Author: James K Glassman

Oil Company Profits and The Senator From Windfall

Of all the politicians complaining about the profits and practices of America‘s wicked oil companies, few can top Sen. Maria Cantwell (D-Wash.). Among her latest ventures is a demand that the oil company executives who testified Nov. 9 be brought back to the Senate, this time under oath. In a letter to the chairmen of the two committees that held the hearings, she claimed that the CEOs “failed to answer the simple questions asked of them. This is unacceptable. If we’re going to get to the bottom of high gas prices, we need complete answers that Americans can trust.”...

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Three Huge Automatic Tax Increases — Courtesy of Congress

The first rule in government, as in medicine, is the Hippocratic one: Do no harm. Unfortunately, Congress is about to do severe harm to the U.S. economy if it fails to act in the next few months to stop three huge automatic tax increases. Let me shift metaphors. The increases — 133 percent for the rate on dividend income, 33 percent for the rate on capital gains and what amounts to an infinite increase in the coming rate on what you pass on to your heirs — comprise a ticking time bomb. The dividend and capital gains rates were...

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Interview: Dan Yergin on Energy Prices and Policies

James Glassman: Energy prices have been rising sharply, partly because of Hurricane Katrina and Hurricane Rita. We decided to talk to probably America’s number one expert on energy to try to separate some of the hysteria and the myths from the truth. Dan Yergin is the Chairman of Cambridge Energy Research Associates. He’s also a Pulitzer Prize winner for his book, “The Prize: The Epic Quest for Oil.” He’s also the author of “The Commanding Heights: The Battle for the World Economy,” which received wide attention for analysis and narrative and was made into a six-hour documentary by PBS....

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“Windfall Profits Tax ” Will Increase the Price of Oil

“An angry public wants quick relief from high prices” at the pump, says Business Week. That’s hardly a surprise. Over the past year, the Energy Department reports, a gallon of regular gasoline has gone from $1.86 to $2.96. But even at less than bottled water, $3 gasoline hurts consumers and the economy as a whole. The question, however, is what to do? The worst approach is one now being considered by the Senate: slap a windfall profits tax, or WPT, on oil companies. The United States has tried this before, between 1980 and 1987, and the results were hugely...

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When to Sell a Stock

My biggest mistake in 25 years of writing newspaper and magazine articles about the stock market started innocently. My intention, in a February 23, 2003, column for the Washington Post, was to show readers how to analyze a stock and decide whether to buy it. The mistake was to choose a single, real-live company as an example and then to render a personal judgment: that, based on the evidence amassed, I myself would purchase the stock. I ignored something I knew very well: that readers take the judgments of columnists about specific stocks far, far too seriously. Despite issuing...

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“Windfall Profits” Tax on Oil Companies

“An angry public wants quick relief from high prices” at the pump, says Business Week. That’s hardly a surprise. Over the past year, the Energy Department reports, a gallon of regular gasoline has gone from $1.86 to $2.96. But even at less than bottled water, $3 gasoline hurts consumers and the economy as a whole. The question, however, is what to do? The worst approach is one now being considered by the Senate: slap a windfall profits tax, or WPT, on oil companies. The United States has tried this before, between 1980 and 1987, and the results were hugely...

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Hurricanes and Global Warming: Interview with Dr. Roy Spencer

Dr. Roy Spencer is a principal research scientist for University of Alabama in Huntsville. In the past, he has served as Senior Scientist for Climate Studies at NASA’s Marshall Space Flight Center in Huntsville, Alabama, where he directed research into the development and application of satellite passive microwave remote sensing techniques for measuring global temperature, water vapor, and precipitation. He currently is the U.S. Science Team Leader for the Advanced Microwave Scanning Radiometer (AMSR-E) on NASA’s Aqua satellite. James Glassman: Do you reject the idea that Katrina was in any way manmade? Dr. Roy Spencer: Well, yes. I think...

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Hurricanes and Global Warming: Interview with Meteorologist Dr. William Gray

Meteorologist Dr. William Gray may be the world’s most famous hurricane expert. More than two decades ago, as professor of atmospheric science and head of the Tropical Meteorology Project at Colorado State University, he pioneered the science of hurricane forecasting. Each December, six months before the start of hurricane season, the now 75-year-old Gray and his team issue a long-range prediction of the number of major tropical storms that will arise in the Atlantic Ocean basin, as well as the number of hurricanes (with sustained winds of 74 miles per hour or more) and intense hurricanes (with winds of...

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JobBay

As much of Europe struggles with double-digit unemployment this year, the United States has been creating an average of 200,000 new jobs a month. One of our great advantages is the relative ease with which Americans can start new businesses. Physical disability, the desire to stay home with young children, racial or religious discrimination — all of these can be obstacles to traditional employment, but they are less serious barriers to starting your own business. Now, thanks to the explosion of the Internet, the barriers to entrepreneurship have fallen still further. That is especially good news at a time...

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FINANCIAL CRISIS

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