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...Despite the renewed threat of disruption, major oil-consuming countries are in a strong position to withstand any new market shocks. Global stockpiles are at their largest in about five years because of the downturn in demand brought on by the recession. Many countries also created large strategic oil reserves after the 1979 experience. And in an effort to stabilize oil prices, both the U.S. Congress and the Obama Administration are considering clamping down on speculation in energy futures, said Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, on Tuesday. Speculation is one factor believed by economists...

Author: /time Magazine | Title: Oil Shocks: Biden, Iran and Fears of Another Price Jump | 7/7/2009 | See Source »

DISCONTINUED After a 74-year run, Kodachrome, the world's first commercially successful color film, was pulled by the Eastman Kodak Co. because of declining demand...

Author: /time Magazine | Title: Milestones | 7/6/2009 | See Source »

...It’s one thing for the U.S. to deny in word alone the carte blanche that Israel enjoyed during the Bush administration, and another to take some sort of action. With regard to the settlement “freeze,” Washington would be wise to demand a clear, concrete delineation, lest, in Judt’s words, it be “played yet again for a patsy...

Author: By James K. Mcauley | Title: An End in Sight? | 7/6/2009 | See Source »

...demand for a U.N. probe was partly inspired by the international body's investigation into the assassination of former Lebanese prime minister Rafik Hariri four years ago, says Hussain Haroon, Pakistan's ambassador to the U.N. "We thoroughly investigated the Hariri case, but there were some pitfalls there that we want to avoid," he says. "In this particular case, the government of Pakistan was interested in retaining some aspects of sovereignty, whereas in the Hariri case, they were not in the hands of the Lebanese government." Other crucial differences include the fact that "the Bhutto Commission," as it is being...

Author: /time Magazine | Title: Pakistan Hopes for Answers on Bhutto Murder | 7/3/2009 | See Source »

...better if the inquiry had been done by a national institution. Now that we have an independent judiciary, that would have been possible. Or, if the government feared the matter getting politicized, it could have been held by a bipartisan parliamentary committee." But U.N. ambassador Haroon counters that the demand for the U.N. inquiry emerged out of a parliamentary resolution. Another government official adds the argument that a U.N. inquiry will be completed even if the current government is overthrown - an understandable fear given Pakistan's history of abbreviated civilian governments. (See pictures of Bhutto's village in mourning...

Author: /time Magazine | Title: Pakistan Hopes for Answers on Bhutto Murder | 7/3/2009 | See Source »

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