Cheap Oil Keeps World Economy Off Balance

Scramble for melting Arctic starting to heat up

(NEWSER) - As melting ice continues to make more of the Arctic Sea accessible every year, Russia is planning to annex an area of the sea the size of Texas and Arizona combined. The Kremlin is expected to stake its claim to the waters at the United Nations, arguing that the Siberian continental shelf is connected to undersea Arctic ridges, the Christian Science Monitor reports. More»

Danny Glover, others seek pipeline foes willing to risk arrest

(NEWSER) - Actor Danny Glover is among a group of celebrities and green activists seeking volunteers to risk arrest this summer in DC over a proposed oil pipeline that would run from the Canadian tar sands to the Gulf Coast. “We want you to consider doing something hard: coming to Washington in the hottest and stickiest weeks of the summer and engaging in civil disobedience that will likely get you arrested,” the activists write in a letter reprinted at Politico . More»

Qatar is first reported buyer

(NEWSER) - Now that they’ve taken control of some critical oil fields and terminals, eastern Libya’s rebels are getting into the oil business. Qatar is rumored to be the first buyer, with a deal in place to buy the oil and ship it in leased tankers, the New York Times reports. Though there are sanctions on Libya, the US says it won’t block rebel oil sales, provided none of the money goes to the Libyan government. More»

(USER SUBMITTED) - Russian bombers have once again put Canada to the test, this time while the Canadian prime minister was visiting the Great North to affirm sovereignty in the Arctic. Two CF-18s were launched yesterday to intercept the Russian bombers as they approached Canadian airspace, some 30 nautical miles off Inuvik, in the Northwest Territories. The Canadian fighter jets shadowed the Russian "bears" until they turned around. 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»