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The organization is no longer what it was—its power to influence stock prices continues to decline. Five key factors will push back against its efforts to stabilize oil prices
We know the story: Mother Nature is sending increasingly loud and frequent signals that something new and dangerous is afoot. Regularly, climate scientists release incontrovertible data showing that climate is changing and offer robust explanations of why this is happening. We also know the other part of this story: Not enough is being done by peoples and governments to alter a trajectory that is guaranteed to force drastic changes in the human condition.
Attention to technological disruption has distracted observers from the fact that politics continues to be the most disruptive force of all in the oil and gas markets.
Moisés Naím and Francisco Toro / The Washington Post
As Venezuela sinks deeper into the Western Hemisphere’s most intractable political and economic crisis, the time has come to ask some hard questions about how the Chávez regime could have conned so many international observers for so long.
The cradle of civilization, this corner of the world has always been characterized by instability. Now, thanks to energy, it could become a new focal point of development and unexpected opportunities.
The United States has never exported much crude oil — but that is likely about to change because congressional leaders recently lifted the country’s 40-year-old ban on crude oil exports.
Lately, Mother Nature seems to be trying to get our attention. Its signals are increasingly loud, strident and hard to miss. Some have been lethal. 2015 is poised to become the hottest year on record. Last October, Hurricane Patricia, the strongest ever recorded by meteorologists, produced record winds that reached 200 miles per hour. Average temperatures in the Artic have been increasing twice as fast as temperatures in the rest of the planet. This contributes to the thawing of the icecovered polar surface. Every 10 years, this ice cover shrinks by 9%. Scientists expect that polar thawing will raise sea levels to such a point that the populations of many highly urbanized coastal areas will be forced to move to higher ground.
After visiting Argentina in the 1970s, the novelist V.S. Naipaul reflected on the “colonial mimicry” of Buenos Aires. “Within the imported metropolis there is the structure of a developed society. But men can often appear to be mimicking their functions,” he wrote. “So many words have acquired lesser meanings in Argentina: general, artist, journalist, historian, professor, university, director, executive, industrialist, aristocrat, library, museum, zoo: so many words seem to need inverted commas.”
Latin America has gone from a period of prosperity to a period of peril. Between 2004 and 2013, the region experienced extraordinary economic growth and social progress. Demand—mostly from Asia—for the commodities that constitute the region’s main exports increased sharply, pushing up both the prices of those exports and the volumes traded. Revenues from this trade, in turn, stimulated regional economies and helped fill governments’ coffers. This unprecedented demand coincided with a period of very low interest rates, abundant credit, and surging foreign investment flows into Latin America.
Pope Francis and Chinese President Xi Jinping are, in many ways, worlds apart. One is the spiritual leader of 1.2 billion Catholics (over 40 percent of whom reside in Latin America) and the other presides over 1.4 billion Chinese. Pope Francis is a religious leader and Xi Jinping is a political one.