As leaders in Washington obsess about the fiscal cliff, President Barack Obama is putting in place the building blocks for a climate treaty requiring the first fossil- fuel emissions cuts from both the U.S. and China.
Voters in some U.S. swing states are feeling the pinch of rising gasoline prices more than those in states that tend to vote Democrat, posing a challenge to President Barack Obama’s re-election, according to a report.
The U.S. added seven economies to the list of nations qualifying for an exemption from financial sanctions on Iranian oil imports, penalties intended to pressure Iran’s leaders to abandon any nuclear weapons ambitions.
The 195 nations at climate talks in Durban, South Africa, should focus on a voluntary agreement reached last year, not on linking a new deal to the existing Kyoto Protocol, a former Obama administration official says.
The financial messaging service for most international money transfers has told U.S. officials it is prepared to cut off Iran’s central bank, according to people involved in the talks, an action that would be a blow to Iran’s already battered economy.
Excluding Iran from the global oil market would increase the shortfall between worldwide supply and demand sixfold, based on February production and consumption estimates, the U.S. Energy Department said.
It took decades for negotiators to write treaties that curb nuclear warheads and settle trade disputes between nations, and by that measure, efforts to limit global warming may just be getting started.
Iran and its leading oil buyers, China and India, are finding ways to skirt U.S. and European Union financial sanctions on the Islamic republic by agreeing to trade oil for local currencies and goods including wheat, soybean meal and consumer products.