Abstract

Beltway Bandits

This article focuses on political issues in the U.S. Forget about the October surprise and look for a May surprise. By then the price of oil should be dropping. This will spur a sputtering economy, a $5 reduction per barrel would have the effect of an immediate $30 billion tax cut and certainly do no harm to U.S. President George Bush's chances for four more years. The U.S. went to war and killed thousands of people, in part for oil. At the time, some wishful thinkers believed this traumatic event would spark a national debate about energy. Negotiators in Geneva are hustling to conclude the current round of talks on the General Agreement on Tariffs and Trade, which, in the name of free trade, may lead to numerous challenges to U.S. environmental, worker safety and food regulations.