Chanhassen Villager - Inflation Angst - Comments

Governor Pawlenty

FAdams — Thu, 03 Jul 2008 10:11:07 -0500

Governor Pawlenty talks
about energy at IWCO

WASHINGTON — The Internal

FAdams — Thu, 03 Jul 2008 08:54:26 -0500

WASHINGTON — The Internal Revenue Service today (Junw 24) announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.

In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.

Employers cut workers from

FAdams — Thu, 03 Jul 2008 08:50:56 -0500

Employers cut workers from their payrolls for the sixth straight month in June for the country's longest losing streak since 2002, while the unemployment rate held steady at
5.5 percent, government data showed.

Is there no end in sight?

FAdams — Wed, 02 Jul 2008 14:54:46 -0500

Is there no end in sight? Oil prices increased to new records above $144 a barrel Wednesday as the government reported a bigger-than-expected drop in U.S. supplies, and the threat of conflict with Iran weighed on traders' minds, according to published media reports.

Is this an example of Big

FAdams — Wed, 02 Jul 2008 09:33:33 -0500

Is this an example of Big Government and Big Banking working together to the detriment of the rest of us?

The money to fund this has got to come from somewhere. How much would you like to bet the U.S. taxpayer will pay for most of it?

Said the U.S. Department of

FAdams — Wed, 02 Jul 2008 09:06:26 -0500

Said the U.S. Department of the Treasury Undersecretery McCormick: "The United States welcomes the World Bank's decision today to establish a $5-$10 billion international clean technology fund that will reduce greenhouse gas emissions growth in the fastest growing developing countries by promoting low-carbon development."

"We have been working closely with the Bank's leadership, potential donor and recipient countries, as well as the environmental and business communities, to develop a Fund that effectively addresses the dual challenges of poverty and climate change.

"The President has requested from Congress $2 billion over the next three years for the Fund to support immediate action to help reduce greenhouse gas emissions in developing countries where they are growing the fastest through the deployment of commercially available clean technology."

Oil prices extended their

FAdams — Fri, 27 Jun 2008 09:37:50 -0500

Oil prices extended their record breaking run on Friday after pushing above the $140 a barrel level for the first time in the previous session, driven higher by a cocktail of supply concerns, dollar weakness, inflation fears and turmoil in equity markets, according to the Financial Times.

Higher oil prices and

FAdams — Thu, 26 Jun 2008 16:03:27 -0500

Higher oil prices and warnings in key financial, automotive and high-tech industries sent the Dow to its lowest level in two years.

Washington, DC-- Treasury

FAdams — Thu, 19 Jun 2008 16:30:36 -0500

Washington, DC-- Treasury Secretary Henry M. Paulson, Jr. will attend a day of meetings hosted by Mexican Finance Minister Agustin Carstens on Tuesday to discuss regional finance and economic issues.

Paulson will join finance officials from Latin America, the Caribbean and Canada as well as heads of the International Monetary Fund, World Bank and Inter-American Development Bank to discuss a range of economic issues and areas of regional cooperation. The meetings will cover a global and regional economic outlook, the role of international financial institutions in the region and areas of strategic cooperation.

A new Rasmussen report

FAdams — Wed, 18 Jun 2008 14:03:34 -0500

A new Rasmussen report telephone survey found that only 47 percent of Americans are now opposed to nationalizing our oil industry.

Democrats in Congress today,

FAdams — Wed, 18 Jun 2008 13:49:16 -0500

Democrats in Congress today, Wednesday, delayed the scheduled vote on drilling in the outer continental shelf.

The first President Bush

FAdams — Wed, 18 Jun 2008 09:31:39 -0500

The first President Bush signed an executive order in 1990 banning coastal oil exploration, and Bush's brother Jeb was an outspoken opponent of offshore drilling when he was governor of Florida.

The congressional moratorium was first enacted in 1982, and has been renewed every year since then. It prohibits oil and gas leasing on most of the outer continental shelf, an area from three miles to 200 miles offshore.

It seems like Republicans

FAdams — Wed, 18 Jun 2008 09:28:34 -0500

It seems like Republicans are getting the message that we're sick and tired of high gasoline prices. Now President Bush, reversing a longstanding position, will call on Congress to end a federal ban on offshore oil drilling, according to White House officials who say Bush now wants to work with states to determine where drilling should occur.

McCain calls for more

FAdams — Tue, 17 Jun 2008 10:11:36 -0500

McCain calls for more drilling

In a move aimed at subduing voter anger over rising prices at the gasoline pump, Sen. John McCain called for an end to the federal ban on offshore oil drilling.

Not surprisingly, this immediately brought down criticism on McCain from environmental groups.

Congressional action would free states to open vast stretches of the country's coastline to oil exploration.

In a new Washington Post-ABC News poll, nearly 80 percent said soaring prices at the pump are causing them financial hardship, the highest in surveys this decade.

"We must embark on a national mission to eliminate our dependence on foreign oil," McCain told reporters yesterday. In a speech today, he plans to add that "we have untapped oil reserves of at least 21 billion barrels in the United States. But a broad federal moratorium stands in the way of energy exploration and production. . . . It is time for the federal government to lift these restrictions," the Washington Post reports.

Saudis to raise oil

FAdams — Mon, 16 Jun 2008 10:17:31 -0500

Saudis to raise oil production

The Independent (London newspaper) reports that Saudi Arabia will raise oil production to record levels within weeks in an attempt to avert an escalation of social and political unrest around the world. King Abdullah signalled the commitment to the UN secretary general, Ban Ki-moon, at the weekend after the impact of skyrocketing oil prices on food sparked protests and riots from Spain to South Korea.

Editorial comment... Next Ki-moon should come to the U.S. to urge lawmakers to repeal ethanol mandates becaue using food for fuel just doesn't make sense.

Inflation Angst

FAdams — Fri, 29 Feb 2008 10:57:04 -0600

Who else wants to rant and rave about the cost of everything going up ? Here's the place. Just let it all out.