Oil prices are falling because of changes in world supply and world demand. Demand has slowed because Europe is an economic wreck. But since 2008 the U.S. has increased our domestic supply by a gigantic 50 percent. This is a result of the astounding shale oil and gas revolution made possible by made-in-America technologies like hydraulic fracturing and horizontal drilling. Already thanks to these inventions, the U.S. has become the number one producer of natural gas. But oil production in states like Oklahoma, Texas and North Dakota has doubled in just six years.
American workers and motorists got some badly-needed relief this week when the price of oil plunged to its lowest level in years. The oil price has fallen by about 25 percent since its peak back in June of $105 a barrel. This is translating to lower prices at the pump with many states now below $3 a gallon.
At present levels, these lower oil and gas prices are the equivalent of a $200 billion cost saving to American consumers and businesses. That’s $200 billion a year we don’t have to send to Saudi Arabia, Kuwait and other foreign nations. Now that’s an economic stimulus par excellence.LINK
The authorities and the media, alas, convinced just about everyone but Cummock. The public relaxed, and the pressure for increased airport security deflated quickly. The Boston Globe reports what happened next:
By the time of the presidential election, other airlines had poured large donations into Democratic Party committees: $265,000 from American Airlines, $120,000 from Delta Air Lines, $115,000 from United Air Lines, $87,000 from Northwest Airlines, according to an analysis done for the Globe by the Center for Responsive Politics, which tracks donations. In all, the airlines gave the Democratic Party $585,000 in the election’s closing weeks. Over the preceding 10-week period, the airlines gave the Democrats less than half that sum. LINK
"What are our values?" Warren asked the audience, some of whom held up "Run Liz Run" signs. "What does it mean to be a progressive?"
She went on to outline 11 tenets of progressivism:
- "We believe that Wall Street needs stronger rules and tougher enforcement, and we're willing to fight for it."
- "We believe in science, and that means that we have a responsibility to protect this Earth."
- "We believe that the Internet shouldn't be rigged to benefit big corporations, and that means real net neutrality."
- "We believe that no one should work full-time and still live in poverty, and that means raising the minimum wage."
- "We believe that fast-food workers deserve a livable wage, and that means that when they take to the picket line, we are proud to fight alongside them."
- "We believe that students are entitled to get an education without being crushed by debt."
- "We believe that after a lifetime of work, people are entitled to retire with dignity, and that means protecting Social Security, Medicare, and pensions."
- "We believe—I can't believe I have to say this in 2014—we believe in equal pay for equal work."