Word: oil
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...military government would respond to commercial pressures. “Under the junta, industry is stagnating, so corporations have the influence. They can say, ‘We want genuine dialogue,’” Maug said. Since August, monks in Myanmar have been protesting increased oil and gas prices imposed by the military junta. Last month, government soldiers tear-gassed crowds, arrested monks, and killed several protesters. The government, which came to power after a coup in 1988, is accused of human rights violations and of limiting freedom of expression. The bill approved by the council yesterday...
Commodity speculators are exploiting geopolitical tensions to put a "fear factor premium" on oil prices, says Qatar's Energy and Oil Minister Abdulla Bin Hamad al-Attiya in an interview with TIME. The blame for high prices - a record $93.53 a barrel on Monday - should not fall on petroleum producers, he says. "How do you blame us?" asked Attiya, who also serves as deputy prime minister of Qatar, a small country of nearly one million people whose per capita income of $66,000 is the world's fifth-highest. "I am an oil producer and cannot tell you the oil...
...that rising prices are the end result of crises in places like Iraq, Iran, Venezuela and Nigeria, which "create more fears, and speculators are very smart. They jump into the market and take this factor and create it as fear. They try to frighten the world. 'Oh, maybe the oil will be disappear. Oh, maybe there will be a war.' But with all the fears of the world, still the supply is very efficient...
...between America and Iran, and that all these negotiations will settle things amicably," Attiya said. But in the event of further conflict in the region, such as a threatened U.S. attack on Iran's nuclear installations, Attiya said, "I think there will be a big jump [in oil prices]." War would cause an actual drop in global oil supplies which, he explained, "will create a panic, a shortage in the market...
Three years ago, the dusty general stores lining El Fasher's market sold dates, spices and sacks of maize flour. Cornflakes were a rarity. Yet, today the cool interior of Mohamed Osman Babkir's shop is packed with bottles of Spanish olive oil, balsamic vinegar and jars of preserved cherries. "People don't expect to find these things here," he says. "But there are people making money here, not just refugees...