Word: oil
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...Four-dollar-a-gallon of gasoline only reflects $100 oil because the refiners' margins are squeezed," he said. "At $300, you have $12 a gallon of gasoline and riots in Newark, Los Angeles, Harlem, Oakland, Cleveland, Detroit, Dallas...
...either case, whether at $200 or $300, Bush does not want to be the President who leaves the White House on a mule-drawn cart. But Iran's blackmail is not just about oil. The Iranians truly believe they have us hostage in Iraq - our supply lines, the acquiescence of the Shi'a in the occupation. It would all change in an instant, though, especially if we were to borrow Iraq to attack Iran. The way Fars put it: "In Iraq, fighters would rise up in solidarity with each other and begin ... making the Tet Offensive in 1968 Vietnam...
...prices rise, Gwat's earnings are being squeezed. When world oil prices shattered the $100-a-barrel mark on January 2 and settled above that in February, Cameroon faced the same conundrum as the United States and Europe, because it is heavily dependent on imported fuel. President Paul Biya, whose 22-year rule has endured almost unchallenged, passed along the cost of the global increase to his country's drivers. Biya was more careful than some of his Western counterparts, however, in choosing his moment to raise the price at the pump: The announcement, in mid-February, coincided with...
...have not yet been broached in Cameroon. Instead, politicians in Yaoundé have tried to ease the burden by cutting taxes and import duties on basic foods. And they have promised to review fuel prices and to build more refineries to boost fuel supplies. Although Cameroon has rich offshore oil deposits of its own, it has only one refinery in the Atlantic port of Limbe, the output from which is largely exported...
...Cameroon is hardly alone among its African neighbors in needing to import gasoline despite possessing huge oil deposits of its own. But building new refineries could take years, and require many millions of dollars in foreign aid. Until then, Gwat is hoping gas prices do not rise much further. "I spend a lot of my earnings on fuel," he says. "I earn well, but still it is only 150,000 francs [about $353] a month." And given what he pays to fill up in Yaoundé, he'd gladly settle for the new U.S. average price...