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Another winter punch heading toward Ohio
Police say couple had 50 stolen hubcaps
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Police: Man tries to buy crack with credit card
Four teens restrain man, take items from his Akron home
Blogs:
First Bell - On Education:
No City of Akron basketball tonight
Pets:
Pet telethon re-airs
The Heldenfiles:
NBC Releases Olympics Announcer List
Akron Zips:
Zips favored on road against MAC West leader
Tribe Matters:
Blogmail response on Hafner
Cleveland Browns:
Stallworth's contract terminated
Balanced Ledger:
QB in Browns future: another mock draft
Kent State Sports:
KSU Notes – February 9
Cleveland Cavaliers:
NBA Power Rankings from Around the Internet
Buckeye Blogging:
Buckeyes grab 18 players on signing day
Varsity Letters:
Five local gridders to play in Big33
All Da King's Men:
Palin At The Tea Party Convention
Blog of Mass Destruction:
Republican Pre-Conditions
Akron Law Café:
Law, Love and Chocolate
Car Chase:
Collector Car Hobby Loses One of the Best—Jim Roll
Let's Talk Real Estate:
Decisions Decisions: Credit Cards or Your Mortgage?
Ohio Travels with Betty:
Loucile is looking for a Lake Erie getaway in June for three kids, ages 1, 3, and 5.
Sound Check:
Talk of the Town – Top entertainment picks for the weekend
HRLite House:
OFCCP Report
Akron Gamer:
Makers of 'Castle Crashers' unveil 'BattleBlock Theater'
See Jane Style:
Do IT this week: Layering
Published on Sunday, Nov 11, 2007
The following editorial appeared in Thursday's Newsday:
Ready for $100-a-barrel oil? Despite a stall Wednesday in oil's steep price climb, that symbolic milestone could be here by Thanksgiving.
So what can we do to reverse the surge in prices, or at least soften its impact?
Not much.
Americans are wincing every time they fill up their cars' tanks. They should at least understand what's driving prices to such levels.
To start, forget the usual suspects — the mess in Iraq or oil shortages.
Instead, look first at traders in the futures markets of New York, London and Tokyo, where oil is just another commodity. When the subprime mortgage markets imploded, big investors looked elsewhere to find profit. They found it in oil.
Not only did they see soaring demand in China and India, which more than make up for a drop in U.S. consumption. They also heard rumblings of war with Iran. And there's nothing better than war with a major oil producer — or even rumors of war — to excite the futures markets.
Even the sharp cuts in interest rates by the Federal Reserve boosted oil prices. They lowered the dollar's value and, since oil prices are tied to the dollar, producers had to jack them up to keep profits steady.
Driven by market speculation, the current oil price bubble could burst, just as the housing bubble did.
At the very least, the White House could lower the temperature of its bellicose rhetoric on Iran, which is only fattening Tehran's coffers.
For our part, Americans should consider parking their big SUVs and driving fuel-sipping compacts while dialing down the thermostat.
It won't change oil prices immediately, but it will cut costs.
The following editorial appeared in Thursday's Newsday:
Get the full article here.
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