Analysts See Oil Bust Ahead

With crude under $40, investment dries up, nations lose revenue

(NEWSER) - Oil surged 13% yesterday in New York trading—and still closed at less than $40 a barrel, reports the Washington Post. Cheap oil has been a boon for consumers in the recession, but the collapse in crude prices has contributed to further havoc in international markets from Canada to Kuwait. While OPEC is expected to cut supplies again next month, the organization is having trouble keeping pace with the world's shrinking demand for fuel. More»

Power shifts as global economies change

(NEWSER) - The surging price of oil from $10 a barrel a decade ago to a record $100 today is remaking the global economy and altering the balance of power across the world, according to the Wall Street Journal. If oil prices continue to climb, as many experts predict, US political power will decline as the economic clout of oil producers increases exponentially. The price of oil was holding near $100 today, driven by concerns about US fuel supplies and the dollar, Reuters reports. More»

Can't afford a vacation? Don't worry about skipping these locales

(NEWSER) - Sure, you could read one of the many lists of destinations you should visit this year—but in this economic climate, wouldn’t it be more useful to check out a list of places not to visit? Hailey Eber thinks so, and gives her top 10 in BlackBook :

• Oymyakon, Russia: In this Siberian village on record as the coldest town on Earth, the temperature must drop to -62 degrees Fahrenheit before schools close.
• Paula Deen Cruise to the Caribbean: You usually put on a few pounds while on vacation…and a few more if that vacation is the neverending buffet of a cruise ship. Add Paula Deen’s butter-filled recipes into the mix, and you’ll soon be “too ashamed to waddle around the lido deck in your bikini.”
• Pakistan: “Violent extremists, Al-Qaida, and Taliban elements do not a vacation make. But, you probably knew that already.”

Vessel nabbed en route from Bahrain to race in Dubai

(AP) - Iran is holding five British sailors after stopping their racing yacht in the Persian Gulf, the British government said today. The yacht, owned by Sail Bahrain, was stopped on its way from the tiny island country to Dubai on Wednesday when it "may have strayed inadvertently into Iranian waters," according to the Foreign Office. The seizure may be related to recent international pressure on Iran to drop its nuclear program, the AP reports. More»

Venezuela recognizes breakaway republics ahead of arms deal talks

(NEWSER) - Hugo Chávez arrived in Moscow today, where the Venezuelan president is reportedly ready for an arms "shopping spree." Chávez is ready to buy at least 100 tanks for $500 million, reports the Times of London, and a Kremlin aide said Venezuela may get loans for helicopters, submarines, and other military hardware. Chávez began his charm offensive today by recognizing as sovereign states South Ossetia and Abkhazia, the two pro-Russian republics at the heart of last year's war with Georgia. More»