Mr Thayer says that, given the disputes, China's offer will get a cool reception from oil firms.

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However, over the past two decades, these regulatory limits have been weakened or removed, " they wrote, adding that restoration and stricter enforcement of the limits in combination with reforms to improve transparency, "will help cool the over-heated oil market and permit the economy to prosper.

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But burning less oil to keep air cool so ice stays ice and the seas don't warm is too expensive and roundabout a way to meet the danger, Mr Mendelsohn thinks.

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"And so I thought, well, that could be really cool in that you could have big oil versus alternative fuel, " he said.

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Many economists expect China's inflation to cool in the second half of the year as world oil prices ease.

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Since then, they have been obliged to cool their heels while European companies have lined up to sign contracts for lucrative Iranian oil and gas projects.

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If your oil gets too hot, take the pan off the heat and allow it to cool.

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"It was a pretty cool thesis, " says Bush, who graduated in June and took a job at Schlumberger designing products for oil wells.

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