"If wealthy countries reduce their oil consumption to combat global warming, they should pay compensation to oil producers." Previously.
We're filthy rich - now help us!! This is mostly an artice about Kyoto, but one little paragraph left my jaw wide open to see that OPEC thinks they should be compensated if the world finds a better way... I guess it's not a unique concept though - does anyone have some other examples of a (potentially) failing industry that wants compensation?? My apologies if I've missed this in another thread somewhere...
Is the currency that oil is denominated in the real reason for the Iraq War? "The Federal Reserve's greatest nightmare is that OPEC will switch its international transactions from a dollar standard to a euro standard. Iraq actually made this switch in Nov. 2000 (when the euro was worth around 80 cents), and has actually made off like a bandit considering the dollar's steady depreciation against the euro. (Note: the dollar declined 17% against the euro in 2002.)"
Carve-up of oil riches begins US plans to ditch industry rivals and force end of Opec, write Peter Beaumont and Faisal Islam
Back from a vigorous and exhausting vacation of petty but life sustaining activities, I find this overview of our larger reality, without the noisy claptrap of narrowly self serving ideologies, yet worrisome enough to shake the world's boat I'm travelling in with some comfort and some reasonable concern spiced with anxiety. (NYT)
Why Big Oil Backed The Fuel Protests In Europe -- "Watched from a distance, the oil blockades in Britain look like spontaneous popular uprisings: regular working folk, frightened for their livelihoods, getting together to say, "Enough's enough." But before this David and Goliath story goes any further, it deserves a closer reading...."
OPEC to increase crude oil production. Hopefully this will drop the prices of gas in Southern Ontario to below 70 cents/litre. More >>