Word: spikes
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...Nothin' his bottled cure-all wouldn't fix. Naturally, he would be long gone when the mob returned with tar and feathers. In this life some things have changed. Snake oil is out; tax cuts are in. High energy prices got ya down? A tax cut will make the spike affordable. Might lose your job in the slowdown? A tax cut will turn this economy around and save your paycheck. That's the Bush pitch: tax cuts as a nostrum for everything, and a lot of folks are buying...
...American consumers to feel the effect at the pump. The lag time for retail prices depends primarily on gasoline inventories. But when there's a fire at an Illinois refinery, as there was on April 28, it takes only a few days for the price of gas to spike at pumps in Detroit. Combine a fire in one place with a new regulation in another and you've got a national price spike like the one that happened last year, when a Michigan pipeline burst in June...
...cooperative. And it remains to be seen if the White House will react to the political alarm bells. It seems that Bush and Cheney have correctly appraised the situation as market-based and, in the near term, pretty much unavoidable. OPEC isn't the problem this time; the current spike at the pumps, as well as any similar (or worse) summer pain, comes down to U.S. refineries - refinery fires, refinery maintenance, whether refineries can run at full capacity until October - not sympathy (or lack thereof) from Washington. As far as the Bush team is concerned, tinkering with the markets...
...American consumers to feel the effect at the pump. The lag time for retail prices depends primarily on gasoline inventories. But when there's a fire at an Illinois refinery, as there was on April 28, it takes only a few days for the price of gas to spike at pumps in Detroit. Combine a fire in one place with a new regulation in another and you've got a national price spike like the one that happened last year, when a Michigan pipeline burst in June...
...decade high three months later, economists were starting to be worried about how badly business activity would be harmed even though oil was not as big a component in the economy as it had been in the '70s. Still, Fed Chairman Greenspan feared the latest spike in energy prices might fuel inflationary pressures again...