Tax and the economy: interactive tax haven map

The topic of the economy is hot in the media right now. Especially the topic of taxes. Check out this map from actionaid. It shows where the biggest corporations go to ensure they pay the lowest taxes possible.

Infographic of the Day

Infographic of the day: The Impact of High Oil Prices on the US Economy

High gas prices are surging again in the US, putting pressure on our Congressmen and Secretary of State to calm fears of further increases in the summer when tough new International sanctions on Iran kick in. That happens on July 01, when the European Union will ban Iranian oil. The US also plans to put sanctions on those who purchase Iranian oil. To make up for the lost Iranian oil, Senator Chuck Schumer wrote a letter to Sec. of State Hillary Clinton, urging her to put pressure on Saudi Arabia to increase it's production. Gas prices are projected to exceed $4 a gallon over the summer peak driving season.

It has also been speculated that the Obama Administration might tap into the US strategic petroleum reserves to relieve prices. President Obama is facing pressure from members of his own party as well as members of his cabinet. In positive news, Obama stated at an appearance at the University of Miami that "we have to keep developing new sources of energy." According to Reuters:

President Barack Obama said on Thursday the federal government would fight high oil prices by easing bottlenecks and problems with permitting, but that the country would not be able to drill its way to lower oil prices. Obama said the government would look for ways to run vehicles on fuels beyond gasoline, such as advanced biofuels and natural gas. "

We can't just allow ourselves to be held hostage by the ups and downs of the world oil market." While the solution might not be 'drill baby drill,' US oil production is up this year and US imports of both crude and refined products have been falling since 2005. Another interesting tidbit: for the first time since 1949, the US is actually a net exporter of refined petroleum products: (US Energy Information Administration report)