We estimate that 1.8 million barrels per day of consumption must be squeezed out next year through the impacts of higher prices.
The Fed Challenge is a great way for students to learn about monetary economics outside of a classroom.
If there was an easy solution that was politically and financially viable, they'd have done it by now.
We'll get there on the back of rising oil prices.
I think everybody is frustrated by the inability of the current system to insure more people in the United States, and I think states are under incredible fiscal pressure to lower their (health care) costs in whatever way they can.
Part of what drew us here is the wildlife. Every night we see deer, bears, turkeys and coyotes. It's like living on the Serengeti.
When you juxtapose that with the apparent insensitivity of the demand curve, then what happens is that even though it's a relatively small reduction in supply, you need huge price increases to rein in demand.
About 42 percent of the growth in global demand is coming from China, where there is virtually no price sensitivity to demand. There's a huge relationship to income growth there, but a very uncertain relationship to price at all.
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