Crude oil hits record,Pump prices keep rising

Washington Post, March 11, 2008 on pages D1 and D4: Last week, Goldmdan Sachs raised its forcast for 2009 US crude oil prices to #105 a barrel but it was $109 on March 11, 2008 already! Democrats seized on the price increaes to hammer President Bush for his threat to veto an energy tax bill that would eliminate a tax break for the five biggest oil firms and extend tax breaks for solar and wind projects. Analysts blamed the relentless increases in petroleum prices on an influx of investors fleeting sinking and unsteady financial markets and those searching for hedges against inflation. To me,it is a matter of speculation. Who knows the future for sure? As consumers,we are subject to the so-called law of demand and supply or rather the manipulation of some who have the clout to call the shots? The readers can have your own scenarios. Thanks to you to share my thoughts and have a cheerful day to be on earth in this world to witness the happenings. The following is published from the views of educators in economics:

Joseph E. Stiglitz, an economics professor at Columbia University and Linda Bilmes at Harvard University: E-mails: linda_bilmes@harvard.edu jes322@columbia.edu "It is a bleak picture. The total loss from economic downturn measured by the disparity between the economy's actual output and its potential output- is likely to be the greatest since the Great Depression. That total,itself well in excess of $1 trillion, is not included in our estimated $3 trillion cost of the war in Iraq."(page B4 of OUTLOOK,Washington Post,March 9, 2008. Food for thought for all the taxpayers. Thanks and have a great day,everyday.

Francis Shieh a.k.a. Xie Shihao, a lifelong student in the field of economics watching the human behavior re the decisions of the leaders in the private/public sectors. We do listen or don't we? That is the question,indeed! March 12, 2008 at 7.15 a.m.