In recent years, U.S. business and political leaders have giddily talked of a “Saudi America” gurgling with domestic oil and gas. It’s true that the U.S. now has access to abundant supplies of cheap domestic gas capable of transforming the U.S. economy. Too bad these same leaders are about to give away a vast chunk of North America’s hydrocarbon production -- and all the strategic advantages that go with it.
Banks increased lending in developing nations by the most on record in the first quarter, helping to double the share of interbank loans going to emerging markets, the Bank for International Settlements said.
The world’s 200 wealthiest people added $59 billion to their collective wealth this week as Amancio Ortega, the 77-year-old founder of the Zara clothing chain, recaptured the title of world’s third-richest person from Berkshire Hathaway Inc. chairman Warren Buffett.
Texaco Inc. geologist Robert Ryan didn’t suspect he was helping change the energy future of the Gulf of Mexico when he gave the go-ahead for a well that would break the world record for deep-water drilling.