September 5, 2020Analysis
Gardiner Means, administered prices, and why the Texas Railroad Commission should regulate oil production again.
Even at the depth of the Great Depression, oil producers were always paid a positive price for their product. But on April 20 of this year the price of West Texas Intermediate oil traded for negative prices, reaching a record…
March 25, 2020Analysis
The First Services Recession
The shape of the Covid-19 recession
It is hard to see how the United States can avoid a recession. Unemployment insurance claims have already surged, and this week's numbers look to be in the millions.