Indianapolis Recorder, Indianapolis, Marion County, 1 November 2002 — Page 30

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THE INDIANAPOLIS RECORDER

FRIDAY, NOVEMBER 1, 2002

Oil prices could tumble; Iraq the wild card

oil supplies would have at least some shoft-term impact on the world economy. The region as a whole accounts for 56 percent of world crude exports and almost 90 percent of Asian crude imports. Middle East crude exports to die U.S. and Europe represent 33 percent-35 percent of net crude imports. Then consider all the things we don’t know, beginning with the scope

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Continued from D1 and timing of the military action, itself. Other wild cards include the duration of the conflict, scale of destruction, nature of regime change, and reaction throughout the rest of the Middle East. We also need to account for the degree of support we receive from the French, Chinese and Russians, all of whom have production contracts with Iraq. War preparations increase demand for oil, of course, and that’s bullish. But if there actually is a war, a number of variables could go in either direction: If the conflict is contained, resulting in little or no damage to oil fields and transportation in Iraq or the rest of the Middle East, that would be very good. On the other hand, this is

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a very volatile region. There is no guarantee that the conflict would not spread. As earliermentioned, nations have been building up their strategic petroleum reserves, which gives them the means to moderate the impact of short-term disruptions. But it’s an open question as to how quickly those reserves can be withdrawn. Assuming the war is short, nations in the region do not turn hostile, and a friendly regime is installed in Iraq, we could see rapid growth in Iraqi exports. That has the potential to pull the price of oil down into the mid- to high-teens. Of course, a drawn-out conflict with widespread opposition to U.S. action in the Middle East and/oran unstable Iraqi regime has an obvious, severe downside. How would you play energy stocks right now? Assuming a favorable resolution in Iraq, we think there are some opportunities. But we’d be very carefiil in approaching the energy group as a whole until we see some weakness in the commodity prices or better entry points. Historically it has been better to buy these companies when commodity prices low. Provided by Wealth Management News Service

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BLACKONOMICS What would we do without white folks? By JAMES CLINGMAN get to work on those issues, nomic future for our children. Some would say, “Let’s do for the same way other groups in Remember the e-mail that ourselves.” Others would rally this country are doing for their posed the question, “What the people and call for new biisi- children? would this world be without nesses and new products and You know, sometimes I wish it Black people?” It was really a services and efforts to support were so. Maybe if white folks history lesson on all of the our people. Some Black folks stopped doing what they are doing things Black people invented, would even have the audacity forus, we’d be more inclined to do and suggested that if Black to think they really could run more for ourselves. Maybe if they people had not been here, our major corporations, industrial would back off a bit and we would traffic lights would disappear, farms, airports, states, and even step up a bit, better relationships many of the machines we de- this country. But then, what would exist between the two pend upon would not work and other choice would we have? groups, because there would be many other conveniences we What would you do without more reciprocity, more leverage enjoy everyday would not be white people? Would you suf- available to Black people, and a here. fer from a lack of the essentials greater likelihood of positive reIt was a nice reminder of the of life? Would you wilt under sponses from white folks when we importance of Black people to the pressure of having to figure really do need their support, this country. However, even out this thing called life all by Maybe, if Black people get our though Black people invented yourself? Could you success- economic act together by recya great deal of the items we use fully navigate through the cling our dollars, supporting our today, with a few exceptions of swirling waters of life’s uncer- own businesses, and building incourse, they could not get pat- tainties? Could you survive? come-producing infrastructure, ents on them or they were sim- Marcus Garvey told us we maybe white would be knocking ply relieved of their inventions are living on borrowed goods, on our doors asking to play ball by white people. and we must get something of with us. Now, let’s take a look at what our own. So instead of us won- What would we do without Black people would do without dering what this country would white folks? The same thing our white people. First of all, some do without Black people, just fathers and mothers did before inof us would simply throw up imagine what we would do tegration;that’swhatwe’ddo.We our hands in exasperation and without white people. would develop economic enclaves call it a day — no, we would Suppose they closed all of second to none in this country, call it a life. Some of us would their supermarkets to us, could But a similar question was probfeel so bad, so lonely, so dis- we feed ourselves? Imagine ably asked by some of the children possessed, so depressed that we them denying us the right to of Israel about Pharaoh. While would not know where to turn, use their banks, would we pool Moses was telling Pharaoh to “Let “What are we going to do now?” more of our money and start my people go,” he should have some would ask. more Black banks? If whites also told the people to “Let PhaOthers would lament the loss said we would no longer be al- raohgo.” of all of those stores and all of lowed in their department those products and services stores, would we create our James E.Clingman, an adjunct they are so used to purchasing, own? You get the picture, I am professor at the University of Some would cry, “Where will sure. What would we do? Cincinnati's African-American we buy our clothing, our cars. It’s nice to call for “Black Studiesdepartmentjsformerediour houses and our food?” “For Out Days” and “Stay Home tor of the Cincinnati Herald Newswhom will we work? What From Work Days” and “Don’t paper and founder of the Greater about our jobs?” Others would Spend Any Money Days,” and Cincinnati African American just go insane trying to figure all of the rest of the Black ab- Chamber of Commerce. He hosts out how they would get their sentee efforts we hear about, the radio program, banquet tables sold for their But what would we do if there "Blackonomics,” and is the auannual dinners and soirees, were a “White Out Day?” thorofthebook,EconomicEmWhat a sad day it would be for Maybe even a “White Out powerment or Economic Enslavemany Black folks. Month?” Would we panic? Or, ment—We have a Choice. He can On the other hand, rather than would we finally start doing be reached at (513) 489-4132, or complaining and crying, some more for ourselves? Would we by e-mail at Black folks would immediately finally start preparing an eco- [email protected].

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