Word: crude
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...Once oil prices started to cascade from over $141 a barrel this last summer to well below $40, OPEC knew that its members would not be able to support their own economies which, in many cases rely almost entirely on income from crude sales. Russia, which is not a member of the cartel, is facing similar trouble, so the incentive to move oil back toward $70 gets greater as each day passes. (See pictures...
...importance of direct negotiations on this issue cannot be understated. The current diplomatic approach to Iran’s nuclear ambitions is overwhelmingly dependent on economic sanctions and is simply not effective. This is due to the volatile state of global energy markets, particularly crude oil. Since Tehran relies on oil exports for 85 percent of its foreign exchange revenue, UN sanctions can be rendered meaningless by steady increases in the price of oil and gas—a trend that has reached alarming rates in the past five years...
...house speaker Michael Madigan, will prosecute the case. He was scheduled to call as many as 13 witnesses, including an FBI agent who has been allowed to testify, and he will likely play tapes of recorded conversations with Blagojevich - from some of the thousands of hours of often crude conversations that the government has recorded to pursue its criminal case against Blagojevich for allegedly engaging in widespread pay-to-play politics...
...well for the pirates, however: reports said several of them drowned when their boat capsized as they returned to shore. The tanker, the Sirius Star, is the largest ship ever hijacked and had been held since Nov. 15. It was carrying about $100 million worth of crude...
...plummeting price of crude forced Chávez, who controls the hemisphere's largest oil reserves and is a major U.S. supplier, to turn off the Citgo spigot this week and focus more of his aid resources at home. Critics of Chávez point out that his need to shore up domestic funds is even more urgent because he's trying to win support for a national referendum, probably to be held next month, on whether to eliminate presidential-term limits and let him run again...