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...year, Chavez is eager to regain popular support, but the oil-producing country has contracted its growth forecasts due to lack of investment. As inflation reaches over 30 percent per year, the government has increased public sector salaries, a populist move that will only worsen inflationary pressures. Despite the sky-high oil prices, Venezuela is not able to grow its production because the government has used all the money for clientelist programs, rather than securing future investment. Unsurprisingly, less than two years after Chavez’s oil nationalizations, no sound international investor is eager to pour money into Venezuela...
This year's sky-high oil prices are partly responsible for the drop. Since oil hit $100 a barrel for the first time early this year, Americans (who consume one-quarter of the world's energy) began cutting back. When gas began selling above $4 a gallon, American consumers made "a psychological shift into the sense of crisis and a sense of permanence," says Greg Priddy, oil analyst for the Eurasia Group in Washington. Instead of believing that gas prices would finally fall again, many began changing their daily habits - they started driving the smaller...
Though oil-producers and environmentalists rarely agree about anything, both groups have done extremely well from sky-high oil prices during the past year. The high price at U.S. gas pumps has pushed both Barack Obama and John McCain into making the development of alternative fuels and electric cars key elements of their campaign platforms. But if gas prices continue to drop, those initiatives might begin to seem unnecessarily costly to many Americans. (Time's Bryan Walsh reported this week that some countries are already reviewing environmental initiatives as gas prices fall.) "If gas prices drop under $3 a gallon...
...work for U.S. Steel, which has been doing fine, mind you. Instead, he's the CEO of the University of Pittsburgh Medical Center (UPMC), the thriving $7 billion health-care conglomerate that occupies some of the top floors of the building and whose logo now glows in the night sky...
Frederick, Felicity, and Prince Filippo Fumagalli entered the narrow courtyard of the Uffizi, their footsteps ringing off the pavement stones like money. To either side, stone columns and the sparkling reflections of the windows’ little panes. Above them, a low, threatening sky. Inside them, longing, desperation, and, in Felicity’s case, three quarters of a bottle of wine, which she had consumed, to Frederick’s horror and Filippo’s delighted surprise, during the short ride to the museum. “To better appreciate the paintings,” she had said.Filippo...