PEN-Lers,
Item from The Sacramento Bee website:
OPEC boost in oil output not expected to cool prices
By BRUCE STANLEY, Associated Press
(clip)
LONDON (September 8, 2000 2:28 p.m. EDT http://www.nandotimes.com) -
Analysts predict that OPEC will agree to raise its official output by no
more than 800,000 barrels a day -- 3 percent of each member's production
quota. They say such an increase would do little if anything to rein in oil
prices, which have more than tripled during the past 20 months and have
continued rising this week to new post-Gulf War highs.
Well, yes. But the Sac. Bee article deftly omits one big part of the global
oil production story: World consumption of oil was 76 million barrels a day
during January-April 2000, an increase of eight million barrels a day since
1990, according to the International Energy Agency (IEA). And the US? Its
oil consumption was a mere 19 million barrels per day during January-April
2000 versus 17 million barrels in January-April 1990.
Will Goldilocks meet the Three Bears now, Jim D.?
Seth Sandronsky
pomo or the economy?
by Michael Perelman
08 September 2000 23:40 UTC
Colin reminded us that the discussion on postmodernism seems to crop up
every couple years. I cannot for the life of me understand why on this
list people get so much more energized discussing the subject, when
economic questions, such as the discussion of educational vouchers, seem
to get relatively little attention here.
I subscribe to the Sacramento Bee, which today had a headline suggesting
that higher oil prices might be leading to a recession. I would think
that would be very important for us to be ready to explain why a
recession happened. It would be easy to fob it off onto environmental
restrictions, that supposedly cause higher oil prices. Or perhaps
excessive regulation or any of the other usual suspects.
Don't you think that we should be more interested in what's happening or
what is about to happen in the economy rather than debates about
literary criticism?
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
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