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.

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.

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.

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.]

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.

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.

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.

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!

...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.

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.

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...

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.

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.

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

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.

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.

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

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.

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")

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.

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.

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.

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.

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.

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.

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.

Observing prices of agricultural commodities in the Roman empire in terms of grams of gold shows they bear remarkable similarity to prices today. Examining Diocletian's edict5 of prices from 301 AD and converting gold prices to their modern-day U.S. dollar equivalent, we find that a pound of beef cost around $4.50, while a pint of beer cost around $2, a pint of wine around $13 for high quality wine and $9 for lower quality, and a pint of olive oil cost around $20.

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.

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.

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.

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?

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.

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.

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 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.

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.

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.

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

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.

Oil “Soviet Russia cannot survive without Baku’s oil,” told comrade Vladimir Lenin. One of the plans was to drain the Caspian Sea: “Is it possible? Can you drain the Caspian Sea?” said the powerful Stalin. It was more an order than a question.” (- Angelika Regossi, “Russian Colonial Food”. Chapter: Azerbaijan - Oil Country). Mafia “With his wife Victoria, they reigned here for nineteen years. This period Georgians called ironically the Victorian Era, and his wife got the name Queen Victoria. Victoria created the system when all was for sale: state documents ten times the price; 5,000 roubles to enter the Communist party; 50,000 for the judge job, … “ (- Angelika Regossi, “Russian Colonial Food”. Chapter: Gruzia - Where Soviet Mafia Was Born). Smoking “Smoking breaks in the USSR were long and often—and became an official excuse not to work, causing huge damage to the already failing state economy. But on the other hand, with zero unemployment and prison terms, if you are not on a payroll, the state could not provide enough work for everybody. People had to show up every day in the workplace. Boredom from nothing-to-do turned into massive laziness and Soviet workers spent long hours in the smoke rooms. For some, it was a place to relax, for others, to provoke a frank conversation—because … Well, let’s talk about it later.” (- Angelika Regossi, “Russian Colonial Food”. Chapter: Litva - Friends and Rebels). God “The bus was driving slowly, just forty km an hour on the slippery winter road. Outside was a spectacular view of the Caucasus mountains. Here and there appeared churches: nearby and far away, but always on the top of the hill: “Closer to God, as high as possible,” crossed His mind. The bus stopped with a creaking sound, and He slowly got off: “For me, Khor Virap Monastery will be the resting place: from the Soviet life … from the communist lies … I shall spend here the rest of my life. And from here … I shall go to eternity …” these were His last thoughts before He entered the monastery gate. He was dead tired from all that happened, walking uphill closer to God.” (- Angelika Regossi, “Russian Colonial Food”. Chapter: Armenia - Road in the First Christian State).

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

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.

Our curious Western relationship with the country reinforces their strange status. We beg them to buy yet another squadron of supersonic interceptors to go with their latest platoon of tanks, plead with them to keep the price of oil low, and praise them as reliable partners in the Middle East while turning a very blind eye to their extreme distaste for democracy, not to mention the fact that they supplied nearly all the 9/11 terrorists and continue to promote dissent in the Islamic world.

We wandered the entire length of the street market, stopping to buy the provisions I needed for the lunch dish I wanted to prepare to initiate l'Inglese into the real art of Sicilian cuisine. I took l'Inglese around the best stalls, teaching him how to choose produce, livestock, game, fish, and meat of the highest quality for his dishes. Together we circled among the vegetable sellers, who were praising their heaps of artichokes, zucchini still bearing their yellow flowers, spikes of asparagus, purple-tinged cauliflowers, oyster mushrooms, and vine tomatoes with their customary cries: "Carciofi fresci." "Funghi belli." "Tutto economico." I squeezed and pinched, sniffed, and weighed things in my hands, and having agreed on the goods I would then barter on the price. The stallholders were used to me, but they had never known me to be accompanied by a man. Wild strawberries, cherries, oranges and lemons, quinces and melons were all subject to my scrutiny. The olive sellers, standing behind their huge basins containing all varieties of olives in brine, oil, or vinegar, called out to me: "Hey, Rosa, who's your friend?" We made our way to the meat vendors, where rabbits fresh from the fields, huge sides of beef, whole pigs and sheep were hung up on hooks, and offal and tripe were spread out on marble slabs. I selected some chicken livers, which were wrapped in paper and handed to l'Inglese to carry. I had never had a man to carry my shopping before; it made me feel special. We passed the stalls where whole tuna fish, sardines and oysters, whitebait and octopus were spread out, reflecting the abundant sea surrounding our island. Fish was not on the menu today, but nevertheless I wanted to show l'Inglese where to find the finest tuna, the freshest shrimps, and the most succulent swordfish in the whole market.

People usually ask for sanctions against Saudi Arabia or Russia as long as the pump price for gasoline does not jump.

his peers have expressed considerably more skepticism. “There is nothing Tesla [can] do that we cannot also do,” Fiat Chrysler CEO Sergio Marchionne said in June 2016. Two years earlier, he had asked customers not to buy the Fiat 500e electric car, because the company lost $14,000 on the sale of each one. Fiat would sell the minimum number of electric cars needed to meet government mandates and “not one more,” he said. In April 2016, Marchionne continued that theme in an interview on the sidelines of his company’s annual meeting, this time responding to the price of the Model 3. If Musk could show him that the car would be profitable at the $35,000 price tag, Marchionne said, “I will copy the formula, add the Italian design flair, and get it to the market within twelve months.” The German automakers have been even more dismissive. In November 2015, Edzard Reuter, the former CEO of Daimler, called Tesla a “joke” and Musk a “pretender,” suggesting in an interview with a German newspaper that Tesla didn’t stand up to serious comparison with “the great car companies of Germany.” Daimler, BMW, and Volkswagen were slow to accept that Tesla could one day challenge their market dominance. “German carmakers have been in denial that electric vehicles can create an emotional appeal to customers,” Arndt Ellinghorst, an automotive analyst at Evercore ISI, told the Los Angeles Times in April 2016. “Many still believe that Tesla is a sideshow catering to a niche product to some tree-hugging Californians and eccentric US hedge fund managers.” GM wasn’t quite so blasé. In 2013, then CEO Dan Akerson established a team within the company to study Tesla, based on the belief that it could be a big disrupter. GM’s Chevrolet Volt, a hybrid sedan that could drive about forty miles in full electric mode, had won Motor Trend’s 2011 Car of the Year, but GM was looking further into the future. At the 2015 Detroit auto show, it unveiled a concept of the Chevy Bolt, a two-hundred-mile electric car that would retail for $30,000 (after a $7,500 rebate from the US government). It was seen as a direct response to Tesla and new CEO Mary Barra’s biggest risk since she took over in 2014. Wired magazine celebrated the Bolt’s impending arrival with a February 2016 cover story about how GM had beaten Tesla “in the race to build a true electric car for the masses

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. Politics, too, is a second-order chaotic system. Many people criticise Sovietologists for failing to predict the 1989 revolutions and castigate Middle East experts for not anticipating the Arab Spring revolutions of 2011. This is unfair. Revolutions are, by definition, unpredictable. A predictable revolution never erupts.

There is basically nothing new in the calls to protect Western steel producers from Chinese imports or to subsidize domestic low-carbon energy generation to substitute for imports of oil, gas and coal. The emphasis by populist politicians on the negative effect of free trade, and the need to put up different types of walls to prevent the free movement of goods and labour, also gestures back to the mercantilist era, with emphasis more on getting the prices right (including exchange rates and wages) than on making the investments needed to create long-run growth and higher per capita income.

The average efficiency of an internal combustion engine in converting fuel into a car’s forward energy ranges from about 14 to 30 percent. For the electric car, it’s about 90 percent. But the real difficulty for anyone arguing the case for gasoline cars is found in the economics. We are fast approaching a time when gasoline cars will no longer be able to compete with electric cars on price. To date, the number one factor holding Tesla back from offering cheaper cars has been the energy cost per unit of its lithium-ion battery packs, which is why it started by selling only high-end vehicles in which the cost of the battery could be absorbed by the premium price point. Tesla has never revealed exactly how much of its cars’ costs can be attributed to the battery pack, but in 2013, chief technology officer JB Straubel told the MIT Technology Review that it accounts for less than a quarter of the cost of each vehicle—which for the eighty-five kilowatt-hour Model S, at that time, would have put the battery pack somewhere in the $18,000 to $25,000 range (assuming Straubel was factoring feature-rich versions of the car into his calculations). That would have put the cost per kilowatt-hour of the battery pack at anywhere between $210 and $300.

battery prices will fall to $100 per kilowatt-hour by 2023 just by following the 16 percent per year cost improvement that the world saw between 2010 and 2016. And that’s probably a conservative estimate. GM has predicted that its lithium-ion cell costs will hit $100 per kilowatt-hour by 2021. Keep in mind that these cost reductions require no breakthrough in battery technology, and they don’t take into account improvements likely to arise from increased competition, consolidation, scale, and innovation as automakers and utilities push further into the market. The effect will be dramatic.

both Tesla and GM think battery prices will come down fast enough for electric cars to be more affordable than equivalent gasoline cars by the early 2020s. The Chevy Bolt sells for less than $35,000, after subsidies. Tesla plans to be producing Model 3s at a rate of hundreds of thousands a year by 2019. Other electric car companies, new and old, are developing competitive strategies. It is still difficult to predict how quickly the sales of electric cars will overtake those of gasoline vehicles. Even assuming all goes well for Tesla and their electric competitors, it could take years, or decades. Bloomberg New Energy Finance’s study estimated that electric cars will account for 35 percent of new car sales by 2040. That’s based on battery prices decreasing at a slower rate than Tesla and GM anticipate. But, as noted earlier, gasoline cars will face the difficult task of competing with electric cars that are both cheaper and better.

Could the electric car follow the same path? Count Elon Musk among the believers. ‘‘At the beginning of last year [2015], we had fifty thousand cars in total on the roads worldwide, and then last year we produced another fifty thousand cars,” he said in January 2016. “So the total fleet of Tesla vehicles doubled last year. It will approximately double again this year.” We shouldn’t take Musk’s word for it, of course—Tesla’s 2016 production fell about twenty-five thousand cars short of doubling the previous year’s tally—but consider that many of the effects that spur demand for electric vehicles are only just starting to take hold. The decline of battery prices, which will make electric cars more affordable, is probably the biggest factor influencing demand, but there are others. For a start, many hundreds of millions of people still don’t know a thing about electric vehicles that aren’t golf carts or hybrids like the Toyota Prius.

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.

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.

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.

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.

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.

When I am asked why my real estate will not go down in a crash, I remind them that my real estate holdings are always near jobs, jobs that are not affected by stock market crashes. For example, most of our apartment complexes are in major oil industrial cities like Houston and Oklahoma City, or next to hospitals, colleges, and large insurance companies. The price of oil may go up and down, but cash flow from renters keeps flowing.

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 of the costs are figured into the price. Society is not bearing the cost of water pollution, of antibiotic resistance, of food-borne illnesses, 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.

War could cause a rise in oil prices, but not scheduled war—since prices adjust to expectations. It has to be “in the price,” as he said. Indeed, on the news of war, oil collapsed from around $39 a barrel to almost half that value, and Tony turned his investment of three hundred thousand into eighteen million dollars. “There are so few occasions in one’s life, you can’t miss them,” he later told Nero during one of their lunches as he was convincing his non–New Jersey friend to bet on a collapse of the financial system. “Good speculative bets come to you, you don’t get them by just staying focused on the news.

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.