This Week in News You Missed:

An ongoing series in which we guess at the published stories which may have been attached to a randomly selected news photo from the previous week:

Oil Crisis Averted

A young, brilliant economist has offered a simple suggestion which will solve the nation’s gas price woes.

Fareed Zakaria is widely seen as a front-runner for the Nobel Prize after publishing a brilliant essay in The Economist this week in which he suggests that if Americans use less oil, the price of oil will eventually fall. “Think of oil as lemonade you are selling on the side of the road,” writes Zakaria in the July 16th edition, “if no one is stopping to buy lemonade, eventually you’re going to lower the price. Oil is no different.”

Zakaria has garnered wide praise for the piece. “It was a brilliant essay, there’s no question,” said Dr. Muinul Chowdhury, a professor of Economics at Harvard University, “I think that Dr. Zakaria has offered some very reasonable solutions that can be used right away to reduce gas prices.”

Zakaria suggests some activities which would immediately affect oil consumption such as carpooling to work, or riding a bicycle rather than driving a car. He estimates that if the typical American could reduce their driving by only 98%, the price of gas could fall to as low as $3.48 a gallon by the end of the decade.

“Fantastic,” said Dr. Raymond Feith, an Economics professor at the University of Chicago, “I can’t believe that no one came up with this idea sooner, to be honest. I mean, the basic premise of the article is actually the main idea that drives all economic theory. Boy, we really missed the boat on this one.”

Economists worldwide are widely anticipating the publication of another Zakaria piece in the New York Times next week in which he argues that Americans can easily solve the problem of their exploding debt simply by spending less than they make.

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~ by yummypants on June 19, 2008.

One Response to “This Week in News You Missed:”

  1. Thank you, yummypants! This has made me rethink the price per parcel on my poop farm.

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