The stock market is taking a beating today, partly due to a new record in oil prices (there's practically a new record every day recently). The US dollar is also going down.
http://money.cnn.com/2008/05/21/news/economy/oil_hearing/?postversion=2008052112
"We cannot change the world market," said Robert Malone, chairman and president of BP America Inc. "Today's high prices are linked to the failure both here and abroad to increase supplies, renewables and conservation."
Malone's remarks were echoed by John Hofmeister, president of Shell.
"The fundamental laws of supply and demand are at work," said Hofmeister. The market is squeezed by exporting nations managing demand for their own interest and other nations subsidizing prices to encourage economic growth, he said.
My Mario Kart Wii friend code: 2707-1866-0957
