What happened? Hurricanes Katrina and Rita disrupted production and added a risk premium to the price of oil. Events in the Middle East haven’t helped. That said, private inventories have increased by 11% since I wrote that column. The price of oil for future delivery now exceeds the spot price. This price structure implies that inventories are abundant. Barring further unpredictable events, it looks like we will finally see that $10 oil price drop.
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In this issue of the Cato Journal, economists Geoffrey Black, D. Allen Dalton, Samia Islam, and Aaron Batteen offer one prominent example of allowing the market to work. Also in this issue, economists Jason E. Taylor and Jerry L. Taylor reexamine the relationship between marginal tax rates and U.S. growth, and Robert Krol looks at bias in CBO and OMB economic forecasts.
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The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.