Word: barrelfuls
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...global warming), but others for the sake of cutting U.S. dependence on the volatile Middle East. And they have some radical ideas about how to do it. "We live in a world in which a terrorist attack in the Middle East could push oil well over $100 a barrel and send the world economy into a tailspin," says former CIA Director James Woolsey, now a vice president at consulting firm Booz Allen Hamilton. One organization he belongs to, the Energy Future Coalition, shot off a letter last month to Pete Domenici, chairman of the Senate Committee on Energy and Natural...
...only nonmusic company to think CDs will boost the bottom line. Victoria's Secret, which started the trend with a line of classical CDs back in 1988, recently sold a Bob Dylan compilation in its lingerie shops. Target is selling an exclusive EP from singer Rob Thomas, and Cracker Barrel Old Country Stores are serving up a special disc from country stars Alison Krauss and Union Station. Pottery Barn has put out more than 70 different titles, with music touted among its top-grossing product categories. The Gap, Restoration Hardware, Lane Bryant and Eddie Bauer have released unique, company-branded...
Correct. "Oil prices have moved to a higher level, and they're going to stay there," says Wyss. Expect crude to remain around $50 a barrel, while gasoline could reach $5 a gallon within the next few years. There will always be blips in both directions. A hard landing for the Chinese real estate market, for example, could stall growth and cause a sudden drop in oil prices. "People would be terrified [by such an economic slowdown]," says Jim Rogers, a prominent commodities investor. "But it wouldn't last." Politics can also create short-term volatility: trouble in Saudi Arabia...
Only if they replace oil consumption. Building nuclear plants or wind farms to produce electricity, for example, won't add a barrel of oil to the world's supply because we generally don't use oil for electricity. Most electric-power plants run on coal or natural gas, another fossil fuel that will eventually peak, although later than oil will. Building more terminals to receive liquefied natural gas, as Bush has suggested, simply makes it easier for us to import more natural...
...extent of the economic damage depends on how fast oil prices rise. A slow climb "gives people time to adjust," he argues, and affords industry time to develop new or more efficient technologies. Crude prices have been steadily rising over the past two years--to nearly $60 a barrel, compared with $30 in early 2004. While individuals are certainly feeling the pinch, the economy overall so far has continued to grow...