Word: oil
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Dates: during 2000-2009
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Esoteric climate-science warnings about America's oil dependence can make even the most well-meaning of eyes glaze over. Amanda Little, author of Power Trip: From Oil Wells to Solar Cells - Our Ride to the Renewable Future, took a different approach. She traveled from an offshore oil rig to the halls of the Pentagon, from NASCAR racetracks to the office of a pricey plastic surgeon in order to tell a more human side of the energy story. TIME talked to Little about how fossil fuels saturate our lives and why taking personal responsibility is the key to pulling...
...economy, and now they are trying to live like we do," he notes. That emerging megaforce, says Rogers, will put a supertight squeeze on commodity prices across the board, from beef to bullion. For the unconvinced, he pulls out a chart showing the average daily per capita consumption of oil in the U.S. at 0.677 bbl., vs. India's infinitely smaller consumption (0.021 bbl.) and China's (0.049 bbl.). "Even if the Chinese and Indians just start consuming as much electricity as Koreans now do, the price of oil will take off," he says. (See the best business deals...
...latest indication that Citi is for sale came on Oct. 9. The bank sold its Phibro commodities-trading unit to energy and chemical giant Occidental Petroleum. Oxy Pete will pay $250 million for the unit, which specializes in oil and gas trading. Phibro is not a huge business for Citigroup. But it was one of the few businesses that continued to make money for the giant bank during the credit crisis. Phibro and Citi's global payment-processing business have long been seen as two areas in which the bank outperforms its competitors. Now one of Citi's profit jewels...
...than 300 years old are taken to the Museum of London to be logged. Thames mud is particularly dense, and its anaerobic environment aids preservation. Curator Kate Sumnall says the museum receives about 500 objects of historical significance a year from mudlarks. Past discoveries include medieval pottery, 16th century oil pots, pewter badges worn by pilgrims returning from Canterbury Cathedral, decorative mounts from Viking chests and Hindu lamps from circa 1895 - the year the Thames was sanctified as a substitute for the Ganges as a place for the devout to leave offerings during Diwali. In August, Brooker made global headlines...
...growing differential in interest rates is only one element in this process. On the day Australia raised interest rates, Britain's Independent newspaper reported that the Gulf Arab states and China, Russia, Japan and France are working to end the use of the dollar in oil trading by 2018. Citing "Gulf Arab and Chinese banking sources in Hong Kong," the newspaper said the plan is to price oil using a basket comprising gold, euro, yen, renminbi and a new unified currency for the Gulf Cooperation Council countries...