Because no one in the Midwest (or anywhere else, for that matter) wants a refinery built next to them. Plus we have oxygenated fuel requirements, reformulated gasoline requirements, and some of us have state-level boutique fuel requirements. So gas prices in the Midwest are the most volatile in the whole country. See, for example, this …
Virginia Postrel has, in her usual succinct and elegant way, pointed out the deficiencies in CAFE standards for promoting decreased energy use: I do think it’s ridiculous to bias federal policy in favor of SUVs and against station wagons and minivans. That’s what the Corporate Average Fuel Efficiency (CAFE) standards for fuel efficiency do. But, …
THIS IS INTERESTING … In my more-thorough-than-first-reading revisit of Daniel Yergin’s The Prize: The Epic Quest for Oil, Money and Power, I have come upon this interesting paragraph describing the attempts of the U.S. government to coordinate oil supplies among Western countries in the face of the 1967 embargo (which was a consequence of the …
More on “is it about the oil?” at Instapundit, from Dave Winer, and from a reader who points our attention to the DOE’s Energy Information Administration’s Country Analysis Brief on Iraq. The EIA CABs are extremely useful and reasonably up-to-date; note that this one was last updated in October 2002. Note also that it gives …
This Brad DeLong post on reading the classics of economic thought is wonderful. Brad uses a Machiavelli letter to illustrate an important point — reading the classics in a body of thought give depth and nuance to your understanding of the current state and practice of methodology. I teach history of economic thought, and I …
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On Tuesday in the Houston Chronicle, Michael Economides addressed the question of the US taking control of Iraqi oil fields in a post-Saddam scenario. He argues that according to existing international law, such an act would be a war crime. Some aspects of such an act would also contradict the Administration’s stated position (via Colin …
Yes, it’s 6:45 here in Chicago and I’m wide awake. I can thank the Lumpen ProletariCAT for that one. Good thing she’s cute, she’s such a pest.
I am trying to stay at arm’s length from advocacy for or against going into Iraq (for many reasons, including the deep philosophical conflicts that Will Wilkinson articulated beautifully in this post). I do, though, keep up with goings-on in oil and natural gas industries, so I have a pretty good idea of who has …
Gas prices spike in the Bay Area, home heating oil prices are high due to oil prices and cold weather, and the IEA continues to be worried about short-term oil supplies. This FT article on the low US crude supplies reiterates much of what I posted yesterday, but it also refers to the fact that …
According to this Bloomberg Energy story, the Energy Department reports that domestic gasoline inventories are unexpectedly high. The effect of these inventories is depression of oil prices today. But the story doesn’t give any detail on whether or not the increased inventories are due to production increases, consumption declines, or a combination of both. I …
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