Word: oil
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...investment by Abu Dhabi, part of the United Arab Emirates, also marked a turning point of sorts for sovereign wealth funds (SWFs). These enormous pools of wealth, controlled by governments in countries that have been getting fat off high oil prices and a booming global economy, are viewed skeptically by those who fear foreign powers might use them to gain competitive advantages or push political agendas. But now, thanks in part to the Citigroup deal, some fears have been allayed; companies in need of capital are courting investments from oil-and-gas-rich states such as Abu Dhabi and Russia...
Like a Vice Tax David von Drehle summarized it well in "Oil's Silver Lining" [Nov. 19]: The $100 barrel gives us another chance to change our ways. It's a true gift to the planet from the present economic circumstances. And rest assured, prices are not likely to drop. How could they, since worldwide discovery of oil peaked in 1964? In China and India, hundreds of millions of households dream of getting a car or even two. Let's hope the exponential rise of oil prices will guide us all toward greener aspirations that will encourage the production...
Trains can save the world.That may sound a bit hyperbolic, but it’s true. Traveling by train—instead of plane or car—reduces carbon emissions, weans the nation from oil, and revitalizes dying communities.In fact, the benefits are so overwhelming that I insist on taking the train almost anywhere I go—including when leaving Cambridge for home. I live in Chicago.The environmental and economic benefits of train travel are well documented: the emissions per passenger per mile are about one-tenth of flying, for example, and it was only after...
Chvez insisted in a TIME interview last year that "capitalism is the way of the devil." But while Chvez, who controls the hemisphere's largest crude reserves, has used his awesome oil windfalls to reduce poverty, Venezuelans now suggest they want to increase capitalist investment, satanic as it may be, to solve their nagging unemployment. They appreciate his shrewd efforts to raise oil prices, but they'd also like him to lower inflation, Latin America's highest. And while they admire him for enfranchising the majority poor, they'd applaud as loudly if he did something to reduce...
...abandoning his plan—and his plan is the creation of this totalitarian state.” Since coming to power, Chavez, who vaulted into the public eye by leading a military coup against the government in 1992, has used the country’s oil wealth to fund relief programs for the poor. In the process, he has centralized power in his own hands, shutting down political opposition and some media outlets. Polls prior to the referendum hinted that a slight majority opposed the constitutional amendment. “Essentially he tried to bite off more than...