Fishing boats are seen in front of oil tankers on the Persian Gulf waters, south of the Strait of Hormuz. The European Union has announced plans to join U.S. efforts to slow the flow of oil from Iran, the world's third largest exporter.
In an effort to bring Iran to the negotiating table over its nuclear program through economic pain, both the U.S. and the European Union have imposed sanctions that should make it harder for Iran to sell its oil. But the global oil business is unpredictable, and sanctions are no guarantee.
When Waterbury, Vt., got walloped by the remnants of Hurricane Irene, the small town sustained an estimated $9 million in damages to personal property, and countless millions more in lost business revenue. Five months later, the waters have receded, but Waterbury's future remains uncertain.
On Main Street, a church bell still chimes every day, but daily life in Waterbury hasn't been the same since Irene.
"It's palpable," says Bill Shepeluk, Waterbury's municipal manager. "You can sense that it's not as vibrant as it was."
Newt Gingrich celebrated his win in the South Carolina primary with a fundraising blitz — a two-day push to raise as much money as possible. The campaign says it brought in $2 million. That money will come in handy in Florida. But the need for quick fundraising shows the precarious state of the Gingrich campaign's finances.
Natural gas is burned off next to an oil well being drilled at a site near Tioga, N.D., in August. U.S. oil production started increasing a few years ago and is predicted to continue to rise, reducing the country's dependence on oil imports.