Word: barrelfuls
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...reports that promise an easy solution to a complex problem need to be taken with a degree of skepticism, and Winning the Oil Endgame is no exception. The usual pork-barrel politics could quickly bog down some of the policy prescriptions in the book, like loan guarantees for the development of new energy-saving technologies. But in a sensible presidential election, the recommendations of Winning the Oil Endgame would be discussed and debated from now through November. Don't hold your breath...
...widening public-sector deficit by adopting a package of revenue-producing and cost-cutting measures. President Gloria Macapagal Arroyo has declared that we are in the midst of a fiscal crisis. In spite of those dire conditions, our lawmakers wouldn't dream of cutting their congressional pork-barrel funds. President Arroyo, quo vadis? Joel R. Hinlo Las Pi?as City, the Philippines...
...year on year in August, making it less likely that the country can reach this year's target GDP growth of 5%. In this precarious situation, a spike in oil prices might well tip the country into recession. "Needless to say, if oil prices were to approach $50 per barrel and stay there, all bets would be off," wrote Goldman Sachs economist Sun Bae Kim in a recent report...
...warns that "China can't grow at this speed when oil prices are this high." China's annual oil bill is running at $89 billion, or 5.3% of GDP, twice as high as the global average, says Xie, who worries that if oil prices remain above $30 per barrel, growth rates will inevitably be hit. "They have to slow down," Xie says. "There is no alternative...
...With luck, relief might be on the way. White, the Asia strategist for Merrill Lynch, expects crude to fall to about $35 per barrel, easing the pressure on regional economies. He sees Asia's GDP growth contracting from about 7% this year to just under 6% in 2005?still an eminently respectable performance. But in a world kept constantly on edge by terrorism, the threat of a price shock triggered by a spectacular attack on energy infrastructure or by further instability in the Middle East can't be dismissed. Says the foreign executive at the Guangdong power plant...