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...economic news has sent them ever lower. "Prices got to an insane level," Texas economist M. Ray Perryman says, "but they are equally insane now." With the price of a barrel of oil hovering in the $45 range and natural gas cut in half from a high of $14 per thousand cubic feet, the domestic energy sector is now at a critical "tipping point," Perryman says. If prices dip lower, he adds, the pace of the slowdown will quicken as domestic oil and gas fields that demand expensive, high-technology drilling methods will be shut. (See pictures of the remains...

Author: /time Magazine | Title: Texas Braces for an Oil Bust | 12/19/2008 | See Source »

...Obama administration will face is an uptick in union militancy. Blue-collar workers went into December fearing GM and Chrysler might collapse but left angry that Republican demands for wage concessions came at a time when bankers were using federal bailout money for bonuses. "I don't make $74 per hour," says Bryan Larkin, who is employed at GM's truck plant in Pontiac, Mich...

Author: /time Magazine | Title: The Reaction in Detroit: A Sigh of Relief | 12/19/2008 | See Source »

...resort. Rates are now 55% off at Caribbean resorts, including Jamaica, St. Lucia, Antigua and the Bahamas, if you book a "Luxury Included" vacation with a minimum of a three-night stay. If you book seven nights, you can get up to two nights free. Rates start at $183 per person per night. Book now through Jan. 16, 2009, excluding stays from Dec. 27 to 31. 888-SANDALS...

Author: /time Magazine | Title: Travel News: 10 Hotel Deals You Can't Afford to Miss | 12/19/2008 | See Source »

...feel I have earned it." - choking back tears as he refused to accept the Abraham Lincoln Award from the Illinois Council Against Handgun Violence in October. Duncan said he didn't deserve the award because rate of gun killings in Chicago public schools was then two per week, Chicago Sun Times...

Author: /time Magazine | Title: Education Secretary: Arne Duncan | 12/17/2008 | See Source »

...Realizing he would not win this battle, Sarkozy amended the proposal. It now calls for doubling the number of exceptions to Sunday closing rules per year from the current five to 10, not counting the period prior to Christmas. Even then, however, city councils must approve local extension of Sunday openings, a green light that may prove hard to obtain after the nation-wide romp the Socialists enjoyed in municipal elections last spring. "Don't bother voting this text, because it won't be applied," warned Socialist Party leader and mayor of Lille Martine Aubry. "We'll be as ferocious...

Author: /time Magazine | Title: Sunday Shopping? France Says Non | 12/17/2008 | See Source »

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