Word: steeping
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...sight of windmills and salt flats add a quirky touch to an otherwise Latin coastline. But if you fancy a day trip, hit the road for some truly special scenery. Just 14 km inland from Trapani is the medieval town of Erice. Perched more than 700 m atop a steep incline, the town is seemingly suspended like a fairy-tale fiefdom above the endless flatlands below. The winding cobblestone streets make for a nice place to get lost (and easily found), and the well-preserved 12th century Norman castle, above, is a must-see. But it's the downward views...
...less-desirable effect of cutting profits at China's major refiners?all of which are state-owned. Energy analysts suspect this was one reason for the recent gasoline shortages in southern China, with some companies perhaps holding back oil from the domestic market rather than selling it at a steep discount. Still, the overall economic impact of higher fuel costs may not be calamitous, even if Beijing allows wholesale prices to creep up closer to market levels. For one thing, only seven out of 1,000 Chinese own cars, compared with 222 out of every 1,000 people...
...Beijing, too, the soaring price of oil and sporadic gas and diesel shortages are drawing the attention of the government, which has drafted plans to levy steep taxes on gas-guzzling cars and SUVs. The new taxes could add as much as 27% to sticker prices. As one of the world's growing gas hogs, China's conservation efforts matter enormously. But it will take time for such measures to have much impact?and until they do, China's neighbors may simply have to get used to oil at almost $70 a barrel. It's a painful prospect...
...Bush remains forever an optimist but that even he recognizes his limits. When he went biking with Lance Armstrong in Crawford earlier this month, the two, at one point, approached a particularly steep and rocky hill. Bush "wouldn't even contemplate going up it," recalls a senior Bush official. For his part, Armstrong cruised up the incline. A White House military aide made it part of the way up but "Lance just buried him" and Bush was in awe of his stamina. The fittest president since Teddy Roosevelt will need more than his share of endurance in the coming weeks...
...official: after fencing with Chevron, the U.S.-based "super major'' oil company, for the right to buy Unocal and its extensive oil and gas assets in Asia, CNOOC was giving up the fight. The Chinese firm had been spooked both by political opposition in the U.S. Congress, and the steep price the company would have to pay to win a bidding war against one of the world's oil giants...