Happy Friday! You are probably sitting in your last class of the week day-dreaming about the awesomeness that is the weekend and planning out your drinking festivities for the night.The guys on Wall Street are doing the same, except instead of happy drinking, they will be doing some “we are so totally screwed” drinking.

Yup! More bad news for the economy. Due to the mess we have gotten ourselves into, markets around the world are plumeting. And because those markets are sucking so badly, ours is getting even worse! The silver lining in all of this was that as the economy went down the tubes the price of oil (and gas for our cars) also dropped dramatically.

But, wait. OPEC has called for a decrease in the production of oil in hopes that it would bring the prices back up. Read More »

“Dude—what is up with gas prices??”

This is the question on all of our lips in one form or another. Different people will give you different answers. – “It’s the damn OPEC countries!” “It’s the evil oil execs!” “Stop the speculators!” And so on.

At the end of May, the Bigwig Execs of all major American oil companies attended a Senate Judiciary Committee hearing on price gouging in the oil market.

Oil Exec J. Stephen Simon had this to say:

In 2007, the average price per gallon of regular gas was $2.80. About 58% of this price reflects the cost of crude oil. 15% of the price reflected taxes, the remaining 27% goes to refining, marketing and transportation translating to “earnings of only about 10 cents per gallon of product sold”.“Since last year, the increase in gasoline price – and more – can be attributed to the rise in the cost of crude oil.” Other product prices have not risen as much therefore Exxon’s margins have been reduced. Current earnings are down to only 4 cents a gallon.

According to Simons, therefore, we should feel sorry for the poor oil companies—and should see them not as immoral pocket liners but rather as brave American businessmen, competing in a tough international market for the good of the country.

If his take seems a tad bit skewed—congratulations—it is! In February 2008, Exxon Mobil made history by reporting the highest quarterly and annual profits ever for a U.S. company—$11.66 billion during the fourth quarter of 2007. It also set an annual profit record of $40.61 billion.

Apparently Mr. Simon and his Exxon buddies inhabit a world in which billions and billions of profits can still represent a loss. What a world. Read More »

Diablo Cody: She stripped…and no one wants to forget that

Gas has almost doubled in a year. I smell the fumes of a conspiracy…

Blohan is poor and boring.

The Pentagon wanted Guantanamo Bay interrogation notes destroyed. Conspiracy #2?

Rupert Everett isn’t a fan of America. That’s okay. I can’t remember ever being a fan of him.

The dreaded College Wait List just got more confusing.

Midwesterners are drenched. But if you live there…your basement has already told you this.

Man, do I love the Golden Girls

This is pretty much the scariest picture that has ever been burned into my rentas

And Now the News with Kandy Korrespondent.

As the average price of gas rose to $3.80 nationally, Congress made further attempts to placate their angry constituents. Also on Tuesday, the House of Representatives approved legislation that will allow the Department of Justice to sue the Organization of the Petroleum Exporting Countries (OPEC) for conspiring to restrict supplies and/or drive up prices. It goes without saying that such legislation is mainly symbolic. Even if the DOJ were to sue OPEC, there would be no way to enforce any ruling upon the countries.

On Wednesday, with oil at a record-breaking $134/barrel, congress summoned oil executives to the Hill and demanded answers.

The executives responded that they were doing all they could to aid renewable energy and help the country through the current crisis.

It should be noted that, ConocoPillips executive John Lowe received cash compensation of $5.7 million in 2007. Peter Robertson of Chevron received $14.2 million. Exxon Mobil exec Stephen Simon received $12.5 million. Yet, as Robertson stated, “I’m a regular person.” Read More »