US House Votes to Sue OPEC for Price Fixing.

House votes to allow suit against OPEC - Los Angeles Times

Will gas be rationed?

WASHINGTON - Congress' latest answer to rising gasoline prices: Sue OPEC.

Defying a White House veto threat, the House on Tuesday overwhelmingly approved legislation that would allow the Justice Department to pursue legal action against the Organization of the Petroleum Exporting Countries for conspiring to restrict supplies or drive up prices.

It was the second time in a week that a majority of Republicans joined Democrats to support an energy measure over the Bush administration's objection and came as the average price for a gallon of self-serve regular set more records Tuesday -$3.80 nationally and $3.976 in California, according to AAA.

The White House warned that the measure could invite retaliatory action by the oil cartel, which supplies about 6 million barrels of crude to the United States every day.

If the United States sues OPEC, who will we be suing? A bunch of middle east countries that export oil? NO. There will be two South American countries, Ecuador and Venezuela, a founder member. Four countries from Africa, and Indonesia from Asia.Out of the thirteen members only six are from the middle east and one of them is Iran.

I would like to see us sue President Hugo Chavez of Venezuela. I sure he won't retaliate against the United States. I also would like to see us sue Iran's President Mahmoud Ahmadinejad. He is urging OPEC members to from a joint bank and stop pricing oil trades in US dollars. Mahmoud Ahmadinejad says oil valued at $115 per barrel is priced too low. I am sure if we sue him, he won't retaliate against the United States. And the other eleven countries will love us as we sue them and bow at our feet.

I don't know why Congress is so upset. Just last August, 10 months ago, CNNMoney.com reported that despite oil's record high last week, forget about crude going to $100 a barrel. The government run Energy Information Administration has a $50 target price for crude by 2015. Here we go, most analysts agree with EIA assessment. "This is an inherently cyclical business," said Edward Morse, chief energy economist at Lehman Brothers, who said he could see oil prices in the $40 to $50 range by 2010. Thats only a year and a half from now. Do you believe them?

Now the United States is going to sue OPEC. Are we going to have another oil crisis of 1973? The 1973 oil crisis began on October 17, 1973 when the members of OPEC announced, as a result of the ongoing Yom Kippur War, that they would no longer ship oil to nations that had supported Israel in its conflict with Syria and Egypt (the United States and it's allies in Western Europe and Japan.) I guess we should have sued OPEC then, because Syria and Egypt launched a military attack on Israel.

This proves OPEC doesn't need to sell us oil and we are just going to make them mad and they will produce less and really fix the price. So maybe the day that our Congress sues OPEC that will be the day that the 2008 oil crisis will begin.




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Nancy Pelosi Reaction in Iraq

Pelosi Gets Quiet Reaction in Iraq - TIME

Cool Reception

Pelosi is something of a nonentity to average Iraqis. If they know who she is at all, she is generally seen as an antiwar caricature figure, someone whose views on U.S. troop withdrawals are widely considered unrealistic. Pelosi has said she wants to begin withdrawal of troops this year with a goal for the U.S. to be out of Iraq by the end of 2009.It is a time frame virtually no Iraqi political leader sees as feasible. Not even Mahdi Army militia leader Moqtade as-Sadr, the fiercest advocate of a U.S. withdrawal on the scene, has called for such a rapid withdrawal of U.S. forces.

Nancy Pelosi is traveling the world with a bipartisan group of lawmakers, which means there are a few Republicans in her group. But I wonder if she knows what she is doing and why she is there? She has stated that she wanted our troops out by the end of 2008 and now 2009. Why are the Republicans there, for a free trip? What are they going to do to change Pelosi's view to Bush's view? A bipartisan view. No way!

But maybe Pelosi's mind has changed after she met with Iraq Prime Minister Maliki. His office said that Pelosi promised "renewed US support" for his government and declared that Washington "would stand by efforts to achieve security and stability and ensure national reconciliation in Iraq." At least this is what the Prime Minister of Iraq believes.

What did she mean when she said this? Keeping our troops in Iraq longer? Spending more money for the Iraq conflict? I hope her eyes have been open to see what the US can accomplish in Iraq. A free people with free elections. I'll be very disappointed if she sticks her foot in her mouth again.

Other posts on Nancy Pelosi

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Is Obama Ready for the Presidency?

Obama Lashes Back At Bush, McCain, Following Flap Over Bush's Comments In Israel, Dem Candidate Lambastes McCain On Foreign Policy - CBS News

Ready for the White House?

Barack Obama rebuked Republican rival John McCain and President Bush for "dishonest, divisive" attacks in hinting that the Democratic presidential candidate would appease terrorists, staunchly defending his national security credentials for the general election campaign.

"I'm a strong believer in civility and I'm a strong believer in a bipartisan foreign policy, but that cause is not served with dishonest, divisive attacks of the sort that we've seen out of George Bush and John McCain over the last couple days,"Obama told about 2,000 voters at a town hall-style meeting in a livestock barn.

"It was one of the most pugnacious, combative nature,speeches Barack Obama has ever given," said CBS News Correspondent Dean Reynolds.

I hope you can watch this video of Obama rebuking President Bush and John McCain. The last couple of times I tried to access it, it didn't come up. I think they pulled-it. Why, if you watch this 9.31 minute video you will see Barack Obama stumble and look down at his notes only 121 times. The man can't speak without a written message by a professional writer. He will stumble over his tongue during the Presidential debates just like he did with Hillary Clinton but worst, because John McCain will not hold back like Hillary did.

President Bush referred to the leader of Iran, President Mahmound Ahmadineiad, who has called for the destruction of the U.S. ally, Israel, and then said some, not Democrats, seem to believe that we should negotiate with terrorists and radicals. Bush could have been talking about the United Nations who is talking to Iran right now. But Barack Obama took this to heart because this is how he believes. I personally think Barack Obama is a good man but not ready for the White House.


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U.S. Retail Sales Looking Good In April.

U.S. Retail Sales Mixed In April





Monthly sales report better than expected.

According to a preliminary tally from Thomson Financial, 19 retailers beat estimates, while 9 missed. The tally is based on same-store sales, or business at stores open as least a year, they are considered a key indicator of a retailer's health.

Wal-Mart, which is rolling out more discounts, reported a 3.2 percent gain in same-store sales. Analysts polled by Thomson Financial expected a 2.1 percent gain. Including fuel, same store sales climbed 3.8 percent.

The world's largest retailer said business was helped by strong sales in grocery and health items as well as entertainment products like flat-panel TV's, video games and game consoles. The company said apparel sales continued to recover, despite cold weather, but home furnishings sales were weak.

Rival Target Corp. posted a 3.1 percent gain in same-store, below the 4.5 percent estimate, as consumers shopped for necessities such as food and skipped higher-priced items such as jewelry.

Costco reported an 8 percent increase in same-store sales, surpassing the 6.1 percent estimate.

Among department stores Penney reported a 1.7 percent decline in same-store sales, though that was better than the 4.6 percent decline analysts expected. The top-performing merchandising areas in April were apparel and family footwear, while fine jewelry and home categories continued to experience weaker sales.

For a country that's in a recession our retail sale are pretty good. 19 retailers beat estimates 9 missed.That means that 68% of the retailers did better than expected. They did better than the analysts expected. That means the professional analysts were wrong 68 percent of the time in the month of April.

Now I would like you to read this article because even though the facts are positive the writers opinions are negative. When a writer has a agenda they will cover the good positive news with negative comments. So when you read an article look for the facts and throw away the trash.

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Technorati Tags: Recession Economy Retail Sales