China's Thirst for Gaz-Guzzlers Boosts Oil Demand

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»

Republican's 'cowboy antagonism' would sow discord with Russia, China, others

(NEWSER) - John McCain’s foreign policy—“combustible” and “idealist”—could provoke a second Cold War, pitting the world’s democracies against its autocracies, John Judis writes in the New Republic—at best creating “gratuitous tensions” and at worst wholly “reproducing” the USSR-US “confrontation.” Mac’s proposal for a league of democracies shows that the Republican—erroneously—thinks the world is defined by regimes struggling to impose their form of government on others. More»

India, China claim biggest surge in new millionaires

(NEWSER) - Nations once known for extremes of poverty—China, India and Brazil—are now producing more of the world's millionaires and super rich than ever before, according to a new study of the globe's wealthiest entrepreneurs. The US is losing ground to emerging markets when it comes to producing personal wealth, reports the Wall Street Journal. More»

$80 crude seems to be producers' new target; $3 gas isn't going anywhere soon

(NEWSER) - OPEC’s decision yesterday not to boost oil production, despite prices hovering around $90 a barrel, underscores a new reality, the New York Times observes: the oil producers aim to keep prices nearly that high—say around $80 a barrel—a target unthinkable a few years ago. In the US, it means $3 a gallon at the gas pump isn’t going away any time soon. More»

Mexico, Brazil, India home to booming companies

(NEWSER) - American companies should sleep with one eye open: These firms may not be familiar right now, but they're poised to "reshape global industries," the Boston Consulting Group says. CNN lists 10 standouts, based on BCG's 2008 Global Challengers report.

1. Johnson Electric (China): Produces small motors designed for cars and home appliances.