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...Analysts don't absolve OPEC of blame for keeping prices sky-high. They have voted three times since last fall against raising production, despite direct appeals for relief to Naimi from President George W. Bush and Vice President Dick Cheney. That's partly because they fear they could some day run dry of oil, leaving future generations without the key source of Arab wealth. "It's understandable," says Fatih Birol, chief economist of the International Energy Agency, a Paris-based watchdog organization for big oil-consuming countries. "Oil-producing countries have policies not to run down their reserves." And that...
...Naimi had no good news for those hoping for some relief from sky-high prices. He said it could take "at least 50 years" for the world to comprehensively adopt alternatives to the oil and gas that today account for about 90% of world energy consumption. Naimi castigated Western governments that have pushed biofuels as the major energy alternative, which has ravaged forests and agricultural land. Biofuels, he said, "will produce just 6% of energy consumption by 2010, and has not even reduced greenhouse gases." Instead, the world's most powerful oilman advocated "truly renewable sources of energy, like solar...
...four-story warehouse in suburban Manila. They were acting on a tip-off about possible illicit activity. But the agents weren't searching for drugs or knockoff Rolexes. They were looking for rice. The inspection was part of a nationwide effort to nab profiteers who, taking advantage of sky-high prices for Asia's most basic food, are suspected of repackaging government-subsidized rice and reselling it at higher market rates. Officers have had some success, discovering 27,000 bags of rice at one warehouse, according to Rex Estoperez, spokesman for the Philippines National Food Authority (NFA), which distributes subsidized...
...Sky-High Staples Food prices have surged in the past few years, and in recent months inflation has sparked riots, hoarding and economic sanctions around the globe. A look at the rapid increases of some local necessities in the past year...
FINANCIAL WOES Aloha Airlines, ATA and Skybus all ceased operations in the same week this month, and Champion Air will shut down in May. Rising fuel prices, among other factors, made it difficult to stay in the sky...