Vatican City

The Vatican (which has its own country code, .va) has an official website, radio station, and satellite TV channels. Iran came under increasing pressure from the European Union in regard to their program to build nuclear power plants.[32]. The reason for this is that this enables mail to be sent directly to the Vatican - otherwise it would go through the postal systems of other countries, which would cause a delay in shipment to the Vatican. [31]. People sending mail to the Vatican are adivsed to not write anything other than Vatican City State for the destination on the envelope. Venezuela's president, Hugo Chávez, came under increasing scrutiny as he began selling oil at lower-than-market prices to island nations in the Caribbean. A bit of conventional wisdom in Rome is that international mail dropped in a mailbox in the Vatican will reach its destination more quickly than one dropped only a few hundred metres away in an Italian mailbox. In some cases this has led to fuel rationing being enacted.

The City is served by an independent, modern telephone system and post office. High oil prices have created an oil supply instability, per barrel price instability or both. A newspaper, L'Osservatore Romano, publishes daily in Italian, weekly in English, Spanish, French, German, and Portuguese, and monthly in Polish. High oil prices are hurting many countries in Africa, including Zimbabwe, Eritrea and Tanzania. The railway is used only to transport freight.
. There is one heliport and a 852 m (932 yd) standard gauge (1435 mm) railway that connects to Italy's network at Rome's Saint Peter's station. The Pacific rim had been experiencing this crisis on an ongoing basis prior to Hurricane Katrina.

The Vatican City has no airports. This will likely cause inflationary pressures. Normally, for civil offenses the Italian courts will handle the disposition of these cases. Wal-Mart, like all retailers, will also face higher shipping costs to get goods from the factory to the stores. The perpetrators, who are also visitors, are rarely caught, with 90% of crimes remaining unsolved. Because Wal-Mart's distribution system relies on the customer to drive to a large discount big-box store, increases in the price of fuel might discourage some customers from making the trip as often. Each year, hundreds of tourists fall victim to pickpockets and purse snatchers. Since oil prices after the end of the 2nd quarter continued to rise, 3rd quarter profits from Wal-Mart are expected to be small.

In his 2002 report to the pontifical court, Chief Prosecutor Nicola Picardi quoted statistics of 87.2% for civil offences, and 133.6% for penal offences. [26] Earlier in August, Wal-Mart announced that higher than expected oil prices cut into the corporation's profits for the 2nd quarter of 2005. As a result of the Vatican having a small resident population, but millions of visitors every year, the state has the highest per capita crime rate of any nation on earth, more than twenty times higher than Italy. Over two years, stock in Wal-Mart dropped in value by 25% from $60 per share to under $45 per share. The Pope leads weekly mass and other services, and appears on religious holidays such as Easter. Wal-Mart shares continued their decrease in value that began with the increase in the oil prices. Tourism is an important factor in the daily life of the Vatican. [25].

Citizenship can be achieved by stable residence and by holding an office or job within the city. These prices increased more rapidly toward the end of August, particularly after Hurricane Katrina. Clothes that show the legs above the knees are strictly banned. The value of the stock in companies such as Apache[23] and Conoco-Phillips [24] rose sharply during this period. Men, and especially women, must adhere to strict dress codes. The increase in oil prices over two years was mirrored by an increase in stock values in the energy sector. Many workers in the Vatican City live outside its walls, including the Swiss Guard and embassy personnel. There is an increasing demand of crossover sport utilities which are more fuel efficient - especially for those based on passenger car platforms.

A minority are senior Catholic clergy; the remainder are members of religious orders. There is also an ever increasing market for hybrid vehicles since they are more fuel efficient; since the 1973 energy crisis, the front-wheel drive passenger car has replaced rear-wheel drive as the preferred layout for energy efficient cars. The permanent population of the Vatican City is predominately male, although two orders of nuns live in the Vatican. The September 2005 sales data for all the vehicles vendor indicated SUV sales dropped while small cars sales increased compared with 2004 sales. The Vatican Library and the collections of the Vatican Museums are of the highest historical, scientific and cultural importance. Recent years have seen a move towards more fuel-thirsty sport utility vehicles in the United States and Canada, and this may be stopped by the high price of gas. Peter's Basilica and the Sistine Chapel are home to some of the most beautiful art in the world, which includes works by artists such as Botticelli, Bernini and Michelangelo. The increased price of oil might also encourage greater fuel efficiency.

Buildings such as St. Recent months have seen billions of dollars invested in the oil sands. The Vatican City is itself of great cultural significance. They are a far less cost efficient source of oil than crude, but at 60 dollars a barrel, the tar have recently become very attractive to businesses. Due to the very limited territory of the Vatican state, foreign embassies to the Holy See are located in the Italian part of Rome; Italy actually hosts its own Embassy of Italy. The most prominent example of this are the massive reserves of the Canadian tar sands. However, it is the Holy See that is the legal body that conducts diplomatic relations for the Vatican City in addition to the Holy See's usual diplomacy, entering into international agreements and both receives and sends diplomatic representatives. The increased price of oil also makes previously impractical sources of oil attractive to businesses.

Providing a territorial identity for the Holy See, the State of the Vatican City is a recognized national territory under international law. Outside the US, more than 50% of oil is consumed for stationary, non-transportation purposes such as electricity production where it is relatively easy to substitute natural gas for oil. Most Italians employed in the Vatican do not have Vatican citizenship. Nigeria is working on burning natural gas to produce electricity instead of simply flaring the gas. Nearly all these people were dual citizens, retaining citizenship of their own countries while working at the Vatican. For example, China and India are currently heavily investing in natural gas facilities. At the end of 2003, 552 persons held Vatican citizenship, of whom 61 were cardinals, 346 were other clergy, 101 members of the Pontifical Swiss Guard and 44 were other lay persons. Economists say that the substitution effect will spur demand for alternate energy sources, such as coal or liquified natural gas.

A separate Vatican City citizenship exists, enabling Vatican officials to travel on Vatican passports, and giving them diplomatic status in countries to which they are accredited. As a result during this period the Federal Reserve has rapidly been increasing interest rates to curb inflation. German is the official language of the Swiss Guard. This was driven by a 4.2% increase in energy costs. Italian and, to a lesser extent, other languages are generally used for most conversations, publications, and broadcasts. In the United States, the Consumer Price Index rose by 0.6% compared to 0.2% for September. The official language is Latin, the lingua franca of the Roman Empire, which has remained in use in the Roman Catholic Church. Inflation has increased.

There are also about 3,000 lay workers who comprise the majority of the Vatican work force, but who reside outside the Vatican. Despite the rapid increase in the price of oil, neither the stock markets nor the growth of the global economy have been noticeably affected. The Vatican citizenry consists mainly of clergy, including high dignitaries, priests, nuns, as well as the famous Swiss Guard, a volunteer military force. But oil's historically high ratio of Energy Returned on Energy Invested continues a significant decline. Almost all of Vatican City's 921 citizens live inside the Vatican's walls. In the United States, for instance, each $1000 dollars in GDP required 2.4 barrels of oil in 1973 when adjusted for inflation this number had fallen to 1.15 by 2001. It has its own bank, Vatican Bank. While total consumption has increased [22], the western economies are less reliant on oil than they were twenty-five years ago, due to substantial growths in productivity.

Vatican City has used the Euro as its currency since January 1, 2002. This could well be the case if a major storm were to hit the gulf, where the reserve is located. The incomes and living standards of lay workers are comparable to, or somewhat better than, those of counterparts who work in the city of Rome. demand for about a month in the event of an emergency, unless it is also destroyed in the emergency. This unique, non-commercial economy is also supported financially by contributions (known as Peter's Pence) from Catholics throughout the world, the sale of postage stamps and tourist mementos, fees for admission to museums, and the sale of publications. The American Strategic Petroleum Reserve could on its own supply current U.S. Industries: printing and production of few mosaics and staff uniforms; worldwide banking and financial activities. Nevertheless, that loss of revenue would put a strain on government balance sheets.

Budget: Revenues (2003) $252 million; expenditures (2003) $264 million. Most economists see this as unlikely, partly because all developed countries have high fuel taxes that decrease as oil prices increase and can be eliminated in the event of a dramatic price spike. There are some local features, principally mists and dews, caused by the anomalous bulk of St Peter's Basilica, the elevation, the fountains and the size of the large paved square. Some see these increases in the price of oil leading to a recession comparable to those that followed the 1973 and 1979 energy crises or a potentially worse situation such as a global oil crash. Its climate is clearly mostly the same as Rome's; a temperate, Mediterranean climate with mild, rainy winters from September to mid-May and hot, dry summers from May to August. There is controversy regarding the potential effects of oil-price shocks. It is the smallest sovereign state in the world at 0.44 km² (108.7 acres). the implications for the oil market are global."[21].

Peter's Basilica, where the correct border is just outside the ellipse formed by Bernini's colonnade. [19] [20] The press release from the IEA states, ".. Peter's Square in front of the St. These supplies would begin entering the US markets within two weeks of 2 September. The situation is more complex at the famous St. In order to stabilize world energy supplies, the International Energy Agency offered to sell two million barrels of crude oil and other refined products from national supplies. Its borders (3.2km in total, all with Italy) closely follow the city wall constructed to protect the Pope from outside attack. Bush stated, "This storm has disrupted the ability to make gasoline and deliver gasoline," and "This is going to be a difficult road."[18] Many people have observed however that stores of crude oil do little to address inadequate refinery and distribution capacity.

The Vatican City, one of the European microstates, is situated on the Vatican Hill in the north-western part of Rome, several hundred metres west of the Tiber river, on the latter's right bank. EDT, on 31 August, President Bush announced the Energy Department was approving loans from the Strategic Petroleum Reserve and that EPA announced nationwide waver on fuel blends. It is published by Catholic laymen but carries official information. On 5:10 p.m. L'Osservatore Romano is the semi-official newspaper, published daily in Italian, and weekly in English, Spanish, Portuguese, German, and French (plus a monthly edition in Polish). Airports began to report shortages in aviation fuel on 2 September.[15] A shortage could lead to a decrease in food production.[16] Higher prices for heating oil and natural gas were expected as the winter heating season set in.[17]. Radio Vatican, the official radio station, is one of the most influential in Europe. [14] Many of these were blamed on panic buying.

The Vatican also issues its own coins and stamps and controls its own Internet domain (.va). Shortages were feared or experienced in several states including Tennessee [12], Alabama [13], and South Carolina. Vatican City has its own post office, commissary (supermarket), bank (the automatic teller machines are the only ones in the world to use Latin), railway station, electricity generating plant, and publishing house. In Stockbridge, Georgia, regular gas prices came to $5.87 at a BP station. The legal system is based on canon, or ecclesiastical, law; if canon law is not applicable, special laws of the territory apply, often modelled on Italian provisions. Gas prices soared after the closing down of the major pipelines connecting the gas of the Louisiana region to the entire East Coast. The judicial functions are handled by three tribunals — the Apostolic Signatura, the Sacra Rota Romana, and the Apostolic Penitentiary, which are also the judicial arm of the Holy See (see below). [11].

Members are cardinals appointed by the pope for terms of five years. Louisiana Offshore Oil Port has not. Legislative power is vested in the Pontifical Commission for Vatican City State, led by a President. Port Fourchon has also suffered long term damage. They are not really an army of the Vatican City State so much as a police force and the personal bodyguard of the Pope. The port of Louisiana is one of its most important inlet for oil imports, and the gulf itself is a major oil producer. The Vatican City maintains a modern security corps, the famous Swiss Guards, a voluntary military force drawn from male Swiss citizens. The Gulf Coast is home to a major portion of America's refining capacity.

The Governor of Vatican City, sometime known as the President of Vatican City, has duties similar to those of a mayor or city executive, concentrating on material questions concerning the state's territory, including local security, but excluding external relations. Hurricane Katrina had a major impact on oil and gas prices, especially within the United States. All decisions of these commissions must be approved by the College of Cardinals. Continued concerns about Iran raised the price to $68.38 on January 31.[10]. During a sede vacante (papal vacancy), the Chamberlain of the Holy Roman Church, former Secretary of State, and former President of the Pontifical Commission form a commission that performs some of the functions of the head of state; while another made up of the Chamberlain and three cardinals (one being chosen by lot every three days from each order of cardinals), performs other functions of the head of state. Observers believe that violence in Nigeria, and Iran's friction with the West are responsible for this price increase. These, like all other officials, are appointed by the Pope and can be dismissed by him at any time. This was the highest increase since early October 2005.

As noted, the principal figures are the Secretary of State, the President of the Pontifical Commission for the Vatican City State, and the Governor of Vatican City. On January 17, sweet crude oil for February delivery rose by $2.38 (3.7%) to $66.30 a barrel. For historical reasons, the government of Vatican City has a unique structure. As a result, shortage of a particular grade of oil can keep street prices high, even when overall supply exceeds demand. In 1984, a new concordat between the Holy See and Italy modified certain provisions of the earlier treaty, including the position of Catholicism as the Italian state religion. In addition, there are different grades of oil and each refinery is typically configured to process a narrow range of grades. The Lateran is on one of the seven hills of Rome, the Caelian. While the street price of gasoline usually corresponds to the price of crude oil, refinery capacity can become the governing factor, particularly during periods of high demand.

The cathedra (official seat) of the Bishop of Rome, the Pope, is in the Lateran basilica, Rome's cathedral. Over the course of three weeks leading up to August 10, crude oil prices had risen by 13%. This situation was resolved on February 11, 1929 under the premiership of Mussolini by the three Lateran treaties, which established the independent State of the Vatican City and granted Catholicism special status in Italy. During mid-August, with a string of refinery snags (fires/other deterrents to oil refining), shrinking gasoline inventories, and a growing thirst for oil by American consumers, New York Mercantile Exchange traded crude oil futures surged past the $66 mark and briefly touched $67/barrel. During this period it became fashionable to speak of the Pope as a "prisoner". influence. Other states maintained international recognition of the Holy See as a sovereign entity, and in practice Italy made no attempt to interfere with the Holy See. Saudi Arabian King Fahd's death on August 1, 2005, meant a new regime that may be less amicable to U.S.

The popes were left between 1870 and 1929 in a situation somewhat like that of the last emperor of China, undisturbed in their palace, but with no official status recognized by the Italian State. In June 2005 crude oil prices surged to record highs eventually breaking the psychological barrier of $60. In 1870, the Pope's holdings were left in an uncertain situation when Rome itself was annexed by the Piedmontese after a nominal resistance of the papal forces. It then reversed course and headed to an all time high of $58.28, driven mainly by lingering concerns of a prolonged weak dollar. For much of this time the Vatican was not the habitual residence of the Popes, but rather the Lateran Palace, and in recent centuries, the Quirinal Palace, while the residence from 1309-1377 was at Avignon in France. In April 2005 the price began to fall, reaching $53.32 on April 9. Popes in their secular role gradually came to govern neighbouring regions and, through the Papal States, ruled a large portion of the Italian peninsula for more than a thousand years until the mid 19th century, when most of the territory of the Papal States was seized by the newly created Kingdom of Italy. On March 16, 2005, the price surpassed the October 2004 high of $55.17 to close at $56.46.

In 326 the first church, Constantine's basilica, was built over the site of the tomb of Saint Peter, who was buried in a common cemetery on the spot, and from then on the area started to become more populated, but mostly only by dwelling houses connected with the activity of St Peter's. The price of light, sweet crude oil on NYMEX has been above $50/barrel since March 5, 2005. It is supposed that this originally uninhabited part of Rome (the ager vaticanus) had always been considered sacred, or at least not available for habitation, even before the arrival of Christianity. After retreating for several months during the winter of 2004/2005, prices rose to new highs in March 2005. Sodano and Szoka served in their respective roles under Pope John Paul II and were then reappointed to those same roles by his successor. These analysts believe the problem would be solved by increasing the efficiency of factories, homes and transportation and easing the demand crunch by using less energy and more renewable energy. Edmund Cardinal Szoka serves as both the President of the Pontifical Commission and Governor, born an American of Polish descent. Still others suggest that the main issue is a lack of energy efficiency in industry.

Angelo Cardinal Sodano of Italy is the Secretary of State. A July 14, 2005 Morgan Stanley report[9] suggests that opinions of the oil market could burst just like a bubble if indications of declining Asian demand continue. The current pope is Benedict XVI, born Joseph Ratzinger in Germany. If these speculators are wrong, current prices may actually be a price bubble, and the price could thus collapse. His principal subordinate government officials are the Secretary of State, the President of the Pontifical Commission for Vatican City State, and the Governor of Vatican City. These people argue that speculators foresee increasing demand, decreasing supply, or both, leading to a long term increase in the price of oil. The sovereign is elected for a life term in conclave by cardinals under the age of 80. Others believe that the price of oil is almost entirely speculative, and that the increase in price is due to oil speculation extending into the long term.

This is a non-hereditary elective monarchy with a sovereign who exercises absolute authority, that is to say supreme legislative, executive and judicial power not only over Vatican City State but also constituting the Holy See. Not only is there a limited amount of fossil fuels which have been burnt as fuel, but however much remains will be used faster by a growing industrialized world population and what remains will be more dificult to get since the easiest wells have been tapped and the remaining sources will be fought over in resource wars. The Head of State is the Pope, who as the supreme executive, legislative, and judicial authority is also the Head of Government. A more fundamental problem that some believe is causing the price to rise is the probability of peak oil already or soon to be reached. Peter's Square is ordinarily policed jointly by both. Critics argue that these problems periodically push price higher, but that they are not fundamental or long term enough to cause the large jump in gas price. St. Some people and news agencies argue that labor strikes, hurricane threats to oil platforms, fires and terrorist threats at refineries, and other general problems are responsible for the higher gas prices.

Castelgandolfo and the named basilicas are patrolled internally by police agents of the Vatican City State and not by Italian police. Since oil is traded in dollars, the price must increase for OPEC to maintain buying power in Europe. Mary Major and of St Paul Outside the Walls, and a number of other buildings in Rome. One other important cause is the United States dollar's slump against the Euro. These include the papal summer residence of Castelgandolfo in the nearby hills, the Lateran Basilica, the basilicas of St. The short term price of oil is partially controlled by the OPEC cartel and the oligopoly of major oil companies. Although technically not included within the territory of the Vatican City State, according to the Lateran Treaties, certain properties of the Holy See, although not being part of the territory of the City State, have an extraterritorial status similar to that of foreign embassies. Even if oil supplies themselves are not reduced, some experts feel the easily accessible sources of light sweet crude are almost exhausted and in the future the world will depend on more expensive sources of oil.

Peter's Square, which it was not possible to isolate from the rest of Rome and therefore a largely imaginary border with Italy runs along the outer limit of the square where it touches on Piazza Pio XII and Via Paolo VI. Despite this there is increasing discussion of peak oil and the possibility that the future may see a reduced supply of oil. The territory included St. This rate of increase is faster than that of any other date in the past. For some tracts of the frontier there was no wall, but the line of certain buildings supplied part of the boundary, and for a small part of the frontier a modern wall was constructed. World supply (specification) came in at 83 million barrels a day during 2004 in department of energy EIA calculations ([8]). When the 1929 Lateran Treaty that gave the state its present form was being prepared, the fact that a good part of the proposed territory was all but enclosed by this loop led to the present territorial definition being adopted. Gas prices in the region, normally 70 cents below the national average, were at $3.12 on August 30.[7].

It was thus an outcrop of the city and was protected by being included in a loop of the city wall. Short-term shutdowns because of power outages knocked out two major on-shore pipelines, and at least 10% of the nation's refining capacity was not operating in the wake of the storm. The area was never fully incorporated into the urban conglomeration of Rome until the last century, being separated from the city by the river Tiber. market. Peter's Basilica, the residence of the popes called the Apostolic Palace, with its Sistine Chapel, and museums were built, along with various other buildings. In late August, 2005, Hurricane Katrina crippled the supply-flow from off-shore rigs in the Gulf Coast, the largest source of oil for the domestic U.S. It is part of the Mons Vaticanus, and of the adjacent former Vatican Fields upon which St. Outside the Middle East other oil producers have worried investors such as the strikes political problems in Venezuela and potential instability in West Africa.

The placename is ancient and predates Christianity, coming from the Latin Mons Vaticanus, Vatican Hill. The war in Iraq, Iran's nuclear program, and questions about Saudi Arabia's internal stability all could in the future lead to a dramatic fall in the supply of oil. . One of the most important is growing turbulence in the Middle East, the world's largest oil producing region. Thus, although the principal ecclesiastical seat of the Holy See (Saint John Lateran) is located in Rome itself, the Vatican City can be said to be the governmental capital of the Roman Catholic Church of both East and West.
There are a number of reasons why oil traders feel that oil supplies might be reduced. It is the sovereign territory of the Holy See and the location of the Apostolic Palace—the Pope's official residence—and the Roman Curia. Note: the total percentage exceeds 100 because the overall demand from all other countries decreased during the same period..

It is the smallest independent nation state in the world in terms of area and population (that is, if that of the Knights of Malta is not counted as a country). Department of Energy Energy Information Administration estimates: [6]. Since it is governed by the Bishop of Rome (aka the Pope), its government can be described as ecclesiastical and the highest state functionaries are in fact clergymen. Sources of the world-consumption-increase in 2004 compared to 2003 (total increase of 3.4%), according to U.S. The entire country is about 0.2 square miles. New demand is also coming from emerging industry in third world nations, including India and especially China which is developing a western-style car culture and whose manufacturing bases have grown very rapidly in recent years. Vatican City — formally State of the Vatican City, or Vatican City State (Italian: Stato della Città del Vaticano, Latin: Status Civitatis Vaticanae) — is a tiny sovereign state whose territory consists of a landlocked enclave within the city of Rome, Italy. economy currently accounts for one-quarter of all demand.

The U.S. market, the source of an increasing percentage of the world's demand for petroleum. High demand is led by the U.S. .

The previous high was $2.38 per gallon in March 1981, which would be $3.03 per gallon after adjusted for inflation.[4][5]. The average retail price was nearly $3.04 per gallon. In the United States gasoline prices reached an all time high during the first week of September 2005 in the aftermath of Hurricane Katrina. A record price of $70.85 per barrel was reached on August 29, 2005.[2] While oil prices are considerably higher than a year ago, they are still roughly 25$ from exceeding the inflation-adjusted "peak of the 1980 shock, when prices were over $90 a barrel in today’s prices" [3].

By August 11, 2005, the price had been above $60/barrel for over a week and a half. The price of standard crude oil on NYMEX was under $25/barrel in September 2003. At the same time, Cuba has experienced electricity shortages. These nations must resort to limiting imports or rationing their existing supplies.

Many countries in Sub-Saharan Africa lack the foreign exchange reserves (ie, Dollars) to purchase enough oil products at the ever increasingly higher prices. The Indonesian president had instituted subsidies to control the price of gasoline.[30]. A senior minister of Singapore expressed concern at the oil crisis in Indonesia.[29]. [27] New sources of energy were sought to deal with the crisis.[28].

In the Philippines, the oil crisis caused its public to call for immediate government assistance. combined other non-OECD: 21%. UK: 3.5%. Canada: 4%.

Asia outside Japan and China: 13.8%. US: 19.4%. China: 38.9%.