Best Of The Web
“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 Best Of The Web
"With the weakest of hands, an economy not much larger than that of Spain, and a GDP per capita several thousand dollars smaller than Malaysia, he has asserted massive negative influence over the globalized world."
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"US President Donald Trump recognized Jerusalem as Israel's capital exactly one year ago, breaking with decades of international consensus in the process. What was the historic move and what impact has it had?"
"With a decade’s worth of hits under her belt, Gaga is definitively one of the biggest stars in the world. Rolling Stone dubbed her the “Queen of Pop” in 2011."
"Have the scars of the housing bust turned us away from the American dream of homeownership? Survey data suggest otherwise.... We simply can’t afford to pursue that dream right now.'
"Even as phones and tablets extend their reach into daily life, a bigger screen remains supreme... the average American household watches nearly eight hours of television a day."
"Parties, private jets, and multimillion-dollar paintings: Art Basel Miami is part of a global network of art fairs that have transformed the worldwide art market."
"Dutton Books for Young Readers, a division of Penguin Random House, is releasing a series of tiny books that give the act of reading a studied whimsy."
"The presence was so disruptive, she added, that some children had a hard time when their parents left. Others were disappointed that their parents did not come for lunch."
"The kitchen — named after the Hebrew phrase “L’Chaim,” which means, “To Life!” — features a menu of Americanized Jewish food items such as pastrami on rye, potato knish with herb sour cream..."
"Life on the sprawling grasslands precipitated a shift from individualistic ways of living to more cooperative ways. This was the birth of what you might call “social intelligence,” and it changed the way our minds work."
"When you have headlines about “white privilege” and “evil white men,” Jews become the epitome of whiteness—except, of course, for neo-Nazis, who see Jews as hyper-integrationists."