Critics are quick to note the similarities between today and the Nixon-Ford-Carter 1970s. Now, we can add one more parallel. The U.S. once again is an oil exporting country.
Somewhere in the bowels of of the monstrous $1.1 trillion spending bill Congress rammed through Dec. 18 can be found approval for the U.S. to flip the “on” switch to the oil spigot for global customers. The first shipments likely are on the water now, or they will be soon. What it means to consumers, who have had little to cling to in a stubbornly moribund economy, is unclear. The U.S. Energy Information Administration did a study how exporting U.S. oil might affect U.S. motorists, who have grown accustomed, once again, to paying $2 or less per gallon to fuel their cars and trucks.The EIA study predicted little or no change in the price of gas for U.S. consumers. Of course, the report had the usual caveats that delved into markets, production and other unpredictable scenarios.
TPP trade deal pits Pittsburgh against Philadelphia
One city stands to gain from expanding trade into the Pacific Rim while the other has much to lose, their mayors say. That’s why Philadelphia’s outgoing mayor, Michael Nutter, has been helping the White House stump for the Trans-Pacific Partnership while Pittsburgh Mayor Bill Peduto stands opposed. On a recent press call arranged by the White House, Mr. Nutter told reporters the deal is good for his city and, as a whole, for Pennsylvania. He said the agreement would expand market access for services, software, telecommunications and more — resulting in higher-paying jobs. It also would reduce tariffs and ensure that trading partners are following the same environmental and labor rules as the U.S., he said.
Five Key Economic Trends To Watch In 2016
As the Fed raises interest rates for the first time in almost ten years, some observers fear we may already be sliding toward recession. Several indicators suggest growth can stabilize, but 2016 will depend heavily on a handful of key trends. With that in mind, we offer five themes to watch as the year unfolds.The industrial sector was rocked in 2015 by the sharply contracting energy investment, slowing international trade, dollar strength and rising inventories. Some have labeled the slide in production an “industrial recession.” If production cannot stabilize, layoffs may increase.
Between the lines: Beware dangers abroad when exporting
The UK boasts a strong international brand and local businesses can find solid demand when selling goods and services overseas. According to HSBC’s latest Trade Forecast, more than two-thirds (70 per cent) of UK traders expect trade volumes to increase over the next six months, with falling commodity prices, increased competitiveness and the recovery of key advanced economies boosting confidence. However, while international trade remains a key driver of growth for many UK businesses, only 6 per cent of Scottish small businesses plan to start exporting their goods over the next 12 months. Those are figures we’re working hard to improve. Small businesses need the right information and insights to make their dreams a reality.
Nicklaus: Markets expose folly of U.S. oil export ban
Markets have a way of exposing a weak political argument, and they did so rapidly after the United States abandoned its ban on crude oil exports. Opponents of lifting the ban — mostly Democrats — claimed that such a move would hurt U.S. consumers by forcing up prices at the pump. But instead of U.S. crude prices rising to match the rest of the world, the opposite happened. Within days after President Barack Obama signed the bill lifting the export ban, world prices fell to near the U.S. level.
TPP expected to boost export market for U.S. agricultural sector
The Trans-Pacific Partnership (TPP) could boost the export market potential for farmers, as well as other sectors of the U.S. economy, says an economist with the College of Food, Agricultural and Environmental Sciences at The Ohio State University. “TPP is important as it is the largest regional free trade agreement that has been struck in the past two decades,” Ian Sheldon, professor of international trade, said in a news release. After seven years of negotiations, agreement on the TPP was reached in early October by the partnership’s 12 signatory countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United States.
Foresight Africa 2016: Free trade agreements and the implications for Africa
The launch of Foresight Africa: Top priorities for the continent in 2016 is on the horizon. In anticipation of this year’s report, the Africa Growth Initiative team offers the below preview of one of the major topics covered and encourages you to check out the report when it publishes next week. Much of the world is entering into mega-regional free trade areas (FTAs). Indeed, October 5, 2015 marked the ratification of the Trans-Pacific Partnership (TPP), the most significant trade agreement in recent years. Now, the United States is currently negotiating with the European Union toward the establishment of the Transatlantic Trade and Investment Partnership (TTIP). When combined, the TPP and the TTIP will cover 60 percent of global GDP.
FOCUS ON TRADE IN 2016
The Hon Minister for Trade, Energy and Employment, Ian Douglas has reported on a successful year of activities in his Ministry to boost trade, explore renewable energy and execute Government’s mandate to provide training and employment for Dominica’s youth.
As Minister for Trade, Hon Douglas recounted his Ministry’s efforts throughout 2015 to stimulate trade.
Trans-Pacific trade deal bumps up health prices, costs U.S. jobs
Vincent Gregory, D-Lathrup Village, is the lead Democrat on the Senate Appropriations Committee. He represents the 11th Michigan Senate District. Dick Long, a Democratic Party official in Oakland County and a retiree who worked 48 years working at General Motors, is president of the Michigan Chapter of the Alliance for Retired Americans.
The purpose of the Trans-Pacific Partnership is a noble one. Our government hopes the 12-country pact will open up new economic opportunities, ensure basic labor rights, promote environmental stewardship, protect intellectual property, create high-standards trade rules — and more. Once finalized, this agreement will regulate about 40 percent of the world's economy.
Global Trade After the Failure of the Doha Round
After 14 years of talks, members of the World Trade Organization have effectively ended the Doha round of negotiations. That was not unexpected given how fruitless these discussions have been. Now, world leaders need to think anew about the global trading system.
Countries had hoped that the talks, named after the capital of Qatar, where they began in late 2001, would substantially lower trade barriers, contribute to development in poor nations and tackle difficult issues like agricultural subsidies that were not resolved in earlier pacts, like the General Agreement on Tariffs and Trade.