We estimate that 1.8 million barrels per day of consumption must be squeezed out next year through the impacts of higher prices.

We'll get there on the back of rising oil prices.

The Fed Challenge is a great way for students to learn about monetary economics outside of a classroom.

Part of what drew us here is the wildlife. Every night we see deer, bears, turkeys and coyotes. It's like living on the Serengeti.

When you juxtapose that with the apparent insensitivity of the demand curve, then what happens is that even though it's a relatively small reduction in supply, you need huge price increases to rein in demand.

If there was an easy solution that was politically and financially viable, they'd have done it by now.