economic news: oil & jobs

Oil settled at $138/bbl. The 'experts' are looking for $150/bbl + $5/gal gasoline by July 4. There is some suggestion that these numbers do not reflect any underlying 'fundamentals', but rather the beginning of a speculative bubble. The fundamentals cited haven't changed much: increased global demand, driven by China & India, coupled with tight supply.

Meanwhile, U.S. unemployment now stands at 5.5%, a 0.5% month-to-month increase, "the biggest in 22 years." Employment numbers also noted fifth straight month of job losses - 49,000 in May, 324,000 for the year.

W - who not long ago (19 May) pooh-poohed the need for additional economic stimulus - today "is considering new measures to help stimulate the battered economy."

"... The Bush administration on Monday also reiterated its stance that it is too soon to consider a second economic-stimulus boost.
[DenverPost.com, 19 May 2008]

Our MBA President - always on top of the situation!

I'm thankful that Heinrich headquarters is an easy bike ride away!

Have a nice day!