Two Bits of Economic News
- India's economy grew at 8.9% last quarter. Wow. They can't keep that up forever, obviously, but the "Rule of 69" implies that they would double their national output in eight years at that rate!
- Nigeria and Venezuela announced that they will cut oil production by 200,000 barrels of oil/day. This sounds like a lot, but since world oil supply was 84 million barrels/day during the second quarter of 2006 (source: EIA Table: World Oil Balance), it amounts to only a 0.24% reduciton in world oil supply. So don't worry, this probably won't mean any big changes in gas prices.