Word: oiling
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...NATO military operations in Afghanistan. That decision was a victory for the Obama Administration: just four months ago, the Kyrgyz government had said that the U.S. military had to go. More broadly, Moscow's ability to project its power has been reduced by the fall in the price of oil since last summer; nearly 20 years after the end of communism and the introduction of market reforms, Russia's economy remains worryingly dependent on commodities...
GEOPOLITICS The Near Abroad Just as Russia won't help much on Iran, Obama will likely tell Medvedev and Putin that America's ties with Ukraine and Georgia are based on shared values - they're both democracies - and strategic interests, including the protection of vital oil and gas supply routes. To underscore that point, Biden plans to visit Kiev and Tbilisi shortly after the President's trip to Moscow. The Vice President's visit, says Blacker, will "demonstrate to the Russians that we have equities in the region." (See pictures of Joe Biden...
...reversal in Russia's economic fortunes is particularly painful. Since 1998 - the year of Russia's last financial crisis - the economy has expanded eight-fold. As oil prices rocketed, so did the country's self-confidence. Not content with presiding over the economic boom, then President (now Prime Minister) Vladimir Putin vowed to restore his country's great power status. Talk about a partnership with the West gave way to belligerent statements about a new Cold War. In the summer of 2008, Russian tanks trundled into Georgia. In early 2009, a dispute with neighboring Ukraine led Russia...
...government has to avoid regulating the wrong participants, thereby pushing the price-discovery mechanism for oil out of the hands of Americans and into those of foreign oil suppliers. Do we want the government punishing some financial investors while letting others - the ones who have the strongest motive to raise prices - continue to do business as usual? That's what could happen if the government regulates the oil market...
...Oil-trading does not need to be regulated so much as monitored. We can assume that corruption exists, but the government does not yet understand the business; officials only recently even admitted that the price does not reflect supply and demand. If we dig deeper, we might find the foreign oil suppliers themselves, posing as speculators, to be the true villains. And deeper still, we will certainly find that the very system is flawed: in a world where hedging against high prices fulfills its own prophecy, we can be sure that prices will never be stable...