Is 2012 the Year of Oil Shocks?
The cost of crude oil is already 16 percent higher than at the beginning of 2012. How much of a threat do rising oil prices pose to the gradual economic recovery? And what about Iran?
What's the Latest Development?
The price of crude oil is already 16 percent higher now than it was at the beginning of the year. This is due mainly to a supply loss of one million barrels per day in recent months. A pipeline dispute in South Sudan and mechanical problems in the North Sea have taken 700,000 barrels per day off the market. 500,000 barrels of Iranian oil are also off the table because of the European embargo and a pricing dispute with China. Iran has threatened to close the Straight of Hormuz, where 20 percent of the world's oil exports move to global markets.
What's the Big Idea?
Bracketing the scenario in which Iran closes the Straight of Hormuz, which economists say would halt the global economic recovery, the US will not be too badly affected by rising oil prices. "The standard rule is that a $10 increase in oil prices (which corresponds to a 25-cent rise in the price of gas) knocks around 0.2% off output in the first year and 0.5% in the second year." That would slow, but not end, US economic growth, which is expected above two percent this year. The US economy is slowly becoming less energy dependent and plummeting natural gas prices have saved home-owners money during the (mild) winter.
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A growing body of research shows promising signs that the keto diet might be able to improve mental health.
- The keto diet is known to be an effective tool for weight loss, however its effects on mental health remain largely unclear.
- Recent studies suggests that the keto diet might be an effective tool for treating depression, and clearing up so-called "brain fog," though scientists caution more research is necessary before it can be recommended as a treatment.
- Any experiments with the keto diet are best done in conjunction with a doctor, considering some people face problems when transitioning to the low-carb diet.
It's up to us humans to re-humanize our world. An economy that prioritizes growth and profits over humanity has led to digital platforms that "strip the topsoil" of human behavior, whole industries, and the planet, giving less and less back. And only we can save us.
- It's an all-hands-on-deck moment in the arc of civilization.
- Everyone has a choice: Do you want to try to earn enough money to insulate yourself from the world you're creating— or do you want to make the world a place you don't have to insulate yourself from?
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