Drop In Gasoline Prices Is Not Good News
Posted by Sonja Ebron
Gasoline prices have dropped more than 50 cents over the last two weeks. With prices over $4 this summer, many are sighing with relief, but this is good news only for those with secure sources of income. For prices to drop, there must be either an increase in supply or a decrease in demand. Oil production has been flat for much of the year, and OPEC just announced a cut of over a million barrels a day. What has happened, instead, is a dramatic destruction of demand for gasoline, like something you’d find in an economic crash.
Indeed, the stock market is trending way down and the pain is spreading. Unemployment and food prices are up, and retirees and others on fixed incomes are in bad shape. Small business is terrified. This means people are using a lot less energy — driving less, buying less stuff — and the fall in consumption is outpacing the fall in supply. We should all be worried, because the recession is just beginning.
2008 Energy Town Hall Meeting In Atlanta
Posted by Sonja Ebron
We hear a lot about energy and the economy in Atlanta, and for good reason. While gasoline prices have come down, supply is still spotty due to Hurricane Gustav, and the almost daily reports of job losses are worse than I can ever recall. National pundits blame our economic crisis on the housing bubble bust, but historical oil prices have always predicted recessions. Despite a dramatic decline in oil prices, we’re still paying three times the historical average in today’s dollars. Like all crises, this one hits Black people first. Add the impact of climate change, and it’s clear we have some difficult times ahead.
Blacks Must Lead On Climate Change
Posted by Sonja Ebron
Black people in the U.S. have a lot to lose from the twin crises of energy decline and climate change. These are global catastrophes that will soon cause massive changes in our lives. We can expect everything from utilities to common household goods to become much more expensive, and new regulations will make everyday activities more difficult. Increases in epidemics and natural disasters will make health insurance and mobility far more important. Our tough economic circumstances and lower access to information will make it harder to adapt to these changes.
