Tag Archives: Bloomberg News

business news

OPEC sends a Christmas gift

gas

Bloomberg News reports that the price of gasoline is about to plummet.

Good news, yes? Sure, if you’re a motorist who dislikes pouring money into his motor vehicle fuel tank. I’m one of those.

If you’re a government official who serves a state — such as, say, Texas — that depends on oil revenue to fund government services, well, the news isn’t so great.

My self-interest makes me happy about the news.

OPEC is refusing to cut production of oil. U.S. supplies are at an all-time high. We’re driving more fuel-efficient vehicles these days. We’re developing alternative energy sources. Hey, it’s all good.

I don’t like paying nearly four bucks a gallon for fuel, which is what we were shelling out two years ago. Today, the price of gasoline in Amarillo is around $1.62 per gallon.

It’s interesting, too, to note the silence from Barack Obama’s critics now that fuel prices are heading south. When they were skyrocketing in the other direction about midway through the president’s first term, the critics were blaming him personally for the hardship. These days, he’s getting none of the love.

Does he deserve it? Aww, probably not.

Neither did he deserve the blame when the prices were going the other way.

Thanks, OPEC, for the holiday gift.

Merry Christmas to you, too, OPEC.

national news, political news

Perry IDs critical '16 campaign issue

It’s always a cold day in hell when former Texas Gov. Rick Perry draws praise from anyone on the left end of the political spectrum.

He’s done it, though, with an observation about what he believes is the most critical issue of the 2016 campaign for the presidency.

It involves the Supreme Court.

http://www.msnbc.com/rachel-maddow-show/perry-identifies-the-top-issue-the-2016-race

Steve Benen, writing a blog for lefty commentator Rachel Maddow’s blog, notes:

“But over at Bloomberg Politics, Sahil Kapur reported over the weekend on a South Carolina event, where former Gov. Rick Perry (R) highlighted a central national issue that doesn’t generally get as much attention.
 
“Something I want you all to think about is that the next president of the United States, whoever that individual may be, could choose up to three, maybe even four members of the Supreme Court,” he said. “Now this isn’t about who’s going to be the president of the United States for just the next four years. This could be about individuals who have an impact on you, your children, and even our grandchildren. That’s the weight of what this election is really about.”
 
“That, I will suggest to you, is the real question we need to be asking ourselves,” he continued. “What would those justices look like if, let’s be theoretical here and say, if it were Hillary Clinton versus Rick Perry? And if that won’t make you go work, if I do decide to get into the race, then I don’t know what will.”
The next president likely is going to get a chance to appoint several justices to the highest court in the land. And those appointments always seem to outlast the presidencies of those who select them.
Perry knows a thing or two about these kinds of legacies. He built one himself as the longest-serving governor in Texas history. He appointed several justices to the state Supreme Court and judges to the Court of Criminal Appeals.
As Benen states: “Purely on institutional grounds, Perry is absolutely right – the makeup of the high court will likely give the next president a unique opportunity to shape much of American public life for a generation.”
Uncategorized

Falling gas prices a boon or a bust?

A Bloomberg News Service columnist is issuing a warning about the falling gasoline prices.

They aren’t necessarily good for the nation’s economy or its long-term energy policy.

Pump prices in Amarillo now stand at about $2.92 per gallon for regular unleaded gas. That’s “cheap,” yes? And who would have thought $2.92 would be considered a bargain for gas?

http://www.bloomberg.com/news/2013-11-11/beware-of-falling-gas-prices-ritholtz-chart.html

Barry L. Ritholtz, writing for Bloomberg.com, thinks the price reduction is going to produce a spike in driving. We’re going to forget that we have a limited supply of fossil fuels used to produce gasoline. It happens every time we see these dramatic dips in gasoline prices, as Ritholtz has noted.

Then comes the sticker shock when the next overseas crisis erups in an oil-producing region — Syria, Iran, Egypt, Libya, Yemen … they all come to mind.

I don’t want to sound like a know-it-all, but my wife and I have recently invested in a hybrid automobile. It runs on electricity and gasoline. Our Toyota Prius is our No. 1 in-town vehicle, and so far the investment is paying tremendous returns for us. We’re averaging about 47 miles per gallon and filling it up about every two weeks for a mere pittance of what we normally have paid for fuel.

Our 3/4-ton diesel-fueled Dodge Ram pickup, the one we use to haul our fifth-wheel travel vehicle? That’s another story. Won’t go there. Suffice to say it stays parked most of the time.

We’re all enjoying the relatively cheap fuel at the moment. However, I intend to take Ritholtz’s warning to heart.