Word: oil
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...past eras when it flourished, the Louvre today is a busy construction site. Most of the work is taking place on a new wing dedicated to Islamic art, set to open in 2010 and partly funded by Saudi Arabia's Prince Alwaleed bin Talal al Saud and French oil giant Total. The Louvre is also building a branch museum in Lens, a depressed former coal-mining town in the north, as part of Loyrette's attempt to broaden its reach within France...
Wagoner said the cuts are based on very conservative assumptions that oil prices will hover in the $130-to-$150-per-bbl. range through 2009, while car sales will fall to an annual rate of about 14 million units this year and next - a level last seen during the recession of the 1990s, when GM controlled just under one-third of the U.S. market. GM is still the nation's largest carmaker, but its market share is down to about 22% and its stock price has dropped to its lowest level in more than half a century, having fallen from...
...most complacent of environmentalists should have received a wake-up call last month, when the Justices, by a 5-3 decision, drastically reduced the punitive damages awarded to victims of the Exxon Valdez oil spill - from $5 billion to $500 million. That decision could have a chilling effect on punitive damages overall. "It's potentially a very sweeping ruling against the effort to hold corporations accountable for environmental damage and misconduct," says Kendall. "Already the court is favoring corporate interests, and it could clearly get worse...
...little relief is in sight. Soaring oil prices, massive amounts of farmland diverted into producing biofuels, and demand from developing countries such as China and India are just some of the factors behind the rising prices worldwide - none of which is easily overcome. U.S. consumers can expect the price of food to rise an additional 5.5% this year, USDA economist Ephraim Leibtag told Congress. "I think the price levels we're at now are not going to go down anytime soon," he added. And that means schools and families may face even tougher times down the road...
...despite the countries' new friendship - are wary of Iran's current intentions. "We should build something like the Great Wall of China between Iraq and Iran to prevent anyone from coming over," says one soldier, driving in an army convoy from Al-Faw to Basra. To his right, an oil refinery in the Iranian city of Abadan spouts flames on the horizon...