Word: crude
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Dates: during 2000-2009
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...stations. In 1974, in an attempt to overcome the unintended consequences of price controls, drivers in many places were permitted to buy gasoline only on odd or even days of the month, depending on the last digit of their license plate number. Moreover, with the controlled price of U.S. crude oil well below world prices, growth in domestic exploration slowed and production was curtailed--which, of course, only made things worse...
...Fast-forward now to 2003. In that year, crude oil cost a little more than $30 per barrel.3 Since then, crude oil prices have increased more than fourfold, proportionally about as much as in the 1970s. Now, as in 1975, adjusting to such high prices for crude oil has been painful. Gas prices around $4 a gallon are a huge burden for many households, as well as for truckers, manufacturers, farmers, and others. But, in many other ways, the economic consequences have been quite different from those of the 1970s. One obvious difference is what you don't see: drivers...
...efficiency was less the result of government programs than of steps taken by households and businesses in response to higher energy prices, including substantial investments in more energy-efficient equipment and means of transportation. This improvement in energy efficiency is one of the reasons why a given increase in crude oil prices does less damage to the U.S. economy today than it did in the 1970s...
...hostility focused on land and water - southern Sudan has more water than the north, on the edges of the Sahara - today that has been reinforced by oil. The ICG says 70% of Sudan's oil reserves also lie in the south. Much of the 500,000 barrels of crude exported every day from Sudan is pumped from Abyei. The south, whose various leaders agitate either for independence or at least meaningful autonomy, complain they see little gain from the wealth under their soil. One Western diplomat estimates oil has earned the south $3.5 billion since 2005, a sum that could...
Such pushback may have been an act of chivalry in the face of talk-radio furies and bloggers attacking, as one commenter did, "the bitter, anti-American, ungrateful, rude, crude, ghetto, angry Michelle Obama." But it also may signal that as attention turns to the general campaign, Michelle could be a liability as well as an asset. Her speeches can sound stark and stern compared with her husband's roof raisers. He's all about the promise; she's more about the problem. It's not just that she says times are hard and "we're not where we need...