He notes that OPEC controls only 40 percent of world oil production, and says the high prices do not reflect market conditions but rather other factors linked to the weakening dollar, market speculation and the U.S. subprime mortgage market turmoil.
Yesterday’s Washington Post front-page lead story summed up in seven words what’s going on: "Siphoning Off Corn to Fuel Our Cars."
Yes, cars on American roads will burn up close to one-third of the enormous corn crop American farmers will grow this year. But because the United States is the world’s biggest producer of corn, an essential staple, this massive diversion from the food bowl to the fuel tank threatens to wreak increasing havoc from here to Timbuktu.
THE UK government has made an 11th-hour intervention in the long-running dispute between the Scottish NHS and anti-nuclear campaigners over the release of childhood leukaemia figures.
The saga can be traced to a freedom of information request lodged in January 2005 by the Scottish Greens for a breakdown of leukaemia statistics for under-15s in Dumfries and Galloway.
The United States and the European Union have taken a "criminal path" by contributing to an explosive rise in global food prices through using food crops to produce biofuels, according to the United Nations Special Rapporteur on the right to food.
A freeze on $12 billion in Venezuelan assets awarded to Exxon Mobil should be lifted, a British court ruled Tuesday.
Exxon also secured $12 billion freezes in the Netherlands and Dutch Antilles which may now be challenged.
OPEC on Wednesday accused the U.S. of economic "mismanagement" it said is pushing oil prices to new record highs, rebuffing calls to boost output and laying the blame at the feet of the Bush administration.
OPEC President Chakib Khelil told reporters the global market is being affected by what he called "the mismanagement of the U.S. economy," and that America's problems were a key factor in the cartel's decision to hold off on any action.
"If the prices are high, definitely they are not due to a lack of crude. They are due to what's happening in the U.S.," Khelil said. "There is sufficient supply. There's plenty of oil there."
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