Word: oiling
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...course, we've been through this before. The price of oil shoots up; we start using less; reduced demand sends the price down; we start using more; pretty soon it's shooting up again. This time, though, it does feel different. It seems as if Americans have made a real and fundamental commitment to consuming less energy. That is not so much out of idealism as it is the good side, for a change, of our short attention span. When the price of gasoline shot past $4 per gal., it was both shocking and reassuring. Economists had long wondered what...
...prevent this second scenario from happening is not to let gas get cheap again. Yes, this is yet another plea for that hoary notion: a big energy tax. Just five months ago, we were essentially paying a tax of $95 per bbl. That's the difference between what oil cost then and what it costs now. This was a "tax" whereby the revenue went into the pockets of oil producers - about two-thirds of them foreign countries and one-third fellow Americans. Isn't there something better to do with the money...
...money back to people by lowering the payroll tax. The payroll tax, or FICA, collects about 15% of your wages or salary - half from you and half from your employer. It is expected to bring in close to a trillion dollars in 2009. Using our windfall from plummeting crude-oil prices alone, we could cut the FICA tax by more than half. Including other forms of energy would bring in even more. (See pictures of oil...
...extremely successful Disney franchise Pirates of the Caribbean. Some gravity, however, is called for: This year alone, pirates with land bases in Somalia have attacked over 100 ships off the coast of Africa. Most notably, they have held a Saudi tanker with over 100 million dollars in oil and a Ukrainian ship full of Soviet-era tanks (the destination of which remains unknown). According to CNN, as of December 5, almost 300 crew in 14 vessels adrift at sea remained hostage to Somali pirates. Clearly, these guys are not your regular Hollywood folk. In the coming days, the Bush administration...
...Founded in Amsterdam in 2002 by Dutch entrepreneur Yves Gijrath, the Millionaire Fair holds shows around the world. But thanks to booming oil prices and Russia's nouveaux riches, the Moscow event had become the jewel in the crown. No wonder. According to the 2008 World Wealth Report by Merrill Lynch and Capgemini, Russia is home to one of the world's fastest-growing populations of millionaires. Last year the number of Russian "high net-worth individuals" (people with a worth of more than $1 million, excluding their primary residence) reached 136,000, a 14% rise over...