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.
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:
A few hours ago, Greek lawmakers approved a reform law to unlock about €8.8 billion of rescue loans from the European Union and the International Monetary Fund. The law, which was a condition for further aid installments, passed easily with the solid backing of the three parties comprising Greece's ruling coalition, by 168 to 123 votes.
We're continuing our visual presentation of the data inside our "How Much Does It Cost to Employ You? (2011-12 Edition)" tool today with a look at the average tax rates paid by employers to support the unemployment insurance benefits mandated by the states in which they operate!