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Qaddafi - Renata

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  1. central bank
    a government monetary authority that issues currency and regulates the supply of credit and holds the reserves of other banks and sells new issues of securities for the government
    Saudi Arabia, the central bank of the oil market, technically has enough spare capacity to replace Libya, Algeria and a clutch of other small producers.
  2. inflation
    the act of filling something with air
    Second, dearer oil could fuel inflation—and that might prompt a monetary clampdown that throttles the recovery.
  3. pre-emptive
    designed or having the power to deter or prevent an anticipated situation or occurrence
    But Europe’s central bankers are already more worried about rising prices: hence the fear that they could take pre-emptive action too far, and push Europe’s still-fragile economies back into recession.
  4. economy
    the system of production and distribution and consumption
    The 2011 oil shock

    More of a threat to the world economy than investors seem to think

    THE price of oil has had an unnerving ability to blow up the world economy, and the Middle East has often provided the spark.
  5. subsidy
    a grant of financial assistance, especially by a government
    But the biggest danger lies in the Middle East itself, where subsidies of food and fuel are omnipresent and where politicians are increasing them to quell unrest.
  6. repressive
    restricting action, freedom, or expression
    Despite spending $36 billion so far buying off dissent, a repressive regime faces demands for reform.
  7. monetary
    relating to or involving money
    Second, dearer oil could fuel inflation—and that might prompt a monetary clampdown that throttles the recovery.
  8. infrastructure
    the basic features of a system or organization
    The to-do list is well-known, from investing in the infrastructure for electric vehicles to pricing carbon.
  9. instability
    a lack of balance or state of disequilibrium
    A whiff of instability would spread panic in the oil market.
  10. stocks
    a frame that supports a boat while it is under construction
    Of stocks, Saudis and stability

    So far, the shocks to supply have been tiny.
  11. embargo
    a government order imposing a trade barrier
    The Arab oil embargo of 1973, the Iranian revolution in 1978-79 and Saddam Hussein’s invasion of Kuwait in 1990 are all painful reminders of how the region’s combustible mix of geopolitics and geology can wreak havoc.
  12. bankrupt
    financially ruined
    Fuel importers, such as Egypt, face a vicious, bankrupting, spiral of higher oil prices and ever bigger subsidies.
  13. Federal Reserve
    the central bank of the United States
    Shocked into action

    In the United States the Federal Reserve will face a relatively easy choice.
  14. interest rate
    the percentage of a sum of money charged for its use
    True, central banks have been raising interest rates, but they have tended to be tardy.
  15. consumer
    a person who uses goods or services
    Dearer oil still implies a transfer from oil consumers to oil producers, and since the latter tend to save more it spells a drop in global demand.
  16. Iranian
    of or relating to Iran or its people or language or culture
    The Arab oil embargo of 1973, the Iranian revolution in 1978-79 and Saddam Hussein’s invasion of Kuwait in 1990 are all painful reminders of how the region’s combustible mix of geopolitics and geology can wreak havoc.
  17. taxation
    imposition of charges against a citizen's person or property
    America’s economy is needlessly vulnerable, thanks to its addiction to oil (and light taxation of it).
  18. recession
    the act of returning control
    But Europe’s central bankers are already more worried about rising prices: hence the fear that they could take pre-emptive action too far, and push Europe’s still-fragile economies back into recession.
  19. Europe
    the 2nd smallest continent
    In Europe, where fuel is taxed more heavily, the immediate effect of dearer oil is smaller.
  20. economist
    an expert in the circulation of goods and services
    Most economists are sanguine: global growth might slow by a few tenths of a percentage point, they reckon, but not enough to jeopardise the rich world’s recovery.
  21. revolution
    a single complete turn
    The Arab oil embargo of 1973, the Iranian revolution in 1978-79 and Saddam Hussein’s invasion of Kuwait in 1990 are all painful reminders of how the region’s combustible mix of geopolitics and geology can wreak havoc.
  22. regime
    the governing authority of a political unit
    Despite spending $36 billion so far buying off dissent, a repressive regime faces demands for reform.
  23. wages
    a recompense for worthy acts or retribution for wrongdoing
    Inflation is lower and wages are much less likely to follow energy-induced price rises, so central banks need not respond as forcefully.
  24. determination
    the act of finding out the properties of something
    Even while Muammar Qaddafi hangs on with delusional determination and Western countries debate whether to enforce a no-fly zone (see article), Libya’s oil output has halved, as foreign workers flee and the country fragments.
  25. budget
    a summary of intended expenditures
    It will stretch India’s optimistic new budget (see article).
  26. government
    the system or form by which a community is ruled
    Governments have stockpiles, which they didn’t in 1973.
  27. industry
    the action of making of goods and services for sale
    The oil industry is extremely complex: getting the right sort of oil to the right place at the right time is crucial.
Created on 三月 4, 2011

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