Taxi Meter Syndrome, p. 2

As the title of this week's special report (p. 76) indicates, a new dynamic for oil prices may very well be emerging.But an old dynamic for the oil industry is being resurrected in the process, as it enters the cross-hairs of an angry public.Or is it? Answering that question depends on duration and on the relative impact of higher oil prices on economies. Regarding the former, a Gallup poll conducted May 23-24 found that Americans are apparently becoming resigned to high gasoline prices persisting awhile. A poll in March found 63% view the rise in gasoline prices as only a fleeting phenomenon vs. 34% deeming it more permanent. The more-recent poll found that 45% see high prices as tem...

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