Word: oiling
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...According to MarketWatch, "OPEC is ready to make further cuts in oil production in coming months if prices and global demand don't stabilize, the oil cartel's secretary general said at the World Economic Forum...
...world should getting ready for much higher oil prices, even if that will make the recession deeper. OPEC has the capacity to cut demand at a rate to outrun falling supply. It has not done so, but that could change before the end of this quarter. Its member nations are ready to put their own interests ahead of those of both their customers and the economy at large...
...countries in the cartel have relied on oil to build their own infrastructures and sovereign funds. The money has allowed them to invest in businesses throughout the U.S., E.U., and Japan. Now, when assets in those nations are relatively cheap, OPEC members have lost the capital that they need to take advantage of bargains...
...price of oil is moving back up. The only question...
...worry much about miles per gallon. The first cars had small engines and got stellar gas mileage--as high as 21 m.p.g. for the Model T. But as vehicles got faster and larger and grew tail fins, efficiency plummeted. Congress didn't set fuel standards until after the oil embargo of 1973. By 1985, efficiency had improved dramatically, but momentum slowed as the government let standards stagnate. President Barack Obama's support for raising fuel efficiency to 35 m.p.g. by 2020--a move that could save 2 million bbl. of oil a day--has environmentalists cheering...