The increasing prices of oil could be blessing in disguise for many people

Washington - The US plans to offer monetary incentives to the developers of a viable substitute for jet fuel, which could bring down surging petrol costs in the aviation industry, Transportation Secretary Mary Peters announced Thursday.

An amount was not given, but the competition, in conjunction with the X Prize Foundation, would be similar to a 10-million-dollar 2004 award given to the first private company to launch a manned spacecraft.

"The race to refuel American aviation is on, and our hope is that the X Prize will jump-start investment and spur innovation," Peters said at an aviation and energy summit in Washington.

London - French energy company Total has withdrawn from investing in Iran because of the growing political risk of doing so, its chief executive said according to a report Thursday.

New Delhi, July 10 : Indian government today unveiled the text of safeguards agreement reached with the International Atomic Energy Agency (IAEA), the United Nations nuclear watchdog.