Oil prices closed out one of their toughest years in decades:
WTI Crude Oil prices dropped -20% in 2025, posting the biggest loss since the 2020 pandemic.
After recording a flat year in 2024, this marks the 3rd consecutive year with no gains.
As a result, WTI Crude Oil prices closed the year below silver prices for the first time since the 1980s.
Both the IEA and the US government said oil production exceeded consumption by ~2 million barrels per day in 2025, with the surplus set to widen further in 2026.
Buckle up for another volatile year for oil prices.
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WTI Crude Oil prices dropped -20% in 2025, posting the biggest loss since the 2020 pandemic.
After recording a flat year in 2024, this marks the 3rd consecutive year with no gains.
As a result, WTI Crude Oil prices closed the year below silver prices for the first time since the 1980s.
Both the IEA and the US government said oil production exceeded consumption by ~2 million barrels per day in 2025, with the surplus set to widen further in 2026.
Buckle up for another volatile year for oil prices.
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This meta-analysis was very well done.
After accounting for publication bias, the apparent effect of economic inequality on mental health evaporated and became precisely zero:
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After accounting for publication bias, the apparent effect of economic inequality on mental health evaporated and became precisely zero:
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This is pretty cool.
Apparently largely because gas is sold with more butane in the winter, fuel economy is cyclical and seasonal, and it follows this sinusoidal pattern:
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Apparently largely because gas is sold with more butane in the winter, fuel economy is cyclical and seasonal, and it follows this sinusoidal pattern:
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I’m convinced the UK isn’t the only Western country to have grooming gangs on a large scale. One group that’s likely to be doing it in the US is, of course, the Somali community
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This is the most interesting cultural effect on births that I'm aware of:
Japan's birth rate abruptly dropped by about 20% in 1966 because of a belief that women born with the "fire horse" birth sign would bring future husbands bad luck.
It completely recovered the next year:
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Japan's birth rate abruptly dropped by about 20% in 1966 because of a belief that women born with the "fire horse" birth sign would bring future husbands bad luck.
It completely recovered the next year:
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The US Dollar experienced a historic decline in 2025:
The US Dollar Index fell -9% in 2025, marking its worst performance since 2017.
This represents a sharp reversal from the +8% gain recorded in 2024.
Excluding 2017, this was the weakest year for the currency since 2003.
Since 2010, there have been only 5 years in which the US Dollar posted an annual decline.
Meanwhile, hedge fund positioning on the US Dollar turned bearish as of the week ending December 16th, the first time since mid-October, according to CFTC data.
Fed policy will drive the next move in the US Dollar.
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The US Dollar Index fell -9% in 2025, marking its worst performance since 2017.
This represents a sharp reversal from the +8% gain recorded in 2024.
Excluding 2017, this was the weakest year for the currency since 2003.
Since 2010, there have been only 5 years in which the US Dollar posted an annual decline.
Meanwhile, hedge fund positioning on the US Dollar turned bearish as of the week ending December 16th, the first time since mid-October, according to CFTC data.
Fed policy will drive the next move in the US Dollar.
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GDP per capita is highly correlated with economic freedom indices, but is much more poorly related to press and political freedom indices
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