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Today numerous factors are driving up the price of crude, from chaos in Iraq to turmoil in Nigeria to hurricanes in the Gulf of Mexico. "It is neither fair nor accurate to blame China for most of the rise in oil prices," says Jeffrey Logan of the Paris-based International Energy Agency. But China's impact should not be ignored. Even if China's blazing GDP growth of 9.1% in the first three quarters of this year (compared with the same period the previous year) slows to 8% in 2005, as the Chinese Academy of Social Sciences predicts, the country...

Author: /time Magazine | Title: China: Quest for Crude | 11/22/2004 | See Source »

...answer: the opportunities seem to far outweigh the risks. The major oil firms are under intense pressure from investors to find new reserves--now. With near record crude prices and Iraq in turmoil, Russia's vast untapped wealth of oil and gas has never looked more attractive. To be sure, there are production challenges: many of the reserves are located in remote locations deep in Siberia or above the Arctic Circle, and transport depends on clunky Soviet-era railways and pipelines whose leaks are frequently decried by Greenpeace and other environmental activists. Nonetheless, the Western oil companies are eager...

Author: /time Magazine | Title: Russia: Power Play | 11/22/2004 | See Source »

...companies regard Libya's oil as some of the best on the planet. Relatively thin, its crude is among the easiest to refine. It also takes far less time for tankers from Libya to reach U.S. ports than those leaving the Persian Gulf. Given the turmoil in Iraq, and the fact that Washington is on chilly terms with Iran, many U.S. oil companies see Libya as a dream prospect. "There's a huge amount of oil that hasn't been discovered," says Michael Thomas, director of the London-based Middle East Association, a trade-promotion group that organized the business...

Author: /time Magazine | Title: Libya's New Face | 11/22/2004 | See Source »

...turmoil. New director Porter Goss took the agency’s helm just two months ago, but he’s wasted no time shaking things up. Goss, a Republican, is the former chair of the House Intelligence Committee, and he’s brought a gaggle of his old staffers along for the ride. The new politicos move fast; they’ve already earned the animosity of the agency’s senior career officials and bagged a batch of high level resignations to boot. More heads rolled Monday, when Stephen R. Kappes, head of the clandestine service...

Author: By Sasha Post, | Title: Failures of Intelligence | 11/17/2004 | See Source »

...warnings of turmoil on Election Day, most people were on their best behavior. Even at war, there was civility. In New Mexico a law student policing the polls for the Democrats lent her cell phone to her Republican counterpart. In Merrimack, N.H., volunteers from MoveOn.org passed out hot cocoa to activists holding signs outside the polling place--Republicans and Democrats alike. "We might be a battleground state," said voter-protection volunteer Chris L'Estrange in Des Moines, Iowa, "but there's not much of a battle." Florida state troopers suspended safety checkpoints for the day to avoid any accusations...

Author: /time Magazine | Title: Bush's Triumph: 2004 Election: In Victory's Glow | 11/15/2004 | See Source »

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