VOA慢速英语2014 Some Surprises Among Economic Stories in 2014

 

Some Surprises Among Economic Stories in 2014

some of the major economic stories of 2014 were surprises. Today, we tell you about a few of them. But, we also want to know which economic stories were important to you this year.

First on our list, is the unexpected drop in the price of oil that began in June.

Oil Prices Decrease

Often, low oil prices fuel growth, but this year the price drop has helped some countries while hurting others.

Increased American oil production is one reason for the drop in world oil prices. The drilling method called hydraulic¹ fracturing developed in the U.S. has helped make the increase possible. Recovering fossil fuels from rock shale² has also increased supplies in the U.S.

Experts say slowing economies in China and in Europe have reduced demand for oil. Increasing supply and decreasing demand usually result in falling prices.

In the past, the Organization of Petroleum³ Exporting Countries, OPEC, has reacted to price drops by decreasing production. But this year that did not happen. At OPEC’s meeting in November, members chose to leave production levels unchanged.

Russian Economy Slows from Oil Prices, Sanctions

The huge drop in the price of oil this year helped create another major story: Russia’s slowing economy. Russian officials said they expect the country’s economy to shrink in 2015, or go into recession. Two reasons for this are reduced income from oil sales and the effects of restrictions⁴ placed on Russia because of its actions in Ukraine.

The exchange rate for Russia’s currency, the ruble, has dropped sharply against the dollar. In mid-December, the European Union agreed to increase sanctions against Russia. They include restrictions on finance and tourism in Crimea.

US Economy Shows Signs of Improvement

The U.S. economy showed signs of strengthening this year. The Department of Commerce updated the most recent measure of the economy. It said the U.S. economy grew at a rate of 5 percent from July to September.

The Dow Jones Industrial Index extended above 18,000 in 2014. That is the highest level ever for the widely reported measure of stock market value.

In other financial news, the U.S. central bank ended its last round of the program known as quantitative⁵ easing in October. The program by the U.S. Federal Reserve System bought trillions of dollars of securities. Experts says the program helped support the U.S. economy and kept interest rates low.

Also, the face of America’s central bank, the U.S. Federal Reserve System, changed in 2014. The Senate confirmed Janet Yellen to lead the Board of Governors of the Federal Reserve System in January. She is the first woman to lead the nation’s central bank in its 100-year history.

Other Economic Events…

Hilton Worldwide announced it was selling the famous Waldorf Astoria hotel in New York City to a Chinese company for $1.95 billion. The buyer -- Anbang Insurance Group – offered one of highest prices ever for a U.S. hotel. Hilton Worldwide says it will use the money from the sale to buy other hotels in the United States. The Chinese buyer has said it will invest in remodeling the property on Park Avenue to bring it back to its “historical grandeur⁶.”

The ride-sharing company Uber faced legal actions in several countries. The Indian government called for all unregistered taxi services to halt operations in December. The order came after an Uber driver reportedly raped⁷ a woman in New Delhi, the capital. Uber uses a mobile app to link drivers and people seeking a ride.

Uber has faced or is facing bans in Germany, Spain, India, and Thailand. France recently said it plans to block Uber services that use non-professional drivers. Uber competes with established taxi services in many cities around the world.

Most recently, reports say government lawyers in South Korea have brought charges against the American founder⁸ of Uber. The Seoul prosecutor's office brought charges against Uber’s chief Travis Kalanick for violating a law banning unlicensed taxi services.

Words in This Story

securities – n. plural⁹, evidence of ownership that has financial value, such as a stock or bond; a financial contract

sanctions – n. an action taken to persuade a country to obey international law

unregistered- adj. officially placed on a list of people or groups permitted to carry out some kind of activity

app – n. (short for application) a computer program often used in connection with mobile technology

1 hydraulic   

adj.水力的；水压的，液压的；水力学的

参考例句：

• The boat has no fewer than five hydraulic pumps.这艘船配有不少于5个液压泵。
• A group of apprentics were operating the hydraulic press.一群学徒正在开动水压机。

2 shale   

n.页岩，泥板岩

参考例句：

• We can extract oil from shale.我们可以从页岩中提取石油。
• Most of the rock in this mountain is shale.这座山上大部分的岩石都是页岩。

3 petroleum   

n.原油，石油

参考例句：

• The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
• The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

4 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

5 quantitative   

adj.数量的，定量的

参考例句：

• He said it was only a quantitative difference.他说这仅仅是数量上的差别。
• We need to do some quantitative analysis of the drugs.我们对药物要进行定量分析。

6 grandeur   

n.伟大，崇高，宏伟，庄严，豪华

参考例句：

• The grandeur of the Great Wall is unmatched.长城的壮观是独一无二的。
• These ruins sufficiently attest the former grandeur of the place.这些遗迹充分证明此处昔日的宏伟。

7 raped   

v.以暴力夺取，强夺( rape的过去式和过去分词 )；强奸

参考例句：

• A young woman was brutally raped in her own home. 一名年轻女子在自己家中惨遭强暴。 来自辞典例句
• We got stick together, or we will be having our women raped. 我们得团结一致，不然我们的妻女就会遭到蹂躏。 来自辞典例句

8 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

9 plural   

n.复数；复数形式；adj.复数的

参考例句：

• Most plural nouns in English end in's '.英语的复数名词多以s结尾。
• Here you should use plural pronoun.这里你应该用复数代词。