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...gargantuan oil industry, gold once seemed an unlikely target of resource nationalism. But Venezuela possesses about 2.5% of the world's 1 billion oz. of unmined gold reserves, and experts say about half its gold is mined by some 30,000 illegal miners. So as bullion approaches $500 per oz.--and as miners call attention to their squalid lives--gold has become a hot political as well as economic commodity...
...stocks have doubled over the past few years, fed by soaring oil prices. For them to move much higher, oil--which has been edging lower of late--would have to resume its upward trend. Which it may. Wall Street heavyweight Goldman Sachs raised the specter of oil at $100 per bbl. even before hurricanes Katrina and Rita disrupted supply lines and briefly pushed oil past $70 at summer's end. Some investors clearly believe Goldman's story: cash flowing into energy-related stock mutual funds this year has reached $6 billion--already more than twice last year's total. These...
...investment in exploration and production will lead to greater supply in coming years. "There's more than enough reserve base," says Craig Pennington, energy analyst at Schroders. By 2010 crude will average $36 per bbl. as new technologies and new fields in formerly unreachable regions of Russia and the Middle East add more than 3 million bbl. a day to global supply, he predicts...
...biggest problem Diarra faces, though, isn't environmental or even in Africa. It is 5,000 miles away: the $3 billion or more the U.S. pays its 25,000 cotton farmers in subsidies every year. Washington uses taxpayer money to guarantee American farmers a price?currently about 72? per lb.?whether it rains or bakes and no matter what happens on the world market. By contrast, in 2003, when Mali's cotton farmers earned 42? per lb., Diarra says he made a profit of $480, which he used to buy four cows and send his children to school...
...world of perfect Ricardian economics, West African cotton growers would be thriving. That's because they can produce and trade high-quality cotton more cheaply than just about anyone?for about 31? per lb., compared with 68? per...