The World


1 | China Reluctantly, a Gas Hike

For years, the Chinese government has subsidized the cost of gasoline. But even Beijing could not keep the global oil crisis at bay. With artificially low prices forcing Chinese refineries to operate below profitability, China announced on June 19 that it would raise gas prices 16% and diesel prices 18%. Many analysts had expected the government to increase prices--but only after August's Olympic Games to minimize embarrassing public protests.

2 | Nigeria Oil in Troubled Waters

Nigerian rebels have promised to stop targeting the foreign oil companies that supply most of the country's 2.3...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!