Word: barrelfuls
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...With crude oil closing in on $100 a barrel, the pinch of higher prices is being felt worldwide. In China, however, the impact of the hikes has been shortages at the pump, and tempers are running hot. Last weekend, a man was fatally stabbed in Shandong province after he jumped the queue at a local gas station. A second man in Henan province was killed in a similar incident Tuesday...
Commodity speculators are exploiting geopolitical tensions to put a "fear factor premium" on oil prices, says Qatar's Energy and Oil Minister Abdulla Bin Hamad al-Attiya in an interview with TIME. The blame for high prices - a record $93.53 a barrel on Monday - should not fall on petroleum producers, he says. "How do you blame us?" asked Attiya, who also serves as deputy prime minister of Qatar, a small country of nearly one million people whose per capita income of $66,000 is the world's fifth-highest. "I am an oil producer and cannot tell...
...says Garrett Samuels, 23. "Picture-perfect waves." "It was a hard offshore wind," says Alex Gudim, 20. That was a good sign. "It's the opposite of what it's like on land, which is bad. But on the waters, the waves push up, they stand up like a barrel. It was like that all day Sunday and Monday...
...what the Norwegian firm lacks in size, it could well make up for in expertise. Many onshore reserves, which are relatively easy to exploit, are being depleted. So Big Oil is being forced offshore into increasingly complex projects, often at great depths and in harsh conditions. "Each barrel of oil produced tomorrow contains a higher degree of R&D than a barrel produced yesterday," Reiten, a former Norwegian Minister for Petroleum and Energy, told TIME a couple of days before his resignation. With StatoilHydro's decades of experience operating in the tricky terrrain and climate off Norway's coast...
...foreign investors lured by what Devonshire-Ellis calls the "barren romance" of the place, North Korea holds obvious, if modest, attractions: a highly literate workforce with average daily wages that are about half what Chinese earn; abundant mineral resources, including coal, iron ore and gold; a cash-on-the-barrel economy; and virtually no competition. It's not hard to gain a first-mover advantage, after all, if everyone else is standing still...