In 1999, the price of oil hovered around $16 a barrel. By 2008, it had _____(1)the $100 a barrel mark. The reasons for the surge _____(2)from the dramatic growth of the economies of China and India to widespread _____(3)in oil-producing regions, including Iraq and Nigeria’s delta region. Triple-digit oil prices have _____(4)the economic and political map of the world, _____(5)some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, _____(6)major importers—including China and India, home to a third of the world’s population— _____(7)rising economic and social costs.
Managing this new order is fast becoming a central _____(8)of global politics. Countries that need oil are clawing at each other to _____(9)scarce supplies, and are willing to deal with any government, _____(10)how unpleasant, to do it.
In many poor nations with oil, the profits are being lost to corruption, _____(11)these countries of their best hope for development. And oil is fueling enormous investment funds run by foreign governments, _____(12)some in the West see as a new threat.
Countries like Russia, Venezuela and Iran are well supplied with rising oil _____(13), a change reflected in newly aggressive foreign policies. But some unexpected countries are reaping benefits, _____(14)costs, from higher prices. Consider Germany. _____(15)it imports virtually all its oil, it has prospered from extensive trade with a booming Russia and the Middle East. German exports to Russia _____(16)128 percent from 2001 to 2006.
In the United States, as already high gas prices rose _____(17)higher in the spring of 2008, the issue cropped up in the presidential campaign, with Senators McCain and Obama _____(18)for a federal gas tax holiday during the peak summer driving months. And driving habits began to _____(19), as sales of small cars jumped and mass transport systems _____(20)the country reported a sharp increase in riders.