Word: crude
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Hugo Chávez owned the last Summit of the Americas, in 2005. Thanks to rising oil prices, the Venezuelan President, who controls the hemisphere's largest crude reserves, suddenly had the petro-wherewithal to spread his gospel of a more socialist Latin America free of Washington's imperialist interference. At that summit, in Mar del Plata, Argentina, Chávez led large and raucous demonstrations against President George W. Bush and U.S. plans for a hemispheric free-trade pact, which effectively died at the gathering...
...Bolivia. Opposition leader and Santa Cruz Prefect Ruben Costas suggested Thursday's events might be a government stunt orchestrated by Morales, who has declared assassination plots against him on several occasions during his presidency but had yet to offer proof. "Anyone can see that this is a crude staging, a show," Costas said in a press conference, adding it could also be the government's way of deflecting attention away from a bomb that exploded outside the Santa Cruz house of a Roman Catholic Bishop, Julio Terrazas, who is a vocal critics of Morales. Costas and the opposition claim that...
...more than 20 years. And just before the Brazilian deal, Beijing agreed to lend $15 billion to cash-strapped Rosneft, Russia's largest oil company, and an additional $10 billion to Transneft, Russia's biggest pipeline company. The loans will be paid off not in cash but in crude--300,000 bbl. a day from the huge east Siberian oil fields. That's about 4% of China's current demand for crude oil. Over the 20-year life of the deal, Beijing will effectively be paying about $20 per bbl. With oil expected to return...
...been throughout the world, from North Korean souvenir shops to Ethiopian bazaars, for the past six decades. Government officials measure the health of national economies by how many dollars are stashed away in their central-bank vaults. The international prices of everything from crude oil to cocoa beans are denominated in dollars. The dollar is a universal medium of exchange because it is liquid, readily available and backed by the largest economy in the world. There has been little reason for global commerce to function any other way. (See pictures of the global financial crisis...
...Based on the way that oil has traded recently, the perception that the economy has bottomed has fueled the belief that the demand for crude is about to jump. That can be combined with the fact that low oil prices have slowed exploration, so there may be a significant pinch between supply and demand as the summer rolls around...