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“Oil is in a bear market. Put less melodramatically, prices have dropped more than 20 percent from their recent high early last month. Not only that, West Texas Intermediate crude futures have managed to fall for 10 straight, which is a historically impressive losing streak.
Why is this happening? The best explanation appears to be that producers ramped up supplies to fill an expected gap that would be left by the U.S. pending sanctions on Iranian crude exports. But what producers didn’t seem to anticipate was the U.S. granting a number of countries waivers to buy oil from Iran, meaning that the effect on global supplies won’t be as great as expected. So, there’s now a glut of crude sloshing around the world.
Stepping back a bit, there is a bigger picture theory that’s in vogue to fit what is happening. As oil prices spiked 10 years ago, the notion of “Peak Oil” got a lot of attention. This idea basically proposed that supply had peaked, reserves would steadily start to run out and oil prices would rise. Now, the notion is of Peak Demand. New services-oriented economies are not as dependent on oil as economies built on manufacturing. Demand may, indeed, have peaked.”
JJ Editor's Daily Picks
"Apple, Google, Starbucks, and companies like them all claim to be socially responsible, but the first element of social responsibility should be paying your fair share of tax."
"One problem with today’s polarized politics is that both parties don’t mind stretching constitutional limits to achieve their policy goals. Democrats cheered on Barack Obama’s legal abuses on immigration and so much more..."
"The Democratic Party has problems with Israel. But Reps. Ilhan Omar (Minn.) and Rashida Tlaib (Mich.), the new members of Congress who have attracted attention with toxic tweets and support for boycott, are not the main protagonists."
"Chicago Police sources now suggest he staged what he says was a racist and homophobic attack on him. Smollett vigorously denies it. Whatever the truth, it's a moment to reflect."
"In talmudic tort law.. the responsible party must transfer to the plaintiff an area of his best land of equivalent value- rather than a larger area of low-quality land. From the standpoint of classical economics, such a requirement is nonsensical."
"“Alexa, can I use you on Shabbat?” The journalist spoke into a small glass-and-metal device he held in his hand, which connected him to a distant supercomputer in a place known only as “the Cloud.”"
"Racial capitalism is the process of getting some sort of social or economic benefit from someone else’s racial identity. In the United States, this usually, though not always, involves white people benefiting from nonwhite racial identity."
"A gay French writer has lifted the lid on what he calls one of the world’s largest gay communities, the Vatican, estimating that most of its prelates are homosexually inclined..."
"I’ll state the obvious and say that much if not all of the reason my life hasn’t changed is that I’m not a parent. Children are life’s great timekeepers, and when you don’t live with any, you’re at the mercy of your own internal clock..."
"...cooking without recipes is a kitchen skill same as cutting vegetables into dice. It’s a way to improve your confidence in the kitchen and to make the act of cooking fun when sometimes it seems like a chore."
"Psychedelics have frequently been maligned in both the scientific community and mainstream culture. But new medical research and a more capacious understanding of the drugs have started to shift opinions."
"The story of angels stretches all the way back to the opening sections of the Book of Genesis. There, God posts cherubs as sentries at the gates of the Garden of Eden, following Adam and Eve’s expulsion. "