Oil Prices Up on Word U.S. Ship Fired on Boats

Oil prices rose sharply on news that a ship under contract to the U.S. Defense Department fired warning shots at two boats in the Persian Gulf. Retail gas prices, as expected, rose further into record territory, nearing $3.60 a gallon. Crude prices rose on initial reports that a U.S. ship had fired on two Iranian boats. The news raised concerns that a conflict between U.S. and Iranian forces could cut oil supplies from the region. A Navy spokeswoman said the origin of the boats was unclear.

U.S. Targets China, Russia, Others on Copyrights

The Bush administration is accusing China, Russia and seven other nations of failing to protect American producers of movies, computer software and other copyrighted material with widespread piracy. The administration placed the nine countries on a priority watch list that will subject them to extra scrutiny and could eventually lead to economic sanctions. That is, if the administration decides to pursue complaints before the World Trade Organization.

Global Sales Boost Caterpillar First Quarter Profits

Caterpillar Inc. parlayed an increased reliance on international markets to surprisingly strong sales and a 13 percent jump in first quarter profits. This impressed investors who expected the heavy equipment maker to be slowed more by the weak U.S. economy and dollar.The Peoria, Illinois based manufacturer's stock surged more than 8 percent in Friday trading. I was in Illinois some years ago, and they were having problems then. The caterpillar store in this area doesn't look so good. I don't see any inventory outside.

Venezuela OKs Taxing Oil Companies' Profits

Venezuela moved to take a greater cut of windfall oil profits, approving a 50 percent tax on foreign oil companies when crude tops $70 a barrel. The tax would rise to 60 percent when the average monthly price for benchmark Brent crude exceeds $100. The legislation will take effect as soon as it is published in the official gazette. revenues from the tax could reach $9 billion annually. Wow! That's a heap of money. Crude oil reached about $118 yesterday if I remember right.

Army, Marines Allow More Felons to Enlist

Under pressure to increase their numbers, the Army and Marine Corps have sharply raised the number of recruits with felony convictions they are admitting to the services. In data released by a congressional committee, it shows that the number of soldiers admitted to the Army with felony records jumped from 249 in 2006 to 511 in 2007. The number of Marines with felonies rose from 208 to 350. The bulk of the crimes involved were burglaries, other thefts and drug offenses. There were nine involved in sex crimes and six involved in manslaughter or vehicular homicide convictions. Several dozen Army and Marine recruits had aggravated assault or robbery convictions, including incidents involving weapons. I think the service can rehabilitate these men better than any prison can.

Texas Officials Try to Sort out Relationships

Armed with cotton swabs and cameras, lab technicians began taking DNA samples from hundreds of children and mothers. They are hoping to sort out the tangled family relationships within the West Texas polygamist sect.A judge ordered that the genetic material be taken to help determine which children belong to which parents. That seems reasonable to me. Before they begin custody hearings to determine which children may have been abused, they need to figure that out. Those children who have been abused need to be removed from the sect compound in Eldorado. Then they will be able to tell which ones can safely be returned to their parents. It is confusing because the children call all their father's wives "mother" and all men in their families as "uncles". Why don't they call some of the men "father". Strange, huh?

Look of the Year

What a wonderful opportunity to be discovered if you are young and feel you are beautiful. You can send in your picture and be discovered as a Model. Not only that but you stand to win a $10,000 prize. This beauty contest is for several age categories so check into their website and look into it. http://www.lookoftheyear.com is the place to enter your picture and see how many votes you receive.