Word: zagorin
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...what happened? No one knows for sure, but for starters, says TIME national economics correspondent Adam Zagorin, the U.S. economy has not cooled at the rate many economists had hoped - and with a madly successful economy comes an astronomical rate of energy consumption. That demand, of course, means higher prices. And given the parched state of America's oil stocks before OPEC's March breakthrough, explains Zagorin, we remain highly susceptible to any unexpected cutbacks or shortages. When OPEC meets again in June, Secretary Richardson will be there to urge another oil production increase, and if his demands...
...reinforced the idea, in the public mind, that there are many Americans unconvinced about the virtues of globalization. "Like the earlier Seattle protests over trade, the Washington protests have certainly put issues of the world economy on the map of U.S. domestic politics," says TIME Washington correspondent Adam Zagorin. "They've raised the political profile of globalization as an issue, particularly the fact that it produces both winners and losers, and they've increased pressure to take care of the losers rather than simply ignore them...
...move could force an OPEC vote to increase global oil supplies when it meets March 27. "You've got three big oil producers saying they'll increase production, so OPEC will obviously be paying attention," says TIME financial correspondent Adam Zagorin. "OPEC realizes that the market demands a supply increase, but they're interested in doing this in a coordinated way - of building a consensus, so that some countries don't drastically increase production and slash prices." OPEC is also said to be concerned about sparking a recesssion, which would be likely to cause an uncontrollable dip in oil prices...
...ambitious agenda for the coming weeks in which he'll meet with top officials in such oil-producing states as Mexico, Norway, Kuwait and Saudi Arabia. "This is an increasingly visible problem, and it's important to remember that we're in an election year," says TIME correspondent Andrew Zagorin. While economists don't predict that the high oil prices alone could drive inflation in the U.S., it could certainly have an impact on consumer behavior - and thus potentially slow down the high-revving American economy. Auto industry analysts are already pointing to oil prices as a partial culprit...
...economy coughs, the world splutters. "OPEC is aware that if energy prices keep going up it'll hurt the world economy, and that's not in their interest," says Zagorin, noting that the producers also fear the possibility of an oil price collapse. "So they're going want to have an orderly, coordinated plan for easing the supply cuts." When Richardson comes to town, for its own sake, OPEC is likely to listen carefully...