Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan's Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.
1. Chart of the Day I (above). As a result of revolutionary drilling technologies that have dramatically increased domestic production of shale oil and shale gas, America produced 89% of the domestic energy consumed this year (through May), which is the highest level of energy self-sufficiency since 1984, more than 30 years ago.
2. Chart of the Day II (above). Also a direct result of America’s bonanza of shale oil and gas, the US relied on foreign sources of petroleum products for only 25.2% of the total petroleum supply this year (through July), the lowest level of net petroleum imports since 1971, more than 40 years ago.
3. Peak What? Italian energy group Eni says it has found one of the world’s largest natural gas fields off Egypt’s coast. The company said the area was nearly one mile beneath the surface and covered 39 sq miles. It could hold as much as 30 trillion cubic feet of gas, or 5.5 billion barrels of oil equivalent, according to this report.
4. Peak Nitwitery? The University of Tennessee-Knoxville has told its staff and students to stop calling each other ‘he’, ‘she’, ‘him’ and ‘her’ – and to start referring to one another with terms like ‘xe’, ‘zir’ and ‘xyr’ instead, see news report here and graphic above from UT’s Office for Diversity and Inclusion.
6. Chart of the Day III (above). The chart above displays the history of Seattle’s minimum wage, both in nominal and real (adjusted for inflation) dollars. Compared to the previous peak in 1968 of about $11 an hour (in today’s dollars), Seattle’s eventual minimum wage of $15 will be about 36% above that previous peak. Economic death wish? Free lunch?
Q: Remember those counter/cashier jobs minimum wage proponents wanted to make so expensive at $15 an hour? Well, they’re now disappearing….. Expect a lot more automation in the food industry, this is just the beginning. As NPR reported: “It could be the latest sign that the industry is heading toward a more robotic future, a move some analysts say will be accelerated by the push to boost the minimum wage that so many fast-food workers rely on.”
We have migrated from a two-party system into a one-party system, the big-government party. There’s a democratic wing that likes taxes and wealth transfers and assaults on commercial liberties and there’s a republican wing that likes war and deficits and assaults uncivil liberties. Neither of them is interested in true freedom.
“And both parties love prohibition, just of different things,” writes Andrew Syrios.