Thirst for pricey oil shifts wealth worldwide
Global oil demand and prices surge boosting exports for Saudi Arabia, Russia, Norway, Iran, and Venezuela. 2004 sees Exxon Mobil and Schlumberger shares rise, while U S consumers pay billions more for heating and fuel amid a 27 percent rise in oil spending from 2003.
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Cuba ends dollar usage in shops on the island
Cuba announced that starting next month U S dollars will not be accepted at businesses. Transactions must be conducted in convertible Cuban pesos with a 10 percent conversion fee at banks or exchange houses. Cubans and others may hold dollars but must convert them for local purchases.
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Infiltration Suspected As Iraqi Cadets Targeted
Massacre of 50 unarmed Iraqi cadets on leave points to deep infiltration of security forces by insurgents. Officials note widespread vulnerabilities from vetting failures and insider knowledge aiding precision attacks near the Iranian border and at Abu Ghraib.
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Bush seeks another $70 billion for Iraq and Afghanistan
The Bush administration plans to request $70 billion in emergency funding for the wars in Iraq and Afghanistan, raising total war costs to about $225 billion since the invasion. Pentagon and congressional aides say final decisions may come in February with the 2006 budget.
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