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...futures market is tiny compared with the physical oil market: less than 3% of the world's oil consumption over the next year is accounted for in the open interest - the contracts currently being traded - at the New York Mercantile Exchange (NYMEX). To put it in perspective, Saudi Arabia alone produces four times that much oil. Consider the leverage that the futures market allows - you can trade more than 10 times your money in oil - and suddenly every dollar you put into the futures market controls well over $300 worth of oil. We can put a price...
...Technically, NYMEX has placed limits such that no one firm can control more than 20 million bbl. of oil. Then again, a previously unknown energy-trading company called Vitol controlled 11% of the open interest on NYMEX at one point last summer, which amounted to four times that. Around the same time, SemGroup, a large oil-distribution company, filed for bankruptcy after losing $2.4 billion on a short position that also dwarfed the supposed limit...
...release. Tajbakhsh, an urban-planning expert, taught urban policy at the New School for Social Research in New York City from 1994 until 2001. Before his arrest in 2007, he had served as an adviser to the Iranian Ministry of Health and been a consultant for George Soros' Open Society Institute...
...renewable energy goals, and will leave Germany vulnerable to the whims of its largest gas supplier, Russia. If the chancellor's party manages to ditch the Social Democrats to form a coalition with the pro-business Free Democrats in September, Merkel may get her wish to keep nuclear plants open longer. (Read about Merkel in this year's TIME...
...atomic lobby Deutsches Atomforum and the anti-nuclear organization Greenpeace Germany, 48% of Germans are in favor of extending the remaining running times of the country's nuclear power plants, compared to 40% two years ago. "People are starting to come around to the idea of keeping our plants open longer," Claudia Kemfert, head of energy and the environment at the Berlin-based DIW research institute, tells TIME...