Health & Lifestyle

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Intercontinental Exchange is cooperating with regulators in their efforts to restrict oil trading, but the Atlanta-based company insists that speculation is not the reason for soaring prices.

The company, commonly known as ICE, operates a number of commodities trading exchanges, including a major oil futures exchange based in London.

They also made it clear they don't believe that's happening. "There is no evidence that regulators or researchers have found demonstrating that excessive speculation is driving crude oil prices," said Sarah Stashak, an ICE spokeswoman.

The cost of a barrel of crude oil has edged closer to its all-time high after OPEC president Chakib Khelil warned that oil prices “will not come down”. Ahead of a meeting with EU officials in Brussels today, he said that the cartel had done all it could to ease prices.  read more »

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The world's thirst for oil is growing so quickly humanity will consume more of it this decade than over the previous hundred years. Production can't possibly keep up. And the consequences will be dire. "This surge of demand will soon begin to send shock waves through the American economy and transportation system," wrote one expert. The American interior secretary agreed.

A massive oil shortage was coming in the 1980s. Everyone knew that. But before the predicted crisis could arrive, the world was hit with one that wasn't predicted: The Iranian revolution of 1979 turned a major American ally into a major American enemy. Oil prices soared. Economies slipped into recession.

Experts were certain the age of scarcity had arrived ahead of schedule. "The cardinal issue is how vicious the struggle for energy supplies will become," the head of the CIA told a Senate committee. In the summer of 1980, the journal Foreign Affairs captured the dismal mood in an article headlined "Oil and the Decline of the West."

Then a funny thing happened. The price of oil stopped rising. Instead, it fell. And fell some more. High prices had encouraged oil companies to explore like never before and producers to open their spigots. Supply gushed onto the market.

In 1985, the price of oil collapsed.

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5 June 2008
World's biggest solar farm at centre of Portugal's ambitious energy plan in country without oil or gas
From a distance the bizarre structures sprouting from the high Alentejo plain in eastern Portugal resemble a field of mechanical sunflowers. Each of the 2,520 giant solar panels is the size of a house and they are as technically sophisticated as a car. Their reflective heads tilt to the sky at a permanent 45 degrees as they track the sun through 240 degrees every day.

The world's largest solar photovoltaic farm, generating electricity straight from sunlight, is taking shape near Moura, a small town in a thinly populated and impoverished region which boasts the most sunshine per square metre a year in Europe.

When fully commissioned later this year, the £250m farm set on abandoned state-owned land will be twice the size of any other similar project in the world, covering an area nearly twice the size of London's Hyde park. It is expected to supply 45MW of electricity each year, enough to power 30,000 homes.

Portugal, without its own oil, coal or gas and with no expertise in nuclear power, is pitching to lead Europe's clean-tech revolution with some of the most ambitious targets and timetables for renewables. Its intention, the economics minister, Manuel Pinho, said, is to wean itself off oil and within a decade set up a low carbon economy in response to high oil prices and climate change.

"We have to reduce our dependence on oil and gas," said Pinho. "What seemed extravagant in 2004 when we decided to go for renewables now seems to have been a very good decision."  read more »

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DENALI NATIONAL PARK, Alaska (AP) — Two young backpackers rationed peanut butter sandwiches and granola bars, growing hungrier as they wandered for six days in the dense vegetation of Denali National Park. Erica Nelson and Abby Flantz were down to their last granola bar Wednesday, the day they were rescued. Trekking through the remote park, they regularly clicked on their cell phone until they finally found reception that led to their rescue. "We got a signal and I said, 'Wow, I have to call my mom,'" Nelson told reporters before heading with her family to Houston, where she plans to serve as maid of honor Saturday in her sister's wedding.

What started as an overnight hike June 12 turned into an intensive search that cost more than $118,000 and sometimes involved 100 people from volunteer groups and state and federal agencies, according to park spokeswoman Kris Fister. Rangers estimate the women logged at least 20 miles before they were picked up by a helicopter crew outside the northeastern side of the 9,400-square-mile park, Fister said.

Nelson, 23, of Las Vegas and Flantz, 25, of Gaylord, Minn., had no idea they had trigged a search of that magnitude. They were reported overdue when they failed to show up at work Saturday at Denali Princess Wilderness Lodge, a hotel outside the park. But after a few days of being lost, they did figure that people might be concerned. "We were gone long enough, we knew there might be searches for us, but we didn't know it would be this big," Flantz said.

The women said they each packed only bare essentials, such as two sandwiches and granola bars, thinking that would be enough for their short trek. They brought a compass and a map but still lost their bearing, mistaking one river for another. They tried to follow the river, but that proved impossible many times, Flantz said. "There were steep hills, so we had to get away from them and there was this high brush we had to push through," she said. "I cried a little bit, but not much."

The days wore on and they rationed their food, but ran out of water and drank river water or melted snow. They ripped up a shirt to bandage scratches and blisters. Hiking exhausted them, but they trudged on when the weather was good, hoping their destination was over the next bend. At night they slept in a tent. Along the way, they saw plenty of bear tracks, steering far from the fresh prints. The only wildlife they saw, however, was a porcupine. The last couple of days it rained, so they mostly stayed in the tent, conserving their waning energy.

By Wednesday, the cell phone's battery was weak, but Nelson finally got through to her mother, Ellane, who was listening to park officials give a morning briefing on the search. That was the day Nelson's sister, Alecia, and her future brother-in-law were to decide whether to postpone their wedding. Nelson told her mother she and Flantz were alive and well but gave the wrong location of their whereabouts, so searchers couldn't find them. She called her mother again about 3:30 p.m., and officials told her to hang up and text message instead to save the dying battery. Then they were able to locate the signal several miles north of the 100-square-mile area they had been searching.

The search area, about 180 miles north of Anchorage, is a mix of national park and state-owned lands. It includes dense alder and willow, some black spruce forest, but also miles of tundra. Flantz, who plans to return to work on Saturday, said she's not giving up on outdoor adventures — but next time she'll be better prepared.

Officials said it was unlikely the women merely decided to extend their camping trip. Nelson was scheduled to fly Sunday night to Houston so she could be maid of honor in her sister's wedding. Nelson said she thought a lot about her sister when she was lost. "The whole time I was just, we got to keep going. I got to make it to her wedding," Nelson told KTUU.

Fister said she believed the wedding was still on.

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Photos courtesy of AP Photo/Matt Hage and Laurent Dick

Original Source: Associated Press and KATU

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Conflicts in Iraq, Afghanistan drive up world refugee numbers, accounting for more than half of the world’s refugees in 2007. More than two million Iraqis have sought refuge in Syria and Jordan, and three million Afghans have fled to Pakistan and Iran, the refugee agency said. Iraq and Afghanistan are behind a rise in the number of refugees worldwide for the second year in a row.

The U.N. refugee agency says the number of people fleeing violence and repression worldwide has risen to 11.4 million, largely due to the conflicts in Iraq and Afghanistan. VOA's Sonja Pace reports from London on UNHCR's status report for 2007.

Launching the report, the U.N. High Commissioner for Refugees, Antonio Guterres, said that for the second year in a row the number of people fleeing their countries and displaced from their homes is on the rise. "We have today 11.4 million refugees worldwide, but we have 26 million people displaced within the borders of their own countries," he said.

Guterres says conflicts are largely to blame. Refugees from Iraq and Afghanistan alone make up half the world's total. The 11.4 million tally does not include the millions of Palestinians living as refugees in the Middle East and elsewhere in the world.  read more »

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*Update* Dec 15 2009
Statement of Congressman Ron Paul, United States House of Representatives, December 15, 2009

I rise in strongest opposition to this new round of sanctions on Iran, which is another significant step toward a US war on that country. I find it shocking that legislation this serious and consequential is brought up in such a cavalier manner. Suspending the normal rules of the House to pass legislation is a process generally reserved for “non-controversial” business such as the naming of post offices. Are we to believe that this House takes matters of war and peace as lightly as naming post offices?

This legislation seeks to bar from doing business in the United States any foreign entity that sells refined petroleum to Iran or otherwise enhances Iran’s ability to import refined petroleum such as financing, brokering, underwriting, or providing ships for such. Such sanctions also apply to any entity that provides goods or services that enhance Iran’s ability to maintain or expand its domestic production of refined petroleum. This casts the sanctions net worldwide, with enormous international economic implications.

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Mr. Speaker, I am concerned that many of my colleagues opposing war on Iran will vote in favor of this legislation, seeing it as a step short of war to bring Iran into line with US demands. I would remind them that sanctions and the blockades that are required to enforce them are themselves acts of war according to international law. I urge my colleagues to reject this saber-rattling but ultimately counterproductive legislation.

Date: 12/15/2009
Location: Congress
Legislation: Iran Refined Petroleum Sanctions Act (H.R. 2194)

Transcript  read more »

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Just when you thought there was going to be one less thing to believe in – namely the invincibility of Tiger Woods with a lead in a major golf championship – along he comes to amaze once again.

He slid and bounced about a 15-footer into the side door on the 72nd and final hole to tie the tournament and force the playoff and it was a putt, a moment, that represented the highest kind of drama this sport has to offer. It was amazing stuff, really, and he has done it before and he surely will do it again and no one should ever be surprised when he performs miracles. But he keeps doing it and who isn’t constantly amazed, if only by the sheer volume?

"That man will crawl around if he has to play," Rocco Mediate said of Woods’s wounded knee, which dominated the TV talk and surely was making an impact on Woods, too, although he said the reason his tee shots, most of the day, kept sailing left was “just bad swings."

“He’s good enough he can beat us on one leg,’’ Stephen Ames had said about five hours earlier, when asked who would win. Ames then assumed the stork pose and swung away.

“He can stand up like this and still hit it – ding – 250 (yards) and beat us.’’  read more »