Word: oil
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...that means he's worried about an inflationary spiral in which manufacturers of industrial and consumer goods raise prices to compensate for higher costs - and workers demand hefty pay increases so they can afford the rising cost of their household purchases. The risk is very real. Soaring prices for oil, raw materials and food have taken a heavy toll on Europe's inflation rate, which hit 4% in June - more than double what it was a year...
...inflation poses a huge threat to Europe's chances of beating the downturn, especially when combined with weak growth. Inflation is perhaps the trickiest economic indicator to forecast: for example, over the past year, the ECB's staff has based each of its inflation projections on an assumption that oil prices will stabilize - and each time they have risen further, to a current level of around $140 per barrel, or double the price of a year ago. Western economies as a whole are far less dependent on oil than during the two big oil shocks of the 1970s, but with...
...oil business has never been for the faint of heart. But think back, if you will, some five years to a time when the industry was nothing like it is today. In mid-2003, when a barrel of oil fetched about $30, BP made what was then the largest ever foreign investment in a Russian firm. The British company paid more than $6 billion for a 50% stake in TNK-BP, an oil outfit it set up with a consortium of four Russian billionaires. Vladimir Putin, Russia's President at the time, joined Tony Blair, then Britain's Prime Minister...
...Europe, Moscow has seen it as a ploy designed to emasculate its last remaining claim to superpower status: its nuclear might. In the two decades since the Soviet Union?s demise, its slide into international irrelevancy has only been slowed by its nuclear arsenal-and the recent rise in oil prices, which has enabled Russia to begin to climb out of its post-superpower depression...
...results of that hot pursuit will help determine whether al-Maliki's military and police forces are capable of reinforcing the central government's tenuous hold on the oil-rich regions south of Baghdad - even as the Prime Minister discusses the possibility of a timetable for American troop withdrawal as part of a new security agreement with the U.S. More immediately (and concretely), the efficacy of Iraqi government forces is critical to the outcome of provincial elections in October...