The US Energy Information Administration (EIA) recently released full-year 2011 world oil production data. In this post, I would like show some graphs of recent data, and provide some views as to where this leads with respect to future production. World oil supply is not growing very much Figure 1. World crude oil and other "liquids" supply has dropped below the 1983-2005 trend line in recent years. Actual data is from EIA International Petroleum Monthly, through December 2011.
The irony and hypocrisy in chancellor Angela Merkel's first parliamentary speech of her third term would be astounding were it not par for the "Everything for Germany" course of action. Please consider Chancellor Urges Reforms to Preserve EuroIn her first parliamentary speech since her re-election for a third term on Tuesday, she warned that Europe needed to take further action to make the euro zone crisis-proof.
Canada and the European Union have reached an agreement in principle on a free-trade deal that will give Canadian businesses preferential access to an EU market of 500 million consumers and lead to what the federal government says are cost savings for consumers. Here is Prime Minister Stephen Harper’s official statement:
By Josh Barro Economists agree: If the eurozone does not break up, it will have to move closer together. They're right. But it's easy to understand why Europeans are not eager to heed their advice. Basically, the proposition of European integration is that the Netherlands should end up like Connecticut. And even though Connecticut is a lovely place, the Dutch have good reason to be wary of that. It's expensive to be Connecticut, because Connecticut has to pay for Mississippi and Alabama.
While the Greek government has wasted the past 4 months experiment with game (and hope) theory-based negotiations with the Troika, debating what reforms it should implement, what the budget surplus should be, and how much of a pension and wage haircut the local workforce should undergo just to keep the trickle of European money flowing and "allow" the IMF to repay Greek IMF obligations and the ESM to repay the ECB, the Greek economy has slammed into a brick wall because according to Greece's retailers association, about 59 businesses close down and some 613 jobs are being lost each