Word: crude
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...question is how hard the oil shock will strike an economy that is already staggering. So far, crude-oil prices, which closed at $26.23 per bbl. last week, have jumped about 40% in recent weeks. For the moment, that is far less than the price hikes of the 1970s, which reached more than 300%. Those oil shocks gave rise to the dread combination of high unemployment and double- digit inflation, which became known as stagflation...
...even the current oil run-up could have a substantial and damaging effect on the way Americans work, shop and spend their leisure time. Every $1-per- bbl. increase in the cost of crude oil acts like a tax to siphon income from consumers and companies. Laurence Meyer, a Washington University economist who runs his own forecasting firm in St. Louis, had predicted a recession even before the oil shock. If prices charged by the Organization of Petroleum Exporting Countries reach $30 per bbl. in the fourth quarter, Meyer says, the GNP would decline a painful 3.6% during the period...
Come to think of it, they are. But, come to think of it, almost everyone else in a Spike Lee movie is a stereotype too. That's what crude, careless sensibilities like Lee's deal in. He means to be affable here and pay some sort of tribute to the world of his father Bill, a jazzman who wrote the film's score. But despite firsthand knowledge, his story of how the career of trumpeter Bleek Gilliam (Denzel Washington) is undone by pride, womanizing and unwise affection for a shiftless manager (played by Lee) is conventionally romantic...
...increase would bring $50 million into state coffers. Stephen Brown, a senior economist for the Federal Reserve Bank of Dallas, estimates that if oil remains at $22 per bbl. or better, the economic stimulation would create another 50,000 jobs in the state. At week's end West Texas crude was trading at more than...
George Bush's hands would have been freer if the U.S. had used the past 10 years to develop an effective policy that reduced its thirst for foreign crude. It has not done so for two major reasons. First, concerns about protecting the environment have hampered the development of domestic alternative energy sources such as offshore oil and coal. Second and more important, any effort to wean the U.S. from foreign energy sources would require forcing consumers to pay a higher price for gasoline and other fuels. In the early 1980s, when the price of crude rose to more than...