econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



What We Read Today 17 December 2014

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

Falling prices of oil and the impact on the global and domestic economy (Peter Morici, Al Jazeera)  Collapsing oil prices have driven gasoline prices for regular under $2 a gallon in 13 states.  While this is a windfall to airllines, travelers and consumers in general, it has an economic cost yo others, notably oil producers and their suppliers.  Peter Morici, an economist at the University of Maryland, discusses the economic gains and losses on Al Jazeera TV.

Click to watch video.
oil-price-decline-morici-al-jazeera-video


2015 Standard Mileage Rates (IRS Notice 2014-79)

  • 57.5 cents per mile for business miles driven (up from 56 cents in 2014)
  • 23 cents per mile driven for medical or moving purposes (down half a cent from 2014)
  • 14 cents per mile driven in service of charitable organizations (fixed by Congress, never adjusted for inflation)

Kelly Phillips, Forbes, explains why the mileage rates appear to be inconsistent.  It’s because different formulas are prescribed by law for each driving category:

If you’re wondering about the difference in the rates for business and medical or moving purposes, there’s a reason: the standard mileage rate for business is calculated using an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil while the rate for medical and moving purposes is based on the variable costs, such as gas and oil. That also explains why the rate for medical or moving purposes has dipped while the rate for business has gone up. Inflation is edging costs – other than gas – up a tiny bit.

Note:  Taxpayers have the option of deducting actual expenses rather than the mileage rates allowed.  In many cases the extra work involved in record keeping and accounting is more than an additional tax deduction would make worthwhile.


Articles about events, conflicts and disease around the world

Ferguson and Related News

Israel

Palestine

Syria

Russia

Greece

Norway

  • Norway's Oil Decline Accelerates (Worldpress.org)  Country with well-managed (lack of) dependency on oil revenues reacts quickly to collapsing prices with new oil projects being scrapped.

Pakistan

Afghanistan


Do not miss "Other Economics and Business Items of Note", the final section every day.

Please support all that we do at Global Economic Intersection with a subscription to our premium content "behind the wall".

There are between 75 and 100 articles reviewed most weeks. That is in addition to the 140-160 articles of free content we provide.

You get a full year for only $25.




The rest of the post is for our premium content subscribers - Click here to continue reading. If you have forgotten your login or password - send an email to info at econintersect.com.










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.






Econintersect Behind the Wall









search_box
Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.







Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government





























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved