A US economic hazard

01/12/2004
In a presidential election year, most campaign pronouncements on the US economy deserve to be ignored. Yet the oil and gas industry can never ignore economic controversy. A hazard, in fact, looms. But it will be hard to spot in the dust kicked up by politics.It's useful in years such as 2004 to remember that politicians need to promise riches, take credit for prosperity, and blame others for adversity. The nature of economics gives them broad latitude for this. Economics, complex and fluid as the subject is, does better at retrospection than prediction. And because economic causation is usually ambiguous, interpretation of even the well-measured past leaves great room for disagreement...
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