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...futures market has become the public driving force in pricing oil. But the vast majority of oil consumed in the world is purchased through private deals, given the massive undertaking of physically delivering millions of barrels. However, a series of private deals cannot establish a market price. Because pricing in the futures market is transparent, in that trade activity is publicly available, it establishes the widely accepted benchmark for the price of oil. In other words, the futures market serves as the price discovery mechanism for the oil the world consumes...

Author: /time Magazine | Title: Are Oil Prices Rigged? | 8/22/2008 | See Source »

...best known for his onscreen performances, but offscreen no role better defines Robert De Niro than unofficial mayor of New York City's Tribeca district. By investing in everything from its dining scene (Nobu) to its arts industry (the Tribeca Film Festival), De Niro has helped establish the 'hood as one of Manhattan's hippest. And his latest debut could be his most ambitious yet: the eight-floor, 88-room Greenwich Hotel...

Author: /time Magazine | Title: Chez de Niro | 8/21/2008 | See Source »

...seem to be treating alternative energy policy as somewhat less important than, say, passing resolutions to establish National Substitute Teacher Recognition Week (May 5-9). Eight times this year, the Senate has failed to pass legislation that would extend tax credits that encourage the development of the wind and solar industry, legislation that will expire at the end of December. (McCain, it should be noted, missed all eight of those votes - a record that doesn't jibe well with his campaign promises to pursue an aggressive alternative energy program along with offshore drilling.) Without those tax credits, the renewable energy...

Author: /time Magazine | Title: Putting US Energy in the Wrong Place | 8/20/2008 | See Source »

...further waste to the region, say refugees and human rights workers. "This conflict has been a disaster for civilians," Rachel Denber, Europe and Central Asia deputy director at Human Rights Watch, said in a statement on Monday. She said there was an urgent need for fact-finding missions to establish the facts of the conflict and to "urge authorities to account for any crimes." She added, "Russia should prevent any further militia attacks and allow humanitarian aid to reach the hundreds of vulnerable civilians still in the area, including many elderly...

Author: /time Magazine | Title: The Ethnic Toll in Georgia | 8/20/2008 | See Source »

...This area [now occupied by Russian troops] is effectively under Russian control. The Georgian military is not there, so Russia has a responsibility to protect civilians there," says Giorgi Gogia, a researcher for Human Rights Watch in Georgia. In Tskhinvali, however, locals say the Russian presence has helped re-establish security. "When the Russian army came," says Misha Masurashvili, a gangly 17-year-old, "the bandits...

Author: /time Magazine | Title: The Ethnic Toll in Georgia | 8/20/2008 | See Source »

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