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...since the overwhelmed Pennsylvania oilmen struck their first gusher. Before U.S. drilling began in 1859, "rock oil" (to differentiate it from vegetable oil or animal fat) was sopped up with rags, wrung out and peddled as a cure for everything from headaches to deafness. Spurred by demand for lamp fuel as whale blubber grew scarce, derricks popped up all over Pennsylvania's oil region in the 1860s, although subsequent overproduction drove prices so far down that at one point, a wooden barrel was worth twice as much as the oil it contained, according to Daniel Yergin's definitive tome...

Author: /time Magazine | Title: The Oil Barrel | 8/26/2009 | See Source »

...billion smuggling narcotics north to American users and some $5 billion more selling to the Mexican market. "It is illogical to have a law that allows drug consumption but does not control where it is coming from," says Representative Enrique Cardenas, who voted against the bill. "It will only fuel corruption and dealing...

Author: /time Magazine | Title: Mexico's New Drug Law May Set an Example | 8/26/2009 | See Source »

...million new cars every year. "Even if the government reaches its goal, it would still only affect 2% of the cars on German streets," wrote the daily Berliner Zeitung. "Electric cars will, for the foreseeable future, remain a niche product. For years, huge sums have been invested in fuel cells or hydrogen-powered cars - but no viable cars have appeared on the market." The German government may be hoping its investment in research on electric vehicles will change that...

Author: /time Magazine | Title: Is the Trabi, East Germany's Clunker, On the Comeback? | 8/25/2009 | See Source »

...cabdriver with $200 in his pocket and has expanded into a clean-energy conglomerate with more than 24,000 employees. Chu peppered his hosts with technical questions as he checked out a sleek factory churning out superefficient solar panels, a greenhouse where genetically engineered algae were excreting fuel, a prototype for a coal-gasification plant in Inner Mongolia and a research lab with 300 scientists. It felt like an only-in-America business story, except we were in Langfang, just outside Beijing...

Author: /time Magazine | Title: Can Steven Chu Win the Fight Over Global Warming? | 8/23/2009 | See Source »

...that its leaders are dead serious about climate change and clean energy. They won't accept an emissions cap before we do - understandably, since our per capita emissions are still four times higher - but they're preparing for a carbon-constrained economy. They already have cars that are more fuel-efficient than ours, and they're developing more-advanced transmission lines. They're still building a new coal-fired plant almost every week, but two years ago, they were building two of them every week. They're making a huge push into wind and solar and should be the world...

Author: /time Magazine | Title: Can Steven Chu Win the Fight Over Global Warming? | 8/23/2009 | See Source »

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