OPEC

“The Devil’s Excrement”

That was the phrase used in 1975 by OPEC co-founder and Venezuelan Oil Minister Juan Perez Alfonso to describe crude oil: Perez predicted that it would bring wealth, but also ruin. Fortunately for the rest of us, the Organization of American Historians has devoted the most recent issue of the Journal of American History to pursue its …

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Our Carbon-Based Trade Deficit

A lot of people are worried about the trade deficit. As it turns out, more than half of the deficit is due to petroleum imports, as Matthew Yglesias points out. This graph tells the story:

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