What We Read Today 04 May 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 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.

• How a Gulf Settlement That BP Once Hailed Became Its Target (Campbell Robertson and John Schwartz, The New York Times) Now that BP has been given new drilling permits in the Gulf of Mexico they are back peddling on compensation commitments to victims of the 2010 Deepwater Horizon disaster.

• The Case for Lower Oil Prices (Simon Constable, Barron’s) Global tensions are keeping the Brent crude benchmark at elevated levels but rising U.S. production is creating a glut of oil in this country. The U.S. price is based on the inventory at Cushing Oklahoma which has been drawn down as oil has been piped to the Gulf coast. Now that storage facilities along the coast are full Cushing should start filling again and that inventory is a key factor in the futures market. With the futures market overweighted for higher prices, any easing of uncertainty over the Ukrainian situation and Russian oil, combined with growing inventories at Cushing, could lead to rapid selling of long futures positions and a $10-$15 a barrel drop for WTI, according to Constable.

• Five Stunning Facts About America’s Prison System You Haven’t Heard (Sean Kerrigan) Hat tip to Barry Ritholtz, The Big Picture. Yes, the facts presented are stunning. How about “there are more black slaves in America today than in 1850”? And that is not the most stunning.

• Amateurs versus Professionals (Bob Lefsetz, The Big Picture) Dozens of short comparisons between amateur and professional thinking and behavior. Very worthwhile reading.

• How Cities Make Us Sick (& How to Get Better) (Brandi, Diets in Review, Care 2)  Remember the old saying that we all must eat a certain amount of dirt before we die? Well this article says that if we successfully avoid the dirt it is bad for our health.

Today there are 10 articles discussed ‘behind the wall’.

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