Soaring Oil Prices Create New Winners, Losers

Global balance of power is up for grabs
By Jim O'Neill,  Newser User
Posted Nov 7, 2007 6:51 PM CST
An oil tanker sits in the foreground of a petrochemical facility in Port Arthur, Texas. Oil prices jumped to a new trading record above $98 a barrel Wednesday Nov. 7, 2007 amid expectations of declining...   (Associated Press)
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(Newser) – With oil prices inching toward the $100-a-barrel mark, the New York Times looks at how soaring prices are redrawing the world's power grid: from oil-rich nations swimming in cash to oil-importing nations "clawing at each other to lock up scarce supplies."  In Venezuela, oil is funding a socialist revolution; in Russia and Norway, it's fueling mammoth new investment funds that could have huge impact on world markets.

Time looks at the prospect of serious energy shortage, based on new projections released today: "I am sorry to say this, but we are headed toward really bad days," one economist  tells Time. Predictions are that economic development will increase global energy demands by 50% in a generation—two-thirds of that increase from China and India alone. If demand worldwide isn't curbed, consumers could look back on $100 a barrel as a bargain.