In the News: May-16

Paulson says financial crisis 'closer to the end' - 16 May 2008 at 2:34pm - WASHINGTON (AFP) - US Treasury Secretary Henry Paulson said Friday he believes the financial crisis is winding down, but that it would take some time to fully emerge from the malaise.

Let's guess: six to nine months?

U.S. blamed for ambush on Iranians in Iraq - 16 May 2008 at 1:50pm - BAGHDAD (AP) — Iran angrily blamed the United States on Friday after at least three of its diplomats were wounded in a Baghdad shooting, saying the Americans are encouraging attacks on Iranians in Iraq. The shooting — which may have been by Iraqi soldiers during an argument at a checkpoint — comes amid unprecedented strains between Iran and the Iraqi government, which has long been close to Tehran.

US oil shipments canceled. - 16 May 2008 at 12:57pm - WASHINGTON -- The Energy Department says it has canceled oil shipments into the Strategic Petroleum Reserve beginning in July when the current purchase contract expires.

Texas cities sue to suspend border fence construction - 16 May 2008 at 11:36am - WASHINGTON — Mayors from Texas border cities are suing the Department of Homeland Security over construction of 670 miles of fencing along the Southwest border.

U.S. Starts Parole System for Detainees in Iraq - 16 May 2008 at 9:03am - For many young recruits of al-Qaida in Iraq, it's not extremism or ideology that attracted them to the organization, but the opportunity to make money. As a result, many detainees in prisons run by the U.S. military are released because they are not that dangerous. The challenge is keeping them out of prison once they are freed.

U.S. sees need for "tangible action" on Iran: Israel - 16 May 2008 at 8:44am - JERUSALEM (Reuters) - The United States and Israel agree on the need for "tangible action" to prevent Iran from developing nuclear weapons, Israeli Prime Minister Ehud Olmert's spokesman said after a visit by U.S. President George W. Bush.

Really? Isn't it just one day after Bush publicly ridiculed the idea of so much as entering into talks with Iran?

Oil price surges to record high above $127 - 16 May 2008 at 8:36am - LONDON (AFP) - The price of oil rocketed to a record high point of 127.43 dollars per barrel on Friday, as US President George W. Bush prepared to urge Saudi Arabia to pump more crude, analysts said.

Saudis see no reason to raise oil production now - 16 May 2008 at 11:21am - Saudi Arabian leaders made clear Friday they see no reason to increase oil production until their customers demand it, apparently rebuffing President Bush amid soaring U.S. gasoline prices.

Thought for the day:
Now is the time for all good men to come to. -Walt Kelly (1913 - 1973), "Pogo"