Globalization Downfall - How Globalization Has Broken the Chain of ...
▻https://diasp.eu/p/7551897
Globalization Downfall - How Globalization Has Broken the Chain of Responsibility | #anthropology #freedom #responsibility #speed #globalization #civilization #action #powerlessness
l’article relié est pris d’ici :
▻https://www.sapiens.org/culture/globalization-downfall-gladstone-australia
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Needless to say, there is a great deal of diversity in both the kinds of change being experienced in these places and the local reactions. To some, change offers job opportunities, peace, and improved infrastructure; to others, it means pollution, eviction, and a loss of livelihood. What all residents have in common is a loss of political autonomy. The decisions shaping their lives are being made further and further away from the specific locales where they live.
One example from our research is a town in the Peruvian Andes where water was becoming scarce a few years ago. The locals suspected that a new mine was using their water, and they went to complain. However, the mining representatives claimed that it was not their fault and blamed global climate change for the erratic water supply. The question of who to blame and what to do suddenly became insurmountable for the townspeople. What could they do—send a worried email to then U.S. President Barack Obama and the Chinese government, urging them to curb greenhouse gas emissions? The gap was, naturally, too dizzying. Instead, some of them resorted to traditional healing rituals to placate the spirits regulating rain and meltwater. They trusted Pachamama, the goddess of Earth, more than their government or distant international organizations.
Meanwhile in Lunsar, Sierra Leone, people were looking forward to job opportunities in a new mine (which, in any event, never opened) and a biofuel plantation (which did open). Globalization had brought them many benefits, notably an improved infrastructure. They relished the fact that, for the first time, they could buy bread from a roadside vendor that wasn’t covered in dust, since the road had finally been paved. But even in the midst of some positive outcomes, rapid change is creating discontent and frictions, not least over property rights. In traditional African societies, land was not considered property and could not be traded: It was allocated by the chief, used as a common resource available to all, or cultivated according to customary law. More recently, land has been privatized and turned into a form of capital, and suddenly, boundaries need to be drawn in an unequivocal way. Needless to say, these boundaries are contested.
Various stakeholders try to work out a land dispute near Lunsar, Sierra Leone, in connection with a mining project.
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In the mid-1800s, when Karl Marx and Friedrich Engels wrote The Communist Manifesto, capitalists were easily identifiable. They were typically men, and the property owner was the proverbial man in the top hat, with his waistcoat, paunch, cigar, and gold watch. Today, the situation is far more complicated since ownership structures are transnational, corporate, and complex. Even in democratic countries, where political leaders are elected, there is a widespread feeling that the “powers that be” are further away and less approachable than before, and that there is nowhere to go with your complaints. In other words, both the economy and politics are less manageable, more difficult to understand, and harder to effectively react to.
There are alternatives to the current situation of powerlessness. One way to counter globalized power is to globalize the response by forging alliances between local community groups and transnational organizations that are capable of putting pressure on governments, public opinion, and corporations. This has been a successful strategy among feminists, trade unionists, and environmentalists in the recent past. Another option—an opposite yet complementary strategy—is to resist the forces that threaten to overrun and disempower local communities. One of the most striking examples of this strategy is the burgeoning support for locally grown food.
Gladstone is unique compared to previously traditional societies in that it is enmeshed in the economic globalization, which makes the little man and woman even smaller than they used to be. The city’s rise to prosperity was indeed a result of globalization. Yet, the same forces may well cause its downfall. Crucially dependent on fossil fuels, the city may once again become a dusty backwater should the world find better energy solutions.
Signs of the city’s vulnerability are already evident: Since coal and gas prices began largely declining in 2013, and then a major construction project ended in 2015, the city has seen an unprecedented rise in unemployment and a steep fall in real estate prices.
[...]
Qatar Gulf row roils LNG market, Shell tanker diverted | Reuters
▻http://in.reuters.com/article/gulf-qatar-lng-usa-idINL8N1J536H
The escalating diplomatic conflict between Qatar and several of its Middle East neighbours has roiled the liquefied natural gas trade, causing at least one tanker to change course and UK gas prices to spike.
[…]
In one of the earliest signs of the effect on the LNG market, Royal Dutch Shell sent an LNG cargo from the United States to Dubai, shipping data shows, after the United Arab Emirates banned Qatari ships from entering UAE ports.
A cluster of 17 LNG tankers are now moored off the coast of the Qatari LNG export facility at Ras Laffan, up from seven on Monday.
Gas prices in the United Kingdom spiked on Thursday, with the UK National Balancing Point (NBP) price for July up over 4.5 percent after two Qatari tankers that were likely bound for the UK changed course, according to Reuters shipping data.
It is unclear why those tankers shifted movements, though traders said they may be diverted around the continent of Africa rather than transit the Suez Canal, which is where they were expected to go. Traders worry that Egypt might bar tankers carrying Qatari cargoes from using the Suez Canal, though it is bound by international treaties not to block the canal.
La Russie et la Turquie signent le projet Turkstream, gazoduc sous la mer Noire
▻http://www.lemonde.fr/international/article/2016/10/10/la-russie-et-la-turquie-signent-le-projet-turkstream-gazoduc-sous-la-mer-noi
C’est un projet énergétique majeur. La Russie et la Turquie ont signé, lundi 10 octobre, un accord sur la réalisation du projet de gazoduc TurkStream pour acheminer du gaz russe à l’Europe sous la mer Noire, selon des journalistes présents sur place.
[…]
L’accord signé « prévoit la construction de deux conduites » qui formeront ce gazoduc sous la mer Noire, a dit à la presse le PDG de Gazprom Alexeï Miller. « La capacité de chacune de ces conduites est de 15,75 milliards de mètres cubes de gaz par an », a-t-il précisé.
Russia and Turkey sign deal to build TurkStream gas pipeline | Reuters
▻http://www.reuters.com/article/us-energy-summit-turkey-russia-idUSKCN12A244
As part of the deal, Russia also agreed on a gas price discount mechanism for Turkey, Putin said.
[…]
Initially, Russia had planned to ship 63 bcm of gas via TurkStream annually, some of it for onward delivery to Europe, but downsized the plan after opposition from the European Union.
Bahrain, Oman Cut Gas Subsidies | Al Jazeera America
▻http://america.aljazeera.com/articles/2016/1/12/bahrain-oman-cut-gas-subsidies-as-oil-hits-12-year-low.html
On Tuesday, gas prices at the pump rose by up to 60 percent in Bahrain, climbing to $1.25 per gallon for regular gasoline and $1.60 per gallon for premium fuel. Hundreds of people lined up at gas stations a day earlier to fill their cars before the higher prices went into effect.
The tiny island-nation in the Gulf ended subsidies on meat and poultry in October, increasing consumer prices between three and four-fold. Bahrain plans to make further cuts in electricity and water subsidies in March.
Earlier this month, Bahrain cut government subsidies for diesel and kerosene.
Meanwhile, Oman said it would reduce gasoline subsidies starting Friday, with prices set to rise by 33 percent for premium fuel and 23 percent for regular fuel.
The moves come as crude prices closed Monday at $31.41 a barrel on the New York Mercantile Exchange — the lowest in 12 years.
The dip in global oil prices has cut into the revenues of oil-exporting countries, including many Gulf Arab states where citizens have become accustomed to generous government subsidies and state handouts.
Saudi Arabia in December raised petrol prices by 50 percent as part of subsidy cuts for petroleum products, power and water, after the country posted a record $98 billion budget deficit for 2015.
The United Arab Emirates has liberalized fuel prices, while Kuwait lifted subsidies on diesel and kerosene from the start of 2015.
Bahrain, Oman cut gas subsidies as oil hits 12-year low - US News
▻http://www.usnews.com/news/business/articles/2016-01-12/bahrain-oman-cut-gas-subsidies-as-oil-hits-12-year-low
On Tuesday, gas prices at the pump rose by up to 60 percent in Bahrain, climbing to $1.25 per gallon (125 fils per liter) for regular gasoline and $1.60 per gallon (165 fils per liter) for premium fuel. Hundreds of people lined up at gas stations a day earlier to fill their cars before the higher prices went into effect.
The tiny island-nation in the Persian Gulf ended subsidies on meat and poultry in October, increasing consumer prices between three and four-fold. Bahrain plans to make further cuts in electricity and water subsidies in March.
Meanwhile, Oman said it would reduce gasoline subsidies starting Friday, with prices set to rise by 33 percent for premium fuel and 23 percent for regular fuel.
Gazprom signals fall in gas prices
▻http://www.hurriyetdailynews.com/gazprom-signals-fall-in-gas-prices-.aspx?pageID=238&nID=80412&New
Price raise is good for Turkish market
Turkish Energy Minister Taner Yıldız asked for a discount on the price of gas Turkey buys from Russia during talks with Medvedev last week. Meanwhile, the Turkish government said it will raise both electricity and gas prices by 9 percent this year.
“The latest 9 percent raise in gas prices is a positive move for the Turkish market, I believe. The Turkish state is regulating gas prices, and the regulated prices are very low when we have a look at how much Turkey pays to import gas from Iran and other countries. This shows that free market dynamics are not working properly. With a raise in prices, BOTAŞ, the Turkish Energy Ministry and the private sector may reach a reasonable price basis. In this vein, I found the latest 9 percent raise a positive move and Turkey should continue to make such moves,” Medvedev said.
Russia to reduce gas price for Turkey by 6 pct
▻http://www.todayszaman.com/latest-news_russia-to-reduce-gas-price-for-turkey-by-6-pct_365874.html
Mais en contrepartie...
Gazprom CEO Alexei Miller said that his company signed a memorandum on building a new Turkey-bound pipeline under the Black Sea, which would be capable of pumping about 63 billion cubic meters to Turkey, the same capacity as the South Stream.
If Erdoğan accepts the Russian offer of forming an energy alliance, it would mark a sharp policy change for Turkey that so far has served as a major transit route for oil and gas resources from the Caspian and Central region to the west, bypassing Russia. The United States and the European Union have strongly backed energy exports via Turkey as a way of reducing the continent’s dependence on Russia’s energy resources.
Putin added a sweetener, saying that Russia will offer a 6 percent price discount for its gas supplies to Turkey starting next year and could offer an even better deal if the two countries reach an agreement on deeper energy cooperation
Electricity, gas prices up by 9 pct, adding more pressure on inflation
▻http://www.todayszaman.com/business_electricity-gas-prices-up-by-9-pct-adding-more-pressure-on-inf
Les raisons invoquées de l’augmentation sont-elles les bonnes ? Les facteurs de la chute de l’hydro du fait de la sécheresse et les taux de changes ne sont-ils pas des éléments conjoncturels aux incidences théoriques faibles sur la structure des prix ? Ces augmentations ne matérialiseraient-elles pas plutôt l’arrêt (provisoire ?) d’une stratégie de subventionnement mise en place depuis l’arrivée de l’AKP au pouvoir ?
Yıldız said the share of hydroelectricity plants in total electricity generation has fallen to 19 percent this year, much below of its average rate of 25 percent. He noted that the “the difference stemming from the untapped capacity in hydroelectricity power plants due to low rainfall levels is over TL 3 billion [annually],” and that this gap is being closed by imported resources.
He said the government had no other choice but to raise the prices after 24 months with no increase, as since the last price adjustment the costs have become “unbearable.” The Turkish lira dropped to its eight-month low against the dollar on Monday at 2.2840
Ce site (russe) décrit une situation économique apocalyptique en Ukraine…
Olga SHEDROVA - Kiev Is Starting a War to Avoid a Revolution - Strategic Culture Foundation - on-line journal > Kiev Is Starting a War to Avoid a Revolution > Strategic-Culture.org - Strategic Culture Foundation
▻http://www.strategic-culture.org/news/2014/06/27/kiev-is-starting-a-war-to-avoid-a-revolution.html
While the Kiev junta is waging war against its own people in the Southeast, throughout the country protests are growing due to a catastrophic drop in the standard of living of the populace. An increase in all utility rates is coming July 1. In particular, gas prices for the population of Ukraine will go up by 55-70%; hot water and heating by 40%; electricity by 10-40%, depending on consumption volumes; and centralized water supply and sewage by 78-96%. The greatest increase is expected in Kiev, where on July 1 the price of hot water for Kievans will increase by almost 70% and the price of centralized heating will increase by almost 60%. And this is only the first stage of price increases for utilities, which will continue to grow incrementally until 2017. According to First Deputy Head of the Budget Committee of the Verkhovna Rada Oksana Kaletnik, in 2015 utility rates will increase by 40%, and in 2016 and 2017 by another 20% per year. The veracity of these figures is dubious, since as of May 1, 2014, for example, the public was paying only 24% of the actual costs for production, transmission and delivery of electricity.
At the same time, the IMF is demanding a rise in rates for the public «to an economically justified level», that is, total elimination of the system of state subsidies in the utilities field.
(…)
At the same time, as Ukrainian Prime Minister A. Yatsenyuk has stated, the government will freeze the amount of the minimum wage and the poverty line. According to the conclusions of the authoritative Razumkov Centre, «the freezing of pay raises, pensions and social benefits is connected with the fact that the economy in Ukraine is not working. A decline can be observed, both in industry and in other areas... In such a situation neither Ukrainian businesses nor the state budget have the resources to raise wages in order to support the population. This year real income and real wages are decreasing, which is creating an additional social problem in the country». Furthermore, the government is stubbornly spreading rumors that workers in the public sector and public servants will lose all bonuses. And although that bill has for now been removed from the parliament’s agenda, in some regions public sector employees have already lost the bonuses they are entitled to by law. For example, instructors and librarians in Nova Kakhovka (Kherson region) lost a 50% salary uplift, and teachers in Berdyansk (Zaporozhye region) only avoided a pay cut by threatening to strike. Since March 1, 2014 bonuses for continuous service and exemplary execution of duties, amounting to around 40% of salary, were discontinued for public sector employees.
La journaliste annonce aussi des manifestations de mères et femmes de soldats.
Furthermore, massive casualties among the Ukrainian military and horrible service conditions have already sparked mass protests in the western regions of Ukraine, which are most loyal to the Kiev junta. The mothers and wives of Ukrainian soldiers are blocking international highways in the Rovno, Ternopol, Lvov and Khmelnitsky regions. It is highly likely that the furious women will march on Kiev if their loved ones do not return from the army soon.
Il faut dire le discours officiel du FMI sur le sujet, qui présente les « ajustements » à réaliser comme des pas dans la bonne direction, est à peine moins inquiétant…
IMF Survey : Ukraine Unveils Reform Program with IMF Support
▻http://www.imf.org/external/pubs/ft/survey/so/2014/new043014a.htm
Ukraine Unveils Reform Program with IMF Support
(…)
In an interview, Reza Moghadam, Director of the IMF’s European Department, emphasizes the needs for Ukraine to address deep-seated structural problems and vulnerabilities.
(…)
IMF Survey: What are the chief measures to reduce the fiscal deficit?
Moghadam: The authorities have proposed that the initial phase of fiscal adjustment rely on a mix of expenditure and revenue measures, with emphasis on the former.
• Expenditure restraint will be exercised through the suspension of unaffordable wage and pension increases planned by the previous government, public employment reduction through attrition, savings on government purchases enabled by a new procurement law, and rationalization of social assistance spending through better targeting and means testing.
• Enhanced revenues and collections will be sourced from the elimination of fraudulent tax evasion schemes, a shift to uniform (and thus less abuse-prone) excises on fuel, higher excises on alcohol and tobacco, and closing of value-added tax loopholes.
Ah oui, rationaliser l’aide sociale !
IMF Survey: How significantly will gas and heating tariffs increase?
Moghadam: Energy prices in Ukraine are exceptionally low. Currently, the gas price for households in Ukraine is $85 for one thousand cubic meter. In Russia—a gas producing and exporting economy—the price is $158 for one thousand cubic meter. The regional differences are even larger with prices in Ukraine being 4 to 9 times lower than in neighboring gas-importing economies. In January 2014, Romania’s citizens paid about $ 414, Moldova’s $ 432, and Poland’s $ 687 for one thousand cubic meter.
The envisaged gas and heating tariff increases will lead to comparatively moderate increases in the share of household budgets spent on utilities. Even after the programmed increases in 2014, the price of gas and heating for the population will remain several times lower than in other gas-importing European countries.
On va rattraper les prix exceptionnellement bas de l’énergie, mais ça sera « sans douleur »…
Et voici comment on va s’y prendre…
IMF Survey: How will the most vulnerable be protected under the program?
Moghadam: Although energy price increases are moderate and from a low starting level, it is important to cushion the impact on low-income families, so the government has embarked on an ambitious new social protection program. Eligible families will receive a benefit equal to the difference between pre-and post-increase gas and heating bills. In total, 4.5 million families—about 27 percent of the total—will be receiving government support to shield them from tariff increases through existing and new social assistance schemes.
Additionally, in cooperation with the World Bank, social assistance benefits will be re-prioritized to move to a well-targeted means-tested framework. As present, the majority of social assistance is captured by higher-income households who consume the largest share of gas and heat. For a fraction of the cost of the existing utility subsidies, the government could fund additional social assistance programs that would substantially reduce poverty.
Comme ce sont les classes moyennes qui bénéficient le plus des subventions à l’énergie, y a qu’à leur sucrer les aides et les réserver aux plus pauvres (qui eux ne se chauffent pas comme des porcs…)
Bon évidemment, c’est pas gagné. D’ailleurs les deux programmes précédents d’aide du FMI à l’Ukraine ont été interrompus devant l’incapacité des autorités à prendre les mesures de diminution des subventions.
Mais c’était avant…
IMF Survey: How confident are you of the authorities’ commitment to the reforms? How much ownership does it have? Do they have sufficient implementation capacity?
Moghadam: The authorities see the program as a historical break with a past marked by crony capitalism, pervasive corruption, and poor governance which weighed heavily on the economy. They believe that there is a window of opportunity for bold and ambitious reforms in order to transform Ukraine into a dynamic and competitive emerging market economy with a transparent government and a vibrant business environment.
Clearly there are considerable uncertainties and risks—both from outside (e.g., geopolitical tensions) and within. We have worked together with the authorities to build in measures to help mitigate these risks.
We are encouraged that the authorities have taken strong ownership of economic reforms, which are long overdue and urgently needed. Up front action on major elements of the program is a good sign in terms of their capacity for successful implementation. Ultimately, the program’s success hinges on the authorities’ unwavering commitment to economic transformation despite resistance from entrenched vested interests.
Bref, on va bien finir par y arriver
The program (…) is expected to unlock additional and sizable international official assistance, and help restore confidence among private investors.
Guerre du gaz, l’exemple lituanien
Opinion: Standing up to Gazprom. What Ukraine can learn from Lithuania | The Lithuania TribuneThe Lithuania Tribune
▻http://www.lithuaniatribune.com/69495/opinion-standing-up-to-gazprom-what-ukraine-can-learn-from-lithuan
Russia and its state gas company, Gazprom, cut their gas supply to Ukraine last week amid a dispute that includes Gazprom’s demand that Ukrainians pay $485 per thousand meters of gas – an 81-percent price increase. Yet weeks earlier, Gazprom agreed to cut Lithuania’s gas price to $370, a reported discount of about 20 percent. As Ukraine and much of Europe grope for ways to reduce their vulnerability to Russia’s politicized gas prices, how did Lithuania achieve this success? Can Ukraine do the same?
(…)
But the main factor was that Lithuania is poised for the first time to buy from an alternate supplier. In December, the Klaipeda liquid natural gas (LNG) terminal will start operations, producing gas at a price lower than what Gazprom has been charging, Lithuanian Energy Minister Jaroslav Neverovic said last month. Klaipeda will be a “floating” terminal – a ship as long as three football fields that will anchor at a jetty in the harbor, unload LNG carriers and turn the liquid back into gas to be pumped ashore. With a projected capacity of 2-3 billion cubic meters (bcm) per year, the terminal will be able to can meet Lithuania’s annual consumption needs, which in 2012 were 2.7 bcm.
The strategic importance of this project cannot be overstated. Most significantly, Lithuania will now be able to buy gas from world markets rather than solely from Gazprom
(…)
Whether via LNG terminals or not, greater diversification of energy sources and routes should be Ukraine’s main priority reducing its vulnerability in its gas relationship with Russia. Already, Ukraine is working on making its pipeline connections to western neighbors reversible. This would let Kyiv import about 10 bcm of gas annually from Slovakia, Poland and Hungary. Energy efficiency in Ukraine has been less discussed but is an equally important priority. For decades Ukrainian households and industry have enjoyed cheap gas and have not pursued economic restructuring or energy conservation that could decreased their reliance on Russian gas. Thus, only Kyiv’s comprehensive reassessment of Ukraine’s energy sector – including securing alternative sources, routes, technologies, and economies – could facilitate a long-term solution to its ongoing gas conflict with Moscow. Meanwhile, let us hope that the current gas war is resolved before the coming winter months.
No consensus reached on Iranian gas prices, says energy minister
▻http://www.todayszaman.com/news-350045-no-consensus-reached-on-iranian-gas-prices-says-energy-mini
Yıldız said at a press conference that Turkish officials expressed their dissatisfaction about the current price of gas imports with their Iranian counterparts, and discussed an arbitration process that Turkey has been pursuing on the issue.
“They [Iranians] submitted their four-page offer. We said this offer was not enough for Turkey,” the minister said.
When asked if Iran will cut the price of its gas exports to Turkey, the Iranian president told reporters on Monday that gas prices were on the table at a High-Level Strategic Cooperation Council meeting.
“The gas prices depend on several parameters. It is not so easy to make a decision on natural gas prices. The issue was on the agenda,” Rohani added.
Asked the same question, Turkish Prime Minister Erdoğan said that ministers on both sides will discuss the issue, adding that he hopes they reach consensus.
“If we come to a mutual agreement, [Turkey] can increase the amount of natural gas imported from Iran. We can provide cheaper gas for the Turkish people; our efforts are to that end. We can produce cheaper electricity at natural gas [combined] cycle plants. The necessary instructions have been given,” Erdoğan said.
Les camionneurs sembleraient payer les pots-cassés des tensions entre les deux pays se voyant imposer une tarification spécifique de l’essence plus élevée que la normale lorsqu’ils circulent en Iran.
Turkish truckers have been crying foul over the extra fuel surcharges being imposed on them as they exit the Middle Eastern country. Iranian officials say fuel prices in the country are lower than in Turkey due to state subsidies so the country charges Turkish truckers higher taxes to make up for the difference in price.
ITAR-TASS : Economy - EU offers Kiev to repay half of April-May debt amid price wrangle
▻http://en.itar-tass.com/economy/733759
The EU has proposed Ukraine to repay half of its debt for gas supplies in April-May until Moscow and Kiev agree upon a new gas price, EU Commissioner for Energy Gunther Oettinger said Wednesday after a round of the trilateral Russia-Ukraine-EU consultations on gas issues.
Russia and Ukraine have officially settled all disagreements over the price for gas supplied between November 2013 and March, when it stood at $268 per 1,000 billion cubic meters, Oettinger said. However, Kiev still insists that the price for April-May, after Gazprom cancelled all discounts for the country and set the price at $500, is unfair.
Ukraine may repay at least $2.5 billion of its $3.5 billion debt for Gazprom gas supplies, Russia’s Energy Minister Alexander Novak said late Monday on the sidelines of the gas talks, while Ukraine’s Energy Minister Yuriy Prodan said that Ukraine will agree to repay the debt only after Gazprom sets the price “close to the market price”.
The European Commission’s estimate of the Ukraine’s gas debt stands at about $4 billion, Oettinger said.
Notes :
– on est d’accord : on paye, mais uniquement quand on sera d’accord sur le prix. On avance…
– faut-il comprendre que l’UE paye et l’Ukraine remboursera quand elle sera (vraiment) contente ?
– dans le texte, il y a un billion en trop. 268 USD les 1000 m3, c’est déjà pas le prix de marché…
Keystone PipeLIES Exposed
▻http://www.filmsforaction.org/watch/keystone-pipelies-exposed
This film, produced by the Center for Media and Democracy, debunks the claims of proponents of the Keystone XL pipeline regarding jobs, energy security, gas prices, safety, and climate change...
Turkey to seek discount in Russian gas price next week:
▻http://www.hurriyetdailynews.com/turkey-to-seek-discount-in-russian-gas-price-next-week-minister.a
Russian offer of aid sharpens international power struggle over Ukraine - World Socialist Web Site
▻http://www.wsws.org/en/articles/2013/12/18/ukra-d18.html
Amid ongoing pro-European Union (EU) protests in Kiev and a mounting international power struggle for influence in cash-strapped Ukraine, Russian President Vladimir Putin offered a large financial package to the regime of Ukrainian President Victor Yanukovich on Tuesday. Receiving Yanukovich in Moscow, he announced that Russia would provide $15 billion in loans and a deep cut in gas prices to neighboring Ukraine.
“With the goal of supporting the budget of Ukraine, the government of the Russian Federation made the decision to issue in bonds from the Ukrainian government part of its own reserves from the National Welfare fund in the amount of $15 billion,” Putin declared.
More US drilling didn’t drop gas price
►http://www.philly.com/philly/wires/ap/news/nation/20120321_ap_factcheckmoreusdrillingdidntdropgasprice.html?c=r
It’s the political cure-all for high gas prices: Drill here, drill now. But more U.S. drilling has not changed how deeply the gas pump drills into your wallet, math and history show.
A statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production by The Associated Press shows no statistical correlation between how much oil comes out of U.S. wells and the price at the pump.
the United States alone does not have the power to change the supply-and-demand equation in the world oil market,