Word: oiling
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...financial challenges the next Administration may face, perhaps the most dangerous - and least appreciated - is deflation. The stunning decline in the price of oil gets the business headlines - and has a good-news feel as it helps cash-strapped American consumers the most - but the cost of an entire range of commodities has also plunged in the past quarter: copper, gold, nickel and steel have all fallen as global demand has weakened. One popular gauge of commodity prices, the Reuters CRB Index, tumbled 22.3% in October, the biggest drop in the index's 48-year history. (See pictures...
...given an emeritus role - publicly supported Republican Senator Ted Stevens in his re-election bid in Alaska. Inouye maintained that position even after Stevens was found guilty of seven counts of lying on his financial-disclosure forms to cover up expensive renovations done to his Alaska home by an oil-services company (Stevens, amazingly, appears to have been re-elected in a close race). There's been no discussion of punishing Inouye yet. "Having Inouye campaigning for Ted Stevens complicates matters some," says Charlie Cook, publisher of the nonpartisan Cook Political Report, which tracks congressional races. "Besides, Lieberman votes with...
Production of Iskanders is planned for 2009. But the turmoil in global markets has hit Russia particularly hard. The main stock index is down roughly four times compared to a year ago, while prices for gas and oil - Russia's real weapons these past few years - have dived as well. Foreign currency and gold reserves shrank from nearly $600 billion in August to $485 billion last week, further undercutting Russia's clout. As the economy shrinks, as seems likely, the Iskander could end up looking like a costly extravagance. Under the circumstances, production of the missile might be delayed...
California's Proposition 10, which was backed by former oil tycoon T. Boone Pickens, would have established rebates for people purchasing automobiles fueled by natural gas or other alternative fuels; it was also defeated by some 60% of the vote. Critics pointed to Pickens' own vested interest in the natural gas market, and questioned the billions of dollars in taxpayer cost to implement such a program...
...Jing, a 32-year-old single mother who works at a state-owned oil company, also applauded Obama's victory. "I remember Obama's promise to withdraw the troops from Iraq, and I think it's about time," she said. "Why? It's all about the economy. Without the war, I'm hoping the economic situation will improve, and believe it or not, we are not beyond the influence of the U.S. economy. We have not been paid for four months...