1. Business Insider reports that: “According to the Energy Information Administration, the Monterrey Formation, which covers an enormous chunk of Southern California and terminates near Santa Barbara, has 15.4 billion barrels of recoverable crude — four times as much as the Bakken formation in North Dakota.”
2. Saudi America: U.S. oil production averaged 6.709 million barrels per day for the week ending November 9, which was the highest domestic output of crude oil since May 1994, more than 18 years ago.
4. NBA “ticket dumping”: Some pro basketball tickets are selling for as low as $0.10 per seat this year, yes that’s right, 10 cents, according to this Yahoo! Sports article. Also, see current StubHub listings for many NBA tickets priced below $2. Economic lesson: The face value on a ticket is frequently arbitrary and often has no relationship to the true, market value of the ticket. Compared to its face value, the market value of a ticket might be 10 times greater or 10 ten times less.
5. On the other hand, there’s now rampant “Twinkies scalping” and” price gouging” on eBay for Hostess Twinkies. Here’s one auction where the price is currently $89 for five boxes of ten Twinkies, which normally retail for $4.29 per box. That’s more than four times the retail price. Don’t tell Governor Christie, he might start prosecuting. Or buying himself?
6. Via Freakonomics: After affirmative action ended in CA, the minority graduation rate increased 4.4%, partly due to less academic mismatch.
7. Markets in everything: Need 3 college credits really fast? You can complete a 10-day college class for less than $400 at Western Oklahoma State College. Target customer? College athletes.
8. Global warming stopped 16 years ago, reveals a report from UK’s Met Office, which was recently quietly released.