Word: crude
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Eighteen months ago, when the world was awash in asset bubbles, there was perhaps no market more overheated than commodities. Prices of everything from iron ore to palm oil to corn reached dizzying heights. Crude oil nearly quintupled in five years; rice tripled in only five months. World Bank President Robert Zoellick called rising food and oil prices a "man-made catastrophe" that had the potential to quickly erase years of progress in overcoming poverty. Protests and riots over high prices for necessities erupted across the developing world. Pundits dusted off Malthusian theories that the planet was physically unable...
...eight months after it officially opened. The most visible turnaround has been in oil. A year ago, Western governments were pleading with Persian Gulf oil states to ramp up production as oil sped toward $150 a barrel; today, OPEC is twisting off the spigot in an attempt to support crude prices around $50. The International Energy Agency expects oil demand to fall this year at the steepest rate since the early 1980s. Some experts believe prices may stay depressed for years to come, due to greater energy efficiency, technological improvements in oil production and greater availability of alternative fuels such...
...insight. What is not true is that we have to choose between quantitative and non-quantitative approaches to politics. Bolduc’s essay establishes a false binary—“These professors ditched The Federalist Papers for Excel spreadsheets years ago.” In this crude thinking, no course could (or should) have both...
...move that may be even more important to the long-term interests of the mainland, the China Development Bank agreed to loan Brazil's oil giant Petrobras (PBR) $10 billion for exploration projects. The South American oil company also apparently agreed to sell China-controlled oil company Sinopec (SNP) crude supplies for the balance of the year. It does not take detective work to come to the conclusion that the two arrangements were related. In late 2007, Petrobras said it had discovered new fields far off its coast that contain as much as 8 billion barrels...
...Five Centuries of the Pillage of a Continent - and you know why the left-wing, anti-U.S. Chávez would present it to a U.S. President. The book's thesis is that Spain, then Britain, the U.S. and Latin oligarchs ransacked Latin American resources, from copper to crude, bleeding the region of its natural wealth and its sovereign dignity. But even if you don't subscribe to its Marxist-tinged polemic, The Open Veins is one of the best introductions to the longstanding Latin grievances that keep producing populist leaders like Chávez. It was an appropriate...