Word: barrelling
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...gasoline prices at the pump-higher than you might have figured. And that spells windfall profits for energy companies, especially big oil firms like ExxonMobil and ConocoPhillips. But these stocks have been surging for more than a year. Wall Street has priced in oil at $65 or so a barrel. For the stocks to be a buy now you have to expect oil to keep going higher. Yet as the waters recede around New Orleans and oil firms in the region get back on their feet and start pumping more oil, the near-term direction of oil prices-and energy...
...will we pay for it? Democrats say President George W. Bush should consider increasing taxes on the wealthy, while some Republicans, including Arizona Senator John McCain, want lawmakers to cut back on pork-barrel spending. But Congress is highly unlikely to achieve either goal. Instead, Washington is expected to continue borrowing money without finding ways to pay for it. The bulk of the rebuilding costs will probably show up in next year's budget deficit, which was estimated--pre-Katrina--to exceed $314 billion...
These are all questions that must be answered just as assuredly as questions about the federal government’s responsiveness. Question funding cuts to the Army Corps of Engineers in a period of unrestrained pork barrel spending. Ask why FEMA head Michael Brown seemed to know less about the unfolding disaster than the average viewer of Fox News or CNN. But, please, spare the outlandish rhetoric, demagoguery, unsubstantiated speculation, and race-based bile. It is true that the Louisiana National Guard does have troops in Iraq, but the Mississippi National Guard has an even larger percentage of its forces...
...sticker prices. As one of the world's growing gas hogs, China's conservation efforts matter enormously. But it will take time for such measures to have much impact?and until they do, China's neighbors may simply have to get used to oil at almost $70 a barrel. It's a painful prospect...
...nipping inflation in the bud. And critically, China's status as the low-cost workshop of the world helps lower prices?and keeps them down?for everything from underwear to DVD players. "If you had asked two years ago where the economy would be if oil hit $65 a barrel, we would have been far less upbeat than we are today," says Mark Wall, a London-based European economist for Deutsche Bank...