 A carbon price of $40 for each ton of CO2 emitted would effectively double that cost to power plant operators and so be a strong inducement for them to forswear coal. In contrast, that same carbon price would increase the effective price of crude oil by only about 40 percent above $60 per barrel. And if that cost were passed through to the pump, gasoline would increase by only some $0.35 per gallon. Since that’s small compared to how much pump prices have varied historically, consumers wouldn’t have much incentive to move away from gasoline. So reductions in emissions from power (and, as it turns out, heat) are much easier to encourage than reductions from transportation, fundamentally because oil packs a lot more energy per carbon atom than does coal.

many, despite the boom in oil and raw material prices, are finally dying.

These acts recall the 1971–72 “Chicken War” between America and Europe, and the grain embargo that quadrupled wheat prices outside of the United States. It was this embargo that inspired OPEC to enact matching increases in oil prices to maintain terms-of-trade parity between oil and foodstuffs. The “oil shock” was simply a reverberation of the U.S. grain shock.

General Electric was the largest company in the world in 2004, worth a third of a trillion dollars. It had either been first or second each year for the previous decade, capitalism’s shining example of corporate aristocracy. Then everything fell to pieces. The 2008 financial crisis sent GE’s financing division—which supplied more than half the company’s profits—into chaos. It was eventually sold for scrap. Subsequent bets in oil and energy were disasters, resulting in billions in writeoffs. GE stock fell from $40 in 2007 to $7 by 2018. Blame placed on CEO Jeff Immelt—who ran the company since 2001—was immediate and harsh. He was criticized for his leadership, his acquisitions, cutting the dividend, laying off workers and—of course—the plunging stock price. Rightly so: those rewarded with dynastic wealth when times are good hold the burden of responsibility when the tide goes out. He stepped down in 2017. But Immelt said something insightful on his way out. Responding to critics who said his actions were wrong and what he should have done was obvious, Immelt told his successor, “Every job looks easy when you’re not the one doing it.

…Most of the merchants sold sham papier-mâché, cheap walnut carvings, machine-spun shawls, and Persian carpets made in Kidderminster. “That is your fault,” said Profit David. “By your own greed you tourists have debased the very things you want.” Sophie did not like “you tourists.” “I am not a tourist,” she said with asperity. “You are a different kind of tourist, “ said Profit David in a voice of honey and oil. “You at least, lady sahib, are prepared to pay genuine prices for genuine things.” That sounded so expensive that it silenced even Sophie The whole summer was expensive. She bought a desk, trays, a shawl, and a lamp from Profit David; and she could not resist those merchant boats.

Saipem, an Italian-based company founded in 1957, has built some of the world's largest energy and infrastructure projects. It is organized into five business divisions that focus on onshore and offshore drilling, engineering and construction, and conceptual design services. Given its connection to oil and gas contracts, which effectively collapsed in 2014 with a plunge in oil prices, it has had to set a course beyond fossil fuels and rethink everything about its business. This "change or die" scenario sets the tone for its reporting and disclosure. Its 2019 sustainability report acknowledges the scenario it is facing and tackles the issue of the low-carbon transition head-on. At its core is the organziations rallying call, or "the four challenges," which describe the context and frame the opportunities it must capture to remain competitive.

This measure, which endangers the environment as Canadian oil would now have to cross into the US by train and truck, would essentially be a gift to the oil companies and might contribute toward undoing Trump policies that led to energy independence. This one act, which would likely lead to the loss of upwards of a hundred thousand jobs in aggregate, would likely contribute to a raise in the cost of oil which hurts production and potentially raises prices thus hurting working people.

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That left one last task before they could tell the world about their deal. Manchin, who now had his own case of COVID, needed Biden’s formal endorsement of their agreement. All along, Manchin was convinced that the White House was going to hate provisions in the deal expanding oil and gas leases. But many in the White House, like Brian Deese, were perfectly comfortable with what Manchin wanted. Given the conflict in Ukraine and the spike in energy prices, they were happy to expand domestic production of energy. It was politically expedient, at the very least—and might help lower prices in the middle of a crisis. When Biden came on the line and greeted Manchin, he purred, “Joe-Joe!” After nine months of emotionally exhausting back-and-forth, they were done.

Therefore, begin with little things. Has a little oil been spilled or a little wine stolen? Say to yourself, “This is the price I pay for peace and tranquillity; and nothing is to be had for nothing.

bulk n. 1 [mass noun] the mass or size of something large: residents jump up and down on their rubbish to reduce its bulk. large size or shape: he moved quickly in spite of his bulk. [count noun] a large mass or shape. [as modifier] large in quantity: bulk orders of over 100 copies. roughage in food: potatoes supply energy, essential protein, and bulk. cargo in an unpackaged mass such as grain or oil. [PRINTING] the thickness of paper or a book. 2 (the bulk of) the greater part of something: the bulk of the traffic had passed. v. [with obj.] 1 treat (a product) so that its quantity appears greater than it is: traders were bulking up their flour with chalk. [no obj.] (bulk up) build up flesh and muscle, typically in training for sporting events. 2 combine (shares or commodities for sale): your shares will be bulked with others and sold at the best prices available. bulk large be or seem to be of great importance: territorial questions bulked large in diplomatic relations. in bulk 1 (of goods) in large quantities and generally at a reduced price: retail multiples buy in bulk. 2 (of a cargo or commodity) not packaged; loose. Middle English: the senses ‘cargo as a whole’ and ‘heap, large quantity’ (the earliest recorded) are probably from Old Norse búlki ‘cargo’; other senses arose perhaps by alteration of obsolete bouk ‘belly, body’. bulk buying

But that was no problem – Phibro Energy had, since 1981, been part of Salomon Brothers, the result of a traumatic merger that had defined the business for much of the 1980s. As a result, Hall had access to one of the biggest credit lines on Wall Street. At the peak, he was sitting on oil worth some $600 million – more than 37 million barrels at the price of the

Another part of al Qaeda’s public case justifying its war against America was U.S. support for corrupt dictatorships in the Middle East, which included Jordan, Saudi Arabia, Kuwait, the United Arab Emirates, Bahrain, Oman, Qatar, Yemen and Egypt. This support, bin Laden complained, came with the condition that these regimes keep oil prices artificially low and spend their profits on large purchases of American arms instead of using it for the people’s benefit. Is it a surprise then that all the September 11th hijackers were from countries with governments friendly to our own—Saudi Arabia, Egypt, Lebanon and the United Arab Emirates—and that none of them were from America’s designated enemy states of Iran, Iraq or Syria? Osama

In this week's episode of our MONEY AND INVESTMENT we talk about the slippery subject of the rising oil prices, what it means to you, both being at the bowser and for your investments. Andrew Baxter explains what’s been happening within the oil industry lately, and what we can expect moving forward.

In the United States, buildings use nearly 75 percent of our electricity. They must be heated and cooled—most often, for the moment, with two separate appliances—a furnace powered by natural gas or oil and an air conditioner powered by electricity. The next leap is to get rid of the old appliances entirely and install an electric heat pump that provides both services in one device. These clever systems both heat and cool and turn one unit of electricity into three units or more of heat, with industrial versions available for large buildings. While this technology still needs to drop in price, it’s ready and waiting at your nearest authorized dealer.

THE FIRST AND FUNDAMENTAL principle of traditional diets is that they contained no industrially processed or refined food. In Dr. Price’s day, the list of processed food ingredients included white sugar, white flour, canned condensed milk, canned foods and—just coming on the market—industrial seed oils made from cottonseed and corn.

But Anita Roddick had a different take on that. In 1976, before the words to say it had been found, she set out to create a business that was socially and environmentally regenerative by design. Opening The Body Shop in the British seaside town of Brighton, she sold natural plant-based cosmetics (never tested on animals) in refillable bottles and recycled boxes (why throw away when you can use again?) while paying a fair price to the communities worldwide that supplied cocoa butter, brazil nut oil and dried herbs. As production expanded, the business began to recycle its wastewater for using in its products and was an early investor in wind power. Meanwhile, company profits went to The Body Shop Foundation, which gave them to social and environmental causes. In all, a pretty generous enterprise. Roddick’s motivation? ‘I want to work for a company that contributes to and is part of the community,’ she later explained. ‘If I can’t do something for the public good, what the hell am I doing?’47 Such a values-driven mission is what the analyst Marjorie Kelly calls a company’s ‘living purpose’—turning on its head the neoliberal script that the business of business is simply business. Roddick proved that business can be far more than that, by embedding benevolent values and a regenerative intent at the company’s birth. ‘We dedicated the Articles of Association and Memoranda—which in England is the legal definition of the purpose of your company—to human rights advocacy and social and environmental change,’ she explained in 2005, ‘so everything the company did had that as its canopy.’48 Today’s most innovative enterprises are inspired by the same idea: that the business of business is to contribute to a thriving world. And the growing family of enterprise structures that are intentionally distributive by design—including cooperatives, not-for-profits, community interest companies, and benefit corporations—can be regenerative by design too.49 By explicitly making a regenerative commitment in their corporate by-laws and enshrining it in their governance, they can safeguard a ‘living purpose’ through times of leadership change and protect it from mission creep. Indeed the most profound act of corporate responsibility for any company today is to rewrite its corporate by-laws, or articles of association, in order to redefine itself with a living purpose, rooted in regenerative and distributive design, and then to live and work by it.

Hedge funds using satellite intelligence on ships and tank levels to identify upcoming impact to oil producers and commodity prices

The international oil majors currently use an internal shadow price of carbon in their investment decision making of between $60 and $85 a ton, somewhat in line with expectations that are currently reflected in U.S. stock market valuations.

For decades, Green activists have been attacking our sources of energy. Every single one has been demonized. Coal, which liberated mankind from the Malthusian trap, gave us manufacturing, railroads, and steamships; more than doubled our life expectancy; and saved almost all of us from having to be dirt farmers. Oil, which substantially replaced coal in the 20th century, made airplanes and the private automobile possible, along with the rest of the modern world. And, starting in the 1960s and ’70s, hydropower, nuclear fission, and even natural gas have come under the guns of the activists. The currently fashionable “renewables,” such as wind and solar power, have largely escaped the attacks. Battery-powered electric cars are the darlings of the Greens. But this is because they are simply not capable of providing anywhere near the energy or range that civilization depends on at a price it can afford. Should any of these, or other new forms of energy, prove actually usable on a large scale, they would be attacked just as viciously as fracking for natural gas, which cuts CO2 emissions in half, and nuclear power, which would eliminate them entirely.

In a freely competitive market, one might have expected the lowest-cost oil supplies to be developed first to the highest degree possible while higher-cost resources would be abandoned until depletion of cheap oil made room for them at a higher price point. Under this kind of competitive structure, Saudi Arabia, Iraq, and the other Gulf producers, whose lowest-cost reserves represent two-thirds of proven world reserves, could have increased their levels of investment and produced a vastly higher amount of oil. Instead, OPEC generally tried to hold oil prices up to maximize revenues over two years. In effect, OPEC had to choose between higher prices or higher market share. They chose the former. The New York University energy economist Dermot Gately noted in a 2004 paper that it was not in OPEC’s collective interests to meet rising demand for oil. He calculated that it made no sense for the cartel to add oil supplies into the market because the marginal gain in revenue from more output would be negative.

In the mid-2000s, the IEA estimated that OPEC’s share of total world oil supply would rise from 38 percent in 2000 to 48 percent by 2020.5 In 2019, OPEC’s share of total world oil supply had fallen to under 30 percent, threatening its entire enterprise of influencing world oil prices. To regain sufficient market power, especially in light of the changes in the elasticity of both oil supply and demand, it needed to add a major non-OPEC producer to its ranks—hence its changed attitude about cooperation with Russia. Moscow is now a necessity for OPEC, and for Saudi Arabia, if it is going to able to salvage any semblance of influence over the price of oil.

As Thatcher imposed the policies which earned her the name “The Iron Lady,” unemployment in Britain doubled, rising from 1.5 million when she came into office, to a level of 3 million by the end of her first eighteen months in office. Labor unions were targetted under Thatcher as obstacles to the success of the monetarist “revolution,” a prime cause of the “enemy,” inflation. All the time, with British Petroleum and Royal Dutch Shell exploiting the astronomical prices of $36 or more per barrel for their North Sea oil, never a word was uttered against big oil or the City of London banks which were amassing huge sums of capital in the situation. Thatcher also moved to accommodate the big City banks by removing exchange controls, so that instead of capital being invested in rebuilding Britain’s rotted industrial base, funds flowed out to speculate in real estate in Hong Kong or lucrative loans to Latin America.

Named for the place of their first gathering, the Hotel de Bilderberg near Arnheim, the annual Bilderberg meetings gathered top elites of Europe and America for secret deliberations and policy discussion. Consensus was then ‘shaped’ in subsequent press comments and media coverage, but never with reference to the secret Bilderberg talks themselves. This Bilderberg process has been one of the most effective vehicles of postwar Anglo-American policy-shaping. What the powerful men grouped around Bilderberg had evidently decided that May, was to launch a colossal assault against industrial growth in the world, in order to tilt the balance of power back to the advantage of Anglo-American financial interests, and the dollar. In order to do this, they determined to use their most prized weapon–control of the world’s oil flows. Bilderberg policy was to trigger a global oil embargo, in order to force a dramatic increase in world oil prices. Since 1945, world oil trade had by international custom been priced in dollars as American oil companies dominated the postwar market. A sharp sudden increase in the world price of oil, therefore, meant an equally dramatic increase in world demand for U.S. dollars to pay for that necessary oil.

Why would the United States risk its entire standing as a force for peace and stability, its so-called ‘soft power’? Why would the U.S. risk creating instability in the entire oil-producing world, perhaps even the risk of a new oil price shock and a global economic depression, in order to strike Iraq? The official Washington answer was that Saddam Hussein had an arsenal of weapons of mass destruction and that he had ties to Al Qaida terrorists. Was that sufficient to explain the clear obsession of George W. Bush, Cheney, Donald Rumsfeld, Paul Wolfowitz and others in Washington for a new Iraq war? Many were not convinced. Their skepticism was confirmed, but only after 130,000 American troops had been firmly entrenched in Iraq.

By posing climate change as a battle between capitalism and the planet, I am not saying anything that we don’t already know. The battle is already under way, but right now capitalism is winning hands down. It wins every time the need for economic growth is used as the excuse for putting off climate action yet again, or for breaking emission reduction commitments already made. It wins when Greeks are told that their only path out of economic crisis is to open up their beautiful seas to high-risk oil and gas drilling. It wins when Canadians are told our only hope of not ending up like Greece is to allow our boreal forests to be flayed so we can access the semisolid bitumen from the Alberta tar sands. It wins when a park in Istanbul is slotted for demolition to make way for yet another shopping mall. It wins when parents in Beijing are told that sending their wheezing kids to school in pollution masks decorated to look like cute cartoon characters is an acceptable price for economic progress. It wins every time we accept that we have only bad choices available to us: austerity or extraction, poisoning or poverty.

Its low price made cottonseed oil attractive to Procter & Gamble. If the company could figure out how to turn it into soap, cottonseed oil would represent a low-cost source of fat to replace increasingly expensive tallow. By 1907,

Most’s eclectic background also provided the spark behind the invention of what would become known as the ETF. During his travels around the Pacific, he had appreciated the efficiency of how traders would buy and sell warehouse receipts of commodities, rather than the more cumbersome physical vats of coconut oil, barrels of crude, or ingots of gold. This opened up a panoply of opportunities for creative financial engineers. “You store a commodity and you get a warehouse receipt and you can finance on that warehouse receipt. You can sell it, do a lot of things with it. Because you don’t want to be moving the merchandise back and forth all the time, so you keep it in place and you simply transfer the warehouse receipt,” he later recalled.19 Most’s ingenious idea was to, after a fashion, mimic this basic structure. The Amex could create a kind of legal warehouse where it could place the S&P 500 stocks, and then create and list shares in the warehouse itself for people to trade. The new warehouse-cum-fund would take advantage of the growth and electronic evolution in portfolio trading—the simultaneous buying and selling of big baskets of stocks first pioneered by Wells Fargo two decades earlier—and a little-known aspect of mutual funds: They can do “in kind” transactions, exchanging shares in a fund for a proportional amount of the stocks it contains, rather than cash. Or an investor can gather the correct proportion of the underlying stocks and exchange them for shares in the fund. Stock exchange “specialists”—the trading firms on the floor of the exchange that match buyers and sellers—would be authorized to be able to create or redeem these shares according to demand. They could take advantage of any differences that might open up between the price of the “warehouse” and the stock it contained, an arbitrage opportunity that should help keep it trading in line with its assets. This elegant creation/redemption process would also get around the logistical challenges of money coming in and out continuously throughout the day—one of Bogle’s main practical concerns. In basic terms, investors can either trade shares of the warehouse between themselves, or go to the warehouse and exchange their shares in it for a slice of the stocks it holds. Or they can turn up at the warehouse with a suitable bundle of stocks and exchange them for shares in the warehouse. Moreover, because no money changes hands when shares in the warehouse are created or redeemed, capital gains tax can be delayed until the investor actually sells their shares—a side effect that has proven vital to the growth of ETFs in the United States. Only when an ETF is actually sold will investors have to pay any capital gains taxes due.

thumbed the letter, the oil on my skin smudging my father’s scraggly penmanship. It wasn’t just him and my stepmother and half sisters I wished to avoid. There was another reason I didn’t like to go to court or Equinox or town. Degeneration. That’s what the Shepherd King called it in The Old Book of Alders. The sickness of mind or body that came with the infection. After the fever, the infection granted strange power, magical gifts. But everything had a price. For some, that price was obvious, draining one’s life force in a slow, agonizing deterioration. For others, like me, it was unknown, a weighted, invisible anvil that could drop at any time. And it felt reckless, being around strangers, knowing, at any moment, degeneration could ignite in my blood. I might do something horrible in front of the King and his Physicians and Destriers, and they would drag me away to the King’s dungeons.

With complex issues, it can be ridiculously hard to pin a particular cause on a given effect. Did the assault-weapon ban really cut crime—or was it one of ten other factors? Did the economy stall because tax rates were too high—or were the real villains all those Chinese exports and a spike in oil prices?

To be sure, there exists in principle a quite simple economic mechanism that should restore equilibrium to the process: the mechanism of supply and demand. If the supply of any good is insufficient, and its price is too high, then demand for that good should decrease, which should lead to a decline in its price. In other words, if real estate and oil prices rise, then people should move to the country or take to traveling about by bicycle (or both). Never mind that such adjustments might be unpleasant or complicated; they might also take decades, during which landlords and oil well owners might well accumulate claims on the rest of the population so extensive that they could easily come to own everything that can be owned, including rural real estate and bicycles, once and for all.3 As always, the worst is never certain to arrive. It is much too soon to warn readers that by 2050 they may be paying rent to the emir of Qatar.

With the price of US crude below $60 per barrel — down 46 per cent from six months ago — some operators plan to mothball their stripper wells. Widespread closures could help balance the oversupplied global oil market and stabilise prices. Melvin Moran, whose company owns stripper wells in Oklahoma, said it costs thousands of dollars a year to keep one pumping. “A lot of the wells we operate are not going to be viable at this price. I’m not talking about drilling, but just getting the oil from below the ground to the surface of the ground.” Mark Thomas has two companies operating 100 stripper wells in Arkansas state with total production of 300 b/d. “Some of those will be shut in, probably within 90 days,” he said last week.

In the postwar period, democratic politics was transformed not only by the switch to oil, but by the development of two new methods of governing democracies, both made possible by the growing use of energy from oil. One of these was an arrangement for managing the value of money and limiting the power of financial speculation, which was said to have destroyed interwar democracy – a system built with the pipelines, oil agreements and oligarchies that organised the supply and pricing of oil. It was accompanied by the construction of the Cold War, which provided a framework for the policing of the postwar Middle East that replaced the need for mandates, trusteeships, development programmes and other scaffoldings for imperial power. The other new mode of governing democracies was the manufacture of ‘the economy’ – an object whose experts began to displace democratic debate and whose mechanisms set limits to egalitarian demands.

Make up your mind Sayville, L.I.: Wall Street formerly said high oil and gas prices hampered the economy. Wall Street now says low oil and gas prices are hampering the economy. Wall Street is full of it.

Allure as Oil Prices Fall

The world economy will receive a significant boost from lower oil prices this year despite fears of deflation and persistently weak spending,

The new GST: A halfway house In spite of all the favourable features of the GST, it introduces the anomaly of having an origin-based tax on interstate trade he proposed GST would be a single levy. 1141 words From a roadblock during the UPA regime, the incessant efforts of the BJP government have finally paved way for the introduction of the goods and services tax (GST). This would, no doubt, be a major reform in the existing indirect tax system of the country. With a view to introducing the GST, Union finance minister Arun Jaitley has introduced the Constitution (122nd Amendment) Bill 2014 in Parliament. The new tax would be implemented from April 1, 2016. Both the government and the taxpayers will have enough time to understand the implications of the new tax and its administrative nuances. Unlike the 119th Amendment Bill, which lapsed with the dissolution of the previous Lok Sabha, the new Bill will hopefully see the light of the day as it takes into account the objections of the state governments regarding buoyancy of the tax and the autonomy of the states. It proposes setting up of the GST Council, which will be a joint forum of the Centre and the states. This council would function under the chairmanship of the Union finance minister with all the state finance ministers as its members. It will make recommendations to the Union and the states on the taxes, cesses and surcharges levied by the Union, the states and the local bodies, which may be subsumed in the GST; the rates including floor rates with bands of goods and services tax; any special rate or rates for a specified period to raise additional resources during any natural calamity or disaster etc. However, all the recommendations will have to be supported by not less than three-fourth of the weighted votes—the Centre having one-third votes and the states having two-third votes. Thus, no change can be implemented without the consent of both the Centre and the states. The proposed GST would be a single levy. It would aim at creating an integrated national market for goods and services by replacing the plethora of indirect taxes levied by the Centre and the states. While central taxes to be subsumed include central excise duty (CenVAT), additional excise duties, service tax, additional customs duty (CVD) and special additional duty of customs (SAD), the state taxes that fall in this category include VAT/sales tax, entertainment tax, octroi, entry tax, purchase tax and luxury tax. Therefore, all taxes on goods and services, except alcoholic liquor for human consumption, will be brought under the purview of the GST. Irrespective of whether we currently levy GST on these items or not, it is important to bring these items under the Constitution Amendment Bill because the exclusion of these items from the GST does not provide any flexibility to levy GST on these items in the future. Any change in the future would then require another Constitutional Amendment. From a futuristic approach, it is prudent not to confine the scope of the tax under the bindings of the Constitution. The Constitution should demarcate the broad areas of taxing powers as has been the case with sales tax and Union excise duty in the past. Currently, the rationale of exclusion of these commodities from the purview of the GST is solely based on revenue considerations. No other considerations of tax policy or tax administration have gone into excluding petroleum products from the purview of the GST. However, the long-term perspective of a rational tax policy for the GST shows that, at present, these taxes constitute more than half of the retail prices of motor fuel. In a scenario where motor fuel prices are deregulated, the taxation policy would have to be flexible and linked to the global crude oil prices to ensure that prices are held stable and less pressure exerted on the economy during the increasing price trends. The trend of taxation of motor fuel all over the world suggests that these items

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With the steady drop in the price of renewable energy and efficiency, “it now costs the same to destroy the climate or save it,” said Harvey. “The price is basically the same, but at the micro scale there will be different winners and losers.” Coal and oil companies and traditional utilities will lose out. Wind, solar, hydro, nuclear, and efficient and distributed energy purveyors will win. “At the macro scale, though, the whole world will win or the whole planet will lose. The impact will hit every generation going forward and will not respect national boundaries in the least.” It

President Vladimir Putin has evolved a “hybrid foreign policy, a strategy that mixes normal diplomacy, military force, economic corruption and a high-tech information war.” Indeed, on any given day, the United States has found itself dealing with everything from cyberattacks by Russian intelligence hackers on the computer systems of the U.S. Democratic Party, to disinformation about what Russian troops, dressed in civilian clothes, are doing in Eastern Ukraine, to Russian attempts to take down the Facebook pages of widows of its soldiers killed in Ukraine when they mourn their husbands’ deaths, to hot money flows into Western politics or media from Russian oligarchs connected to the Kremlin. In short, Russia is taking full advantage of the age of accelerating flows to confront the United States along a much wider attack surface. While it lives in the World of Order, the Russian government under Putin doesn’t mind fomenting a little disorder—indeed, when you are a petro-state, a little disorder is welcome because it keeps the world on edge and therefore oil prices high. China is a much more status quo power. It needs a healthy U.S. economy to trade with and a stable global environment to export into. That is why the Chinese are more focused on simply dominating their immediate neighborhood. But while America has to deter these two other superpowers with one hand, it also needs to enlist their support with the other hand to help contain both the spreading World of Disorder and the super-empowered breakers. This is where things start to get tricky: on any given day Russia is a direct adversary in one part of the world, a partner in another, and a mischief-maker in another.

Fat, such as olive oil, can be stored on your body within minutes, without costing the body any caloric price; it is just packed away (unchanged) on your hips and waist. If we biopsied your waist fat and looked at it under an electron microscope, we could actually see where the fat came from. It is stored there as pig fat, dairy fat, and olive oil fat—just as it was in the original food. It goes from your lips right to your hips. Actually,

End corporate welfare—including hidden subsidies. We explained in earlier chapters how the government too often, rather than helping people who need assistance, spends its valuable money helping corporations, through corporate welfare. Many of the subsidies are buried in the tax code. While all the loopholes, exceptions, exemptions, and preferences reduce the progressivity of the tax system and distort incentives, this is especially true of corporate welfare. Corporations that can’t make it on their own should come to an end. Their workers may need assistance moving to another occupation, but that’s a matter far different from corporate welfare. Much of corporate welfare is far from transparent—perhaps because if citizens really knew how much they were giving away, they would not allow it. Beyond the corporate welfare embedded in the tax code is that embedded in cheap credit and government loan guarantees. Among the most dangerous forms of corporate welfare are ones that limit liability for the damage the industries can cause—whether it’s limited liability for nuclear power plants or for the environmental damage of the oil industry. Not bearing the full cost of one’s action is an implicit subsidy, so all those industries that impose, for instance, environmental costs on others are, in effect, being subsidized. Like so many of the other reforms discussed in this section, these would have a triple benefit: a more efficient economy, fewer of the excesses at the top, improved well-being for the rest of the economy. Legal

The strategy was to frame energy as the heart of the economy while destroying environmentalism in the process. Here is how the strategy was carried out in the first months of the administration. • Put pro-business, pro-energy-development people in charge of the most environmentally sensitive agencies: the Interior Department (Gale Norton) and the EPA (Christie Whitman). • Cut funds for research and development on conservation (e.g., fuel economy, which would vastly lessen the need for oil) and environmentally responsible energy sources (biomass, wind, solar, and so on). • Announce a national energy supply crisis and call it a matter of national security. Develop a plan to respond to the “crisis.” • Frame the “crisis” so that environmentalists are defined as the problem: their regulations impede the development of supply. • Appoint commissioners to the Federal Energy Regulatory Commission (FERC) who would refuse to cap electricity prices overall, even though FERC’s mission is to guarantee reasonable energy prices. The

Wherefore, be faithful, praying always, having your alamps btrimmed and burning, and oil with you, that you may be cready at the coming of the dBridegroom— 18 For behold, verily, verily, I say unto you, that I acome quickly. Even so. Amen.

The compromises made with the rich are consistently out of line with public opinion. The public desires to tax the rich more heavily, cut military spending, and develop renewable energy alternatives to oil. The outcome instead is tax cuts for the rich, unchecked military spending, and a continued stagnation in alternatives to oil, gas, and coal. Both

Trump has surrounded himself with masters of chaos—from Tillerson to Mnuchin. And chaos has a long track record of sending the price of oil up.

And what is that truth? NAFTA created the largest free trade zone in the world, with an economic output of $20 trillion. It quadrupled trade between the three countries, quadrupled American exports to Canada and Mexico, eliminated tariffs that had increased the cost of doing business, and reduced prices for consumers. NAFTA also reduced American dependence on Middle Eastern oil, created many more jobs than it eliminated, and fostered new markets for investment by American companies.

Credit” is the third-person singular conjugation of the present tense of the Latin verb credere, “to believe.” It’s the most exceptional and interesting thing in the financial world. Similar leaps of belief underlie every human transaction in life: Your wife might cheat on you, but you hope otherwise. The online store you paid may not ship you your goods, but you trust otherwise. Credit derivatives are just the explicit encapsulations of such beliefs, in financial and contractual form, for corporate entities. Unlike other financial securities, such as shares of IBM stock or oil futures, a credit derivative is not even some theoretical value of a tangible good. It’s the perceived value of a complete intangible, the perception of the probability of meeting some future obligation. People often asked me in the early days of my tech career how I had gone from Wall Street to ads technology. Such a person almost certainly knew nothing about either industry, or the answer would have been obvious. I did the same thing the whole time: putting a price on a human’s perception, be it of a General Motors bond or a pair of shoes coveted on Zappos. It’s the same difference either way; only the scale of the money pile changes.

sell a product at the highest possible price to a client in need is like taking candy from a baby,

Just before Thanksgiving, I met with Bunker Hunt, then the richest man in the world, at the Petroleum Club in Dallas. Bud Dillard, a Texan friend and client of mine who was big in the oil and cattle businesses, had introduced us a couple of years before, and we regularly talked about the economy and markets, especially inflation. Just a few weeks before our meeting, Iranian militants had stormed the U.S. embassy in Tehran, taking fifty-two Americans hostage. There were long lines to buy gas and extreme market volatility. There was clearly a sense of crisis: The nation was confused, frustrated, and angry. Bunker saw the debt crisis and inflation risks pretty much as I saw them. He’d been wanting to get his wealth out of paper money for the past few years, so he’d been buying commodities, especially silver, which he had started purchasing for about $ 1.29 per ounce, as a hedge against inflation. He kept buying and buying as inflation and the price of silver went up, until he had essentially cornered the silver market. At that point, silver was trading at around $ 10. I told him I thought it might be a good time to get out because the Fed was becoming tight enough to raise short-term interest rates above long-term rates (which was called “inverting the yield curve”). Every time that happened, inflation-hedged assets and the economy went down. But Bunker was in the oil business, and the Middle East oil producers he talked to were still worried about the depreciation of the dollar. They had told him they were also going to buy silver as a hedge against inflation so he held on to it in the expectation that its price would continue to rise. I got out.

About half today’s production cost is for precursor material—96% of which is polyacrylonitrile made from oil (propylene) or natural gas (propane), both of which have volatile prices. Carbon-fiber manufacturers are starting to make their own precursors and expect to cut their costs by about 20%. But much cheaper precursors are emerging. Their strands of carbon atoms are commonplace; the trick is removing the other elements and forming the remaining carbon skeleton into long, pure strands. Solve those problems, and carbon fiber could be made from biomaterials like plant fibers, or even from recycled plastic trash. Oak Ridge National Laboratory (ORNL) believes these alternatives could potentially cut carbon-fiber costs by up to 90%,

mismatched collection of flea market leftovers. The walls, though, were exhibiting an interesting collection of oils and pastels by local artists, all for sale at very reasonable prices. The artwork. The prior year the equity partners at Scully & Pershing had gone to war over a designer’s proposal to spend $2 million on some baffling avant-garde paintings to be hung in the firm’s main foyer. The designer was ultimately fired, the paintings forgotten, and the money split into bonuses.

Level two chaos is chaos that reacts to predictions about it, and therefore can never be predicted accurately. Markets, for example, are a level two chaotic system. What will happen if we develop a computer program that forecasts with 100 per cent accuracy the price of oil tomorrow? The price of oil will immediately react to the forecast, which would consequently fail to materialise.

For most of the past two decades the central goal of energy pricing has been to reduce volatility. Policymakers want to ensure that businesses face a predictable environment, with relatively stable prices for electricity and fuels; in a more predictable environment, businesses are more likely to make large-scale capital investments. The government’s main tools in achieving this stability are state-run firms that convert raw fuel into usable energy: power-generating firms and oil refiners. When fuel prices are high, these companies suffer depressed profits or even losses, because they cannot pass on the full cost increase to their customers. But when prices are low, their profits soar, because they are not required to pass on their full cost savings either. These industries can be thought of as “shock absorbers” that enable the economic car to drive relatively smoothly even when the road is full of potholes.

Robots can now milk cows. Oil prices have fallen globally, meaning both the petro-states and those indirectly propped up by them are weakened. At the same time, slower growth in China has lately shrunk its voracious appetite for African, Australian, and Latin American commodities. China accounted for more than a third of global growth in recent years, and its growth engine multiplied the growth of many of the countries that exported raw materials to Beijing. That has slowed. China’s total debt has grown from roughly 150 percent of its GDP in 2007 to around 240 percent today—a massive increase in one decade that is dampening its growth and its imports and shrinking China’s wallet for foreign aid and investment in African and Latin American commodity-exporting countries. In

Over time, a lower oil price will push Russia’s military spending still lower. But attacks in cyberspace are much less expensive and not nearly as dangerous as conventional attacks, because it isn’t always clear who is responsible. That’s why we can expect a lot more of them—and for their sophistication and scale to grow.

In hindsight, looking back from today, we can tell that the rate of Soviet economic growth actually peaked in the late 1950s and entered a downward spiral until it ultimately collapsed in the 1980s. This trend was only interrupted by an increase in oil prices in the 1970s, which helped Russia generate profits from the export of oil. In 1962, meat production ended up being only 40 percent of what the Soviets expected it to be. By the start of 1963, Khrushchev gave speeches preparing people for the reality that their standard of living was not going to go up as fast as he had promised, blaming it on the Cold War.243

The oil group’s members disagree about whether to reduce output in order to boost prices, with Saudi Arabia resisting a cut.

By 2012, long after the economic collapse, average consumers and small businesses were still hurting, but corporations large enough to finance fleets of Washington lobbyists were raking it in. Big agribusiness continues to claim hundreds of billions of dollars in price supports and ethanol subsidies, paid for by American consumers and taxpayers. Big Pharma gets extended patent protection that drives up everyone’s drug prices, plus the protection of a federal law making it a crime for consumers to buy the same drugs at lower prices from Canada. Big oil gets its own federal tax subsidy, paid for by taxpayers.

the Department of Energy was created, oil cost $14.40 a barrel. It now regularly exceeds $100 a barrel. Even adjusted for inflation, oil is more than twice as expensive today as it was before we had a U.S. Department of Energy. While basic economics may suggest that the rise in the price of oil is

Meanwhile, Brussels signed off on a new round of sanctions which are set to be approved by all 28 EU members by the end of the week. The measures extend restrictions that prevent Russian companies accessing European markets, from its largest banks to its defence and state-owned oil companies. Barack Obama, speaking on a pre-Nato summit stop in Estonia, called on the alliance to help “modernise and strengthen” Ukraine’s military to stave off threats from Russia. The US president promised that Nato would defend the three Baltic states and argued that Russia was “paying a heavy price” owing to repeated rounds of US and EU sanctions.

When the price of oil on the world market began to fall, the American business community and the public lost interest in the great energy crusade. Carter’s successor, Ronald Reagan, removed the solar panels from the White House roof and scrapped the wood-burning stove in the living quarters. America went back to business as usual, buying even larger gasguzzling vehicles, and using ever greater volumes of energy to support a wasteful, consumer-driven lifestyle.

Socialist historian Gabriel Kolko, who argues in The Triumph of Conservatism that the forces of competition in the free market of the late 1800s were too potent to allow Standard to cheat the public, stresses that “Standard treated the consumer with deference. Crude and refined oil prices for consumers declined during the period Standard exercised greatest control of the industry.” Standard

In summary, let me quote Professor McGee once again:           Judging from the Record, Standard Oil did not use predatory price discrimination to drive out competing refiners, nor did its pricing practice have that effect . . . I am convinced that Standard did not systematically, if ever, use local price cutting in retailing, or anywhere else, to reduce competition. To do so would have been foolish; and, whatever else has been said about them, the old Standard organization was seldom criticized for making less money when it could readily have made more. A

it’s claimed that they can tell us most things about life. This trend isn’t just found in popular science books. At universities, economists analyse ever greater parts of existence as if it were a market. From suicide (the value of a life can be calculated like the value of a company, and now it’s time to shut the doors) to faked orgasms (he doesn’t have to study how her eyes roll back, her mouth opens, her neck reddens and her back arches – he can calculate whether she really means it). The question is what Keynes would think about an American economist like David Galenson. Galenson has developed a statistical method to calculate which works of art are meaningful. If you ask him what the most renowned work of the last century is, he’ll say ‘Les Demoiselles d’Avignon’. He has calculated it. Things put into numbers immediately become certainties. Five naked female prostitutes on Carrer d’Avinyó in Barcelona. Threatening, square, disconnected bodies, two with faces like African masks. The large oil painting that Picasso completed in 1907 is, according to Galenson, the most important artwork of the twentieth century, because it appears most often as an illustration in books. That’s the measure he uses. The same type of economic analysis that explains the price of leeks or green fuel is supposed to be able to explain our experience of art.

The residents blamed the "Gahmen", naturally. Since the explosion of social media, those "Gahmen" guys have been blamed for everything from HDB flat prices to the price of oil, climate change, the shortage of Hello Kitty dolls and kids not clearing their trays away at hawker centres.

Isn’t it daft? We make millions off people buying fuel and burning it, creating the greenhouse gases that caused these hurricanes to happen, sending prices back up for us to make millions off again.”)

The assumptions about human knowledge underlying the ideal of the perfect plan have proven to be more stubborn. They were given a jolt by the oil price shocks of the 1970s, when the world revealed itself to be less stable than everyone had thought. They provided clear evidence that planners could not know everything they needed to know, and that the business environment had an element of unpredictability. Ironically, it was just at that time that Taylorian principles were extending themselves well beyond routine tasks into strategic planning and control systems.7 Strategic planning rose and fell. Its hubris was perfect knowledge, its fatal flaw the increasing rate of unpredictable changes in the environment. Between inception and execution, every plan could be derailed by something unexpected, and most plans were. So what was the point of planning? Surely a company needs some sort of direction? In 1994, the nemesis of strategic planners, Henry Mintzberg, could write that “we are now ready to extract the planning baby from all that strategic planning bathwater.”8 So we have ditched the bathwater in Taylor’s assumptions about human behavior and human knowledge. We are left with two babies: the understanding that people can indeed regulate themselves if they are committed to some objectives; and the understanding that objectives do need to be set in some way or other.

Before ISIS controlled eastern Syria, an oil well produced around thirty thousand barrels per day, and each barrel sold for two thousand Syrian pounds—eleven dollars at the current exchange rate. Local families that worked in refineries would make two hundred liras (a little more than one dollar) on each barrel they refined primitively. After ISIS took over, a barrel of oil became cheaper because it fixed the price

Today, Israel has no producing oil wells. However, a huge natural gas deposit was discovered in January, 2009 a few kilometers off of the Israeli coast near Haifa, estimated at $15 billion in value, making it one of the largest natural gas finds in history, and potentially making Israel energy independent.  Drilling for oil continues in other areas of Israel. Author Joel Rosenberg speculates that Deuteronomy 33:24 (Asher will “dip his foot in oil”) will mean that Israel will discover massive quantities of oil, which will entice Russia and the listed Muslim nations to invade, to seize the sp(oil).

Saudi Arabia went from a backward desert kingdom to a world power, beginning in 1933, with the discovery of vast oil fields in the eastern flat lands of the peninsula. Standard Oil of California briefly owned the oil concession, assigning it to a venture that eventually was named ARAMCO (Arabian American Oil Company).

Wahabism is the dominant form of Islam found in Saudi Arabia and Qatar and is also popular in Egypt, Kuwait, United Arab Emirates and Bahrain. Wahabists control the two holy cities of Mecca and Medina, giving Wahabists great influence in the Muslim world. More important are the extensive oil fields of Saudi Arabia which have been used to fund the promotion of Islam’s most radical sect across the world. Saudi oil funds have built most of the Muslim Mosques in the western world since 1975. More than 1,500 mosques across the globe were built from Saudi petro funds over the last 50 years.

You must determine the price that you will have to pay to achieve success, and then get busy paying that price.” - H.L. HUNT (TEXAS OIL TYCOON)

For want of a nail, the shoe was lost; for want of a shoe the horse was lost; and for want of a horse the rider was lost, being overtaken and slain by the enemy, all for want of care about a horseshoe nail.” The excuse for the profound economic crisis that provoked the collapse of a superpower was the fall of oil prices in the mid-1980s, which for all its significance is incommensurate with the consequences. Developments on the oil market were, for the Soviet economy, not the reason but the excuse for its collapse.

A record 449 million barrels of oil are being stored in the U.S. Shrinking storage capacity might lead to another drop in prices.

You get a lot more calories for the price of hamburgers and french fries than you do for carrots, not least because the government subsidizes the production of corn and soybeans, the basis of cheap corn sweeteners and vegetable oil.

It is impossible to make predictions—to say if the Islamic Republic will collapse or if it will survive in its current form. Certainly its current form isn’t the one it took in the immediate wake of the revolution. Although Khamenei has been committed to safeguarding the revolution, he has also created a new theocracy—one that relies on the greed of the Revolutionary Guards and the Basij instead of the loyalty of its founding fathers. Khamenei has banished nearly all the clerics who held power when Ayatollah Khomeini was alive. Despite falling oil prices and economic sanctions, Khamenei had enough petro-dollar to satisfy his military base of support: the Guards and the Basij. The oil revenue has been the biggest deterrent to democracy in Iran, even though the windfall has transformed the fabric of Iranian society. The Iranian middle class, more than two-thirds of the population, relies on the revenue instead of contributing to economic growth, and thus has been less likely to fulfill a historic mission to create institutional reform. It has been incapable of placing “demands on Iranian leadership for political reform because of its small role in producing wealth, as in other developing countries. The regime is still an autocracy, to be sure, but democracy has been spreading at the grassroots level, even among members of the Basij and the children of Iran’s rulers. The desire for moderation goes beyond a special class. As I am writing these lines, Khamenei’s followers are shifting alliances and building new coalitions. Civil society, despite the repression it has long endured, has turned into a dynamic force. Khamenei still has the final word in Iranian politics, but the country’s political culture is not monolithic. Like Ayatollah Khomeini, who claimed he had to drink the cup of poison in order to end the war with Iraq, Khamenei has been forced to compromise. The fact that he signed off on Rohani’s historic effort to improve ties with the United States signals that the regime is moving in a different direction, and that further compromises are possible.

The uncertainty of weather-dependent harvests, particularly after the 1950s decision to exploit virgin lands, and the continuing low oil prices made the foreign trade balance catastrophic. This, not Mikhail Gorbachev’s personal qualities or the errors made by his team, was the first cause of the crisis in the Soviet political and economic structure.4 Taking the measures necessary to handle that crisis threatened not only the leadership in power but the entire Communist regime. Rejecting them, if the changes in the world market were long-lasting, would make the crash of the socialist economy and the Soviet Empire inevitable.

Once you realize an oil company functions not to deliver oil but to structure the future as a system of financial flows, then the points of sabotage shift a little bit. This is why I think projects like Carbon Tracker’s “Unburnable Carbon” are really important. Carbon Tracker shows that the share price of fossil fuel companies is a bubble, since it is based on a projected use of energy that is incompatible with keeping the planet livable. This campaign works precisely at the point at which the corporation understood as a set of financial flows is vulnerable—the calculability of future revenue.

The Fed appears to be on track in achieving one half of its mandate, in maximising employment, but it is well short of its inflation goal as readings are dragged lower by the plunge in oil prices. Officials are also concerned about depressed inflation expectations in financial markets.

The increasing price of oil is just the start. Consider the fact that when oil prices rise, so do gold and platinum. Many reasons are given – the weak dollar, global inflation … except oil prices fluctuate depending on what’s going on in the world. Gold, however, has continually increased in price and shows no sign of stopping …’  Extract from lecture series by Doctor Peter Edgewater, Paris, France

Today, Israel has no producing oil wells.

Planted rows went turning past like giant spokes one by one as they ranged the roads. The skies were interrupted by dark gray storm clouds with a flow like molten stone, swept and liquid, and light that found its way through them was lost in the dark fields but gathered shining along the pale road, so that sometimes all you could see was the road, and the horizon it ran to. Sometimes she was overwhelmed by the green life passing in such high turbulence, too much to see, all clamoring to have its way. Leaves sawtooth, spade-shaped, long and thin, blunt-fingered, downy and veined, oiled and dusty with the day—flowers in bells and clusters, purple and white or yellow as butter, star-shaped ferns in the wet and dark places, millions of green veilings before the bridal secrets in the moss and under the deadfalls, went on by the wheels creaking and struck by rocks in the ruts, sparks visible only in what shadow it might pass over, a busy development of small trailside shapes tumbling in what had to be deliberately arranged precision, herbs the wildcrafters knew the names and market prices of and which the silent women up in the foothills, counterparts whom they most often never got even to meet, knew the magic uses for. They lived for different futures, but they were each other’s unrecognized halves, and what fascination between them did come to pass was lit up, beyond question, with grace. Merle

In the late 1990s, Parachute was the market leader with more than 50 per cent market share. Fresh from its success in taking market share in toothpaste away from Colgate using Pepsodent, HUL entered the coconut oil category to take on Marico. Dadiseth, the then chairman of HUL, had warned Mariwala to sell Marico to HUL or face dire consequences. Mariwala decided to take on the challenge. Even the capital markets believed that Marico stood no chance against the might of HUL which resulted in Marico’s price-to-earnings ratio dipping to as low as 7x, as against 13x during its listing in 1996. As part of its plans to take on Marico, HUL relaunched Nihar in 1998, acquired Cococare from Redcon and positioned both brands as price challengers to Parachute. In addition, HUL also increased advertising and promotion spends for its brands. In one quarter in FY2000, HUL’s advertising and promotional (A&P) spend on coconut oil alone was an amount which was almost equivalent to Marico’s full year A&P budget (around Rs 30 crore). As Milind Sarwate, former CFO of Marico, recalls, ‘Marico’s response was typically entrepreneurial and desi. We quickly realized that we have our key resource engine under threat. So, we re-prioritized and focused entirely on Parachute. We gave the project a war flavour. For example, the business conference on this issue saw Mariconians dressed as soldiers. The project was called operation Parachute ki Kasam. The leadership galvanized the whole team. It was exhilarating as the team realized the gravity of the situation and sprang into action. We were able to recover lost ground and turn the tables, so much so that eventually Marico acquired the aggressor brand, Nihar.’ Marico retaliated by relaunching Parachute: (a) with a new packaging; (b) with a new tag line highlighting its purity (Shuddhata ki Seal—or the seal of purity); (c) by widening its distribution; and (d) by launching an internal sales force initiative. Within twelve months, Parachute regained its lost share, thus limiting HUL’s growth. Despite several relaunches, Nihar failed against Parachute. Eventually, HUL dropped the brand Nihar off its power brand list before selling it off to Marico in 2006. Since then, Parachute has been the undisputed leader in the coconut oil category. This leadership has ensured that when one visits the hair oil section in a retail store, about 80 per cent of the shelves are occupied by Marico-branded hair oil.

Mr Tillerson told an annual meeting for analysts in New York that oil prices had crashed because demand growth in China and elsewhere had slowed, while US supplies were “coming like a freight train”. Those conditions could persist, he said. “My view is people need to kind of settle in for a while,” he said. “There’s a lot of supply out there and I don’t see a particularly healthy world economy.

The trouble of many is half consolation" as the Hebrew saying goes. We weathered that hard time with fortitude and expectations of better days to come. At the time, food was in critically short supply. The influx of population and shortage of production resulted in poor availability of food. Although meat, eggs and fats - oil and margarine - were rationed, the monthly allotments were minimal. A person would receive, at official price, about one pound of meat and eight eggs monthly. Shortages brought about a relatively minor black market. Even unrationed fruits and vegetables were not readily available.

The halving of crude prices since the summer has brought US and eurozone inflation below zero. Prices in Britain are rising at the slowest rate in decades. Even in Japan, where a programme of quantitative easing had succeeded in pushing up inflation, price pressures have come down sharply compared with last spring. But despite pessimists’ predictions, there is little evidence of a negative spiral of falling prices and weak demand tainting the world economy. Indeed, in January, annual retail sales in the world’s most advanced economies rose at their most rapid pace since 2006 according to Capital Economics, a consultancy. Sliding oil prices have put $250bn in the pockets of consumers in the world’s four largest economies and shoppers seem determined to spend it.

the beautifully logical condition of the national Theory of Economy in this matter being that, if you are a shoemaker, it is a law of Heaven that you must sell your goods under their price, in order to destroy the trade of other shoemakers; but if you are not a shoemaker, and are going shoeless and lame, it is a law of Heaven that you must not cut yourself a bit of cowhide, to put between your foot and the stones, because that would interfere with the total trade of shoemaking.

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Everything around you is touched by oil. Plastics are petroleum products. Foodstuffs and transportation of the foodstuffs, and everything else, are dependent on oil, and, ridiculously, our nation is dependent on foreign oil. Many Americans don’t realize that our government, unlike other countries’ governments, prohibits the sale of our domestic oil on the open market. That outdated export ban needs to end. Also needing to end is the bureaucratic prohibition on drilling for our own safe, reliable energy sources. Alaskans have been fighting for the right to drill on our state’s northern shore for decades. The vast majority see the government’s refusal to permit exploration and drilling as a nonsensical federal overreach. Tapping a tiny portion of the Arctic National Wildlife Refuge (ANWR)—two thousand acres out of nineteen million uninhabited, frozen acres—would give us access to billions of barrels of oil that can be safely extracted and give a huge boost to our economy and energy independence. Oil in the ground is useless. Oil in the hands of American entrepreneurs and job creators means new products, lower prices, and improved national security.

One key to African growth is what happens to commodity prices. Many African countries have long been and are still dependent on exports of “primary” commodities, mostly unprocessed minerals or agricultural crops. Botswana exports diamonds; South Africa, gold and diamonds; Nigeria and Angola, oil; Niger, uranium; Kenya, coffee; Côte d’Ivoire and Ghana, cocoa; Senegal, groundnuts; and so on. The world prices of primary commodities are notoriously volatile, with huge price increases in response to crop failures or increases in world demand and equally dramatic price collapses, none of which are easily predictable.

The cut-off point between reserves and resources is a function of prices and technology. It is not static. As prices go up, resources become commercial reserves. As prices go down, reserves may become uneconomical resources. The frontier is changing all the time. New technologies can increase reserves via “quantum leaps”. In 2003, the EIA4 revised Canadian reserves from 5 billion barrels to 180 billion (a 3600% increase) thanks to improvements in the extraction technology of oil sand. The revision catapulted Canada to the top three in the world, along with Saudi Arabia and Venezuela.

In the early 1990s, Khodorkovsky made a fortune by attracting government deposits to his bank and speculating against the collapsing ruble. His bank, Menatep, was the largest holder of government funds, and much of the profit he made as a banker came at the government’s expense.19 Khodorkovsky used his banking business to expand into other sectors, purchasing the Yukos oil company at a knock-down price in 1995 through a scandal-plagued privatization scheme.

El Rabioso sees this as an act of punishment, of just retribution. The Western world has used up more than our share of the world’s energy, the world’s resources, and we must be punished,” Mr. Murry said. “We are responsible for the acutely serious oil and coal shortage, the defoliation of trees, the grave damage to the atmosphere, and he is going to make us pay.” “We stand accused,” Sandy said, “but if he makes us pay, Vespugia will pay just as high a price.” Mrs.

For weeks, as his mission had moved closer to completion, he had increasingly thought about what he would do then—he had no desire to stay in Germany and no reason to return to Lebanon. Within days, he knew, a modern plague—the black pox was how he thought of it—would burst into the public consciousness. Its presence would start slow, like a match in straw, but it would rapidly become what scientists call a self-amplifying process—an explosion—and the whole barn would be on fire. America—the great infidel—would be ground zero, the kill rate astronomical. Deprived of its protector, Israel’s belly would be exposed and at last it would be left to the mercy of its near enemies. As economic activity fell off a cliff, the price of oil would collapse and the ruling Saudi elite—unable to buy off its own people any longer or fall back on the support of the United States—would invoke a fearful repression and in doing so, sow the seeds of its own destruction. In the short term, the world would close down and travel be rendered impossible, as nations sought safety in quarantine and isolation. Some would be more successful than others and though a billion people had died from smallpox in the hundred years before its eradication, nothing like it had ever happened in the modern world—not even AIDS—and nobody could predict where the rivers of infection would flood and where they would turn.

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The kingdom’s population was growing, costs were rising, and the rest of the world was talking with more urgency about using less oil. What would happen when oil prices dropped? To ward off a catastrophe, Alwaleed argued, Saudi Arabia needed to diversify, invest in solar and nuclear energy, and start moving some of its oil wealth abroad so it would have diversified sources of income.

In order to achieve the goals of the Paris Treaty – that global warming should not exceed 1.5 degrees Celsius – CO2 emissions must be reduced to zero by 2050. In order to succeed, we will also need to invent technologies that remove CO2 from the atmosphere in quantities that are equal to all today’s emissions. This is one of the biggest challenges humankind has ever faced. What is being proposed is an unprecedented turnaround in the world’s energy mechanisms. And 2050 is exactly as far into the future as 1990 is in the past. Since 1990, emissions have increased from twenty-two gigatons to thirty-six gigatons. That’s a 60 per cent increase. To get emissions down to zero in thirty years sounds like an unmanageable task. Like constructing a time machine, thwarting gravity or inventing a pill for bringing someone back to life. No one knows whether it’s technically possible to capture thirty gigatons per year. The technology is at an early stage and no one has figured out buildings or infrastructure that could enable us to achieve our goals. Even if we reduce emissions by 50 per cent, our problems will still have increased if we do nothing to remove the carbon dioxide already in the air. If we don’t succeed in that project, the Earth will continue to warm, the glaciers will continue to melt and the sea levels will continue to rise, submerging cities and coastal areas. The market value of a 100 million barrels of oil is about $6 billion, assuming a $60/barrel price for oil. We therefore burn approximately $600 billion a day. If anyone thinks changing our sources of energy will

But this time, if and when discontented Americans like Amy and Sarah do reengage with democracy, it’s by no means clear that they will vote to stick with the capitalism part of the American model. The 1970s represented the first protracted stumble after the recovery from the Great Depression, with two oil-price shocks and a nasty recession mid-decade. Had recovery from those challenges been as strong as that in the late 1930s and 1940s, no doubt faith in the system would once again have been vindicated. Instead, as the data shows, the post-1970s decades have been, for Americans like Amy and Sarah, a slow drip feed of disappointment and frustration. In this environment, a more sinister narrative about capitalism has been taking root. Capitalism is no longer unambiguously about everybody working hard and getting ahead—it is about the benefit of overall economic growth flowing so disproportionately to rich people that there just isn’t enough left for average Americans to consistently advance. If the little that does trickle down isn’t enough to keep Amy and Sarah afloat, then sooner or later they will wonder why they trust the management of the economy to Wall Street CEOs and Beltway politicians and policy wonks. And then they will surely reengage with the democratic part of the US system—probably with dramatic and potentially harmful results. To be sure, it is always tempting to look for a clear, easily identified whipping boy—a bad president, an atrocious piece of legislation, callous Wall Street, venal hedge funds, the unfettered internet, runaway globalization, or self-absorbed millennials. While no one of these can be held responsible for the yawning inequality of the US economy and the alienation that it engenders, many actors have played a role. It has taken almost half a century of both Democratic and Republican presidents and houses of Congress to get us to the current point. And if numerous actors are in part responsible, then we have to ask—given all that the data shows—whether there may be a fundamental structural problem with democratic capitalism. If so, can we fix it?

Non-Westerners also do not hesitate to point to the gaps between Western principle and Western action. Hypocrisy, double standards, and “but nots” are the price of universalist pretensions. Democracy is promoted but not if it brings Islamic fundamentalists to power; nonproliferation is preached for Iran and Iraq but not for Israel; free trade is the elixir of economic growth but not for agriculture; human rights are an issue with China but not with Saudi Arabia; aggression against oil-owning Kuwaitis is massively repulsed but not against non-oil-owning Bosnians. Double standards in practice are the unavoidable price of universal standards of principle.