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...more difficult than it is on land to extract the crude. Those leases exempted the companies from having to pay royalties to the federal government. The agreements, however, were supposed to have a clause in them that lifted the exemption if oil prices shot past $36 a barrel. (Oil currently sells for more than $60 a barrel.) But because of a foul-up in drafting the deepwater leases, 1,000 of them issued in 1998 and 1999 didn't contain the language lifting the exemption for higher prices. And, Devaney says, mid-level Interior bureaucrats kept their superiors...

Author: /time Magazine | Title: Department of Billion-dollar Bungling | 9/16/2006 | See Source »

...already tight world market, and its threat to respond to any attack by closing the Straits of Hormuz - the maritime bottleneck through which oil from Saudi Arabia and the Gulf States must pass - could send oil markets into shock. But oil futures fell to just under $64 a barrel this week, from close to $77 a month ago, suggesting that oil markets are not expecting a confrontation with Iran any time soon...

Author: /time Magazine | Title: Iran Nukes: Why a Compromise May Be in the Works | 9/14/2006 | See Source »

GAME THEORY THE ROOTS FOR A DECADE, the Roots has been hip-hop's most innovative and politically engaged band--another way of saying it hasn't been the least bit fun. The group is no barrel of yuks here either, but Katrina and Iraq have stoked its outrage into an album of compelling ferocity. Lead voice Black Thought delivers focused and occasionally paranoid rants about a crumbling society ("Watch who you put all your trust in/ Worldwide we coincide with who's suffering") while producer, drummer and resident genius ?uestlove samples dystopian anthems (Radiohead's You and Whose Army...

Author: /time Magazine | Title: Music: 5 Captivating New Albums For -- and By -- All Ages | 9/10/2006 | See Source »

...arches, the complaisant heiress, the slick saloon proprietor, the sick comic, the sullen stoolie who talks in the guarded whisper of cell block and exercise yard ... HE IS HARD-MUSCLED, HANDSOME, HANDY WITH A SNUB-NOSE .38, AND HIS HIDE IS AS TOUGH AS THE BLUING ON A PISTOL BARREL. Decent, disillusioned and altogether incredible, he is a soap opera Superman. He is television's 'Private Eye.' Smarter than the cops, craftier than the crooks, too quick to be caught and domesticated by the classiest doll, TV's private detective runs second to only one competitor in the race...

Author: /time Magazine | Title: Letters | 8/28/2006 | See Source »

...killing Hizballah leaders or bombing supply lines from Syria. Still, despite the limited optimism over its prospects, the Israelis and the Lebanese agree that it may be their only hope of achieving a cease-fire. Until, Sgt. Yoshua says he intends to keep updating the marks on the barrel of his tank's cannon with the number of Hizballah kills claimed by his platoon - 50 so far, he says. And somewhere across the line, a Hizballah missile-man is probably keeping a similar tally of dead Israelis. Sgt. Yoshua is in his early twenties, but his gaze is battle-hardened...

Author: /time Magazine | Title: Israel's Military Dilemma: How Far Into Lebanon to Go? | 8/7/2006 | See Source »

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