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...services provider Baker Hughes keeps a monthly tally of how many rigs are active around the world, and the rig count peaked at 6,227 in December 1981. In April of this year it was just 2,836. But ExxonMobil is the most cautious of the lot. Slightly smaller rival Shell spent 25% more on capital and exploration in 2006, and the other oil majors spent more than ExxonMobil relative to their size. The Dallas-based industry leader still reports that its oil and gas reserves are growing. But recent gains have been modest, and most have been in natural...

Author: /time Magazine | Title: No More Gushers for ExxonMobil | 5/31/2007 | See Source »

...Obama's plan contains many of the features of the failed health care proposal pushed more than a decade ago by his rival, Hillary Clinton, that went down in flames in 1994, including its most controversial element: a legal mandate that employers provide coverage for their workers, or pay a percentage of their payroll into a fund for the uninsured. But he insisted that the political climate around the issue has changed dramatically since then, and that businesses are far more open to the idea. "Rising costs have caused many more businesses to back reform," he said in a speech...

Author: /time Magazine | Title: Obama Channels Hillary on Health Care | 5/29/2007 | See Source »

...part of the cost for covering catastrophic illnesses like cancer and heart disease that require the most expensive treatments and surgeries, which consume a disproportionate share of the nation's total health care tab. And as with a number of other reform proposals, including one by his Presidential rival John Edwards, Obama would set up a health insurance program similar to that now offered to federal employees, where the uninsured could pick among a group of plans, with subsidies provided to those who could not afford to buy in. But one idea that Obama rejected is a so-called "individual...

Author: /time Magazine | Title: Obama Channels Hillary on Health Care | 5/29/2007 | See Source »

...finally, Sadr's return comes at a critical moment for the Shi'ite coalition that dominates the Iraqi parliament. His only real rival in Shi'ite politics, Abdel-Aziz Hakim of the Supreme Iraqi Islamic Council, was earlier this week diagnosed with lung cancer and is undergoing chemotherapy in Tehran. If the illness forces Hakim to stay away from the limelight for extended periods, it will leave Sadr as the main voice of Iraq's majority sect...

Author: /time Magazine | Title: What Sadr's Return Means for Iraq | 5/25/2007 | See Source »

...That could still be a costly mistake. Now that the horse race is done, the horse trading begins. The exit poll also predicted an improved performance for Ahern's biggest rival, Fine Gael leader Enda Kenny, and it may be days or weeks before the entire composition of the new government is known. Ireland's proportional representation system means transferred votes take a long time to count. It also makes it difficult to win an outright majority in the Dail, the Irish parliament, so the large parties will need to look for support among the four smaller parties to form...

Author: /time Magazine | Title: The Irish Election in a Photo Finish | 5/25/2007 | See Source »

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