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By Graham Robb
$19.11
Ha-Joon Chang
$17.79
$35
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American Solutions
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This is great news: Crude oil prices continued to slide Friday as dealers awaited a report on the U.S. job picture. But the average price of gas at the pump remained at a painful $3.99 per gallon.
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American Solutions
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It seems everyone’s got a pet theory about why the price of oil has jumped roughly 30 percent since the start of the year. Right- wingers blame a conspiracy hatched by President Barack Obama to strangle domestic oil production and push his “radical” green agenda on an unsuspecting America ... (more)
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AP photo / Richard Drew
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Finally, some slightly better financial news has hit the wires after months of sobering reports: Oil prices dropped to a three-month low on Tuesday, which may be due to “the softening market,” as one analyst puts it in this NYT account, but whatever the reason it still means a slight reprieve from weeks of punishing prices. Stock markets had their biggest gains in four months.
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Skyrocketing oil and natural gas prices in the second quarter of this year led ExxonMobil to report the highest profit ever by an American company. Despite falling production and rising operating costs, Exxon brought in $138 billion in revenue and reported an astounding net income of $11.7 billion. Who else is profiting?
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vivirlatino.com
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Americans are undergoing an “attitude adjustment,” as the AP puts it, when it comes to oil, as evidenced by the current debate over lifting the ban on drilling off the U.S. coastlines. Another sign that drastic times call for what some might call drastic measures: New Hampshire residents will be keeping warm this winter with a little help from Venezuelan President Hugo Chavez.
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instablogsimages.com
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The price of oil is bad now, but it could get much worse, according to OPEC Secretary-General Abdalla Salem el-Badri, if Iran became embroiled in a military conflict with the U.S. or Israel. If a war occurs, Badri says, there’s no telling how high oil prices might climb.
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Some Arab countries’ economies are getting a boost from the rise in oil prices, but you wouldn’t know it from the shortages of staples like bread— a major cause for concern in Egypt, where long lines and soaring costs are sparking serious unrest.
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Marching in Chicago: Resisting Rahm Emanuel’s Neoliberal Savagery
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