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Four years ago, Hugo Chávez scored one of the more impressive p.r. coups of the new century when he started delivering free heating oil to low-income Americans. Even if it was political opportunism, as conservative critics insisted, it got home-heating fuel to hundreds of thousands of yanquis during the past four winters, when the price was often skyrocketing. On Monday, however, with world oil prices plunging, the Venezuelan President decided to suspend his large-scale, multistate U.S. program in order to tend to financial concerns at home. Then on Wednesday, at the urging of U.S. politicians...

Author: /time Magazine | Title: Why Can't Big Oil Match Hugo Chávez? | 1/7/2009 | See Source »

...marine monuments will comprise the ocean waters within a 50-nautical-mile radius of the protected islands and will safeguard virtually the whole of the Mariana Trench. Commercial fishing will be banned within the monuments, and mining, oil exploration and other commercial activity will be limited. (Sportfishing and other boating may be allowed within the region, but only on a permitted basis.) Those protections will shield the rich, pristine marine life found among the coral reefs of the central Pacific, which includes hundreds of species of rare birds and fish. Though most of the monument areas are so remote that...

Author: /time Magazine | Title: President Bush's Last Act of Greenness | 1/6/2009 | See Source »

...Italian Bernardino Branca developed a cure-all he called Fernet - an 80-proof concoction containing myrrh (what's with all the myrrh?), rhubarb, chamomile, aloe, cardamom, peppermint oil and a number of other ingredients including a lot of grape-infused spirits and some opiates. Branca used the drink to treat a number of ailments, including hangovers and cholera. Fernet is still available (now opiate-free), although it's usually served as an after dinner drink...

Author: /time Magazine | Title: Hangovers | 1/1/2009 | See Source »

...economy would not withstand the collapse of the auto industry, but perhaps carmakers should look to their friends in the oil industry for assistance. ExxonMobil and others reported record profits - with our money - supplying fuel for all the gas-guzzlers Detroit built. Why should U.S. citizens pay again? William Stamm, Rosendale...

Author: /time Magazine | Title: Inbox | 1/1/2009 | See Source »

...expense of the window owner, money that Kinsley hopes to inject into the economy must first be taken out of it. Add in collection costs and the usual political malfeasance, and we have a net loss to the economy. There's more: Kinsley argues that last summer's high oil prices were essentially a tax on consumers; the money just went to oil companies instead of the government. But he forgets that oil companies do not have control over their prices. If they did, then why would oil prices ever drop? Kinsley's logic does not follow. Ryan Young...

Author: /time Magazine | Title: Inbox | 1/1/2009 | See Source »

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