China and oil prices / Obama and hijabs
Part 1: China and oil prices
The Saudis and other oil producers still have the most influence in global crude markets, but the Chinese aren’t far behind.
For years Beijing has artificially pumped up oil demand through government subsidies of gasoline and diesel fuel consumed inside China. (The Chinese government’s objective, of course, was to underwrite industrial growth.)
Yesterday the Chinese government announced that it will discontinue gas and diesel prices by ending subsidies. Oil markets reacted immediately: crude fell by more than $5.
Whether you are fan of China or fearful of it, there is no denying that China now wields power in areas that we would never have imagined a mere ten years ago.
Part 2: Obama campaign: no hijabs, please
Those voters who believe that Barack Obama can simultaneously heal the sick, walk on water, and balance the national budget were disappointed recently. When two Muslim women clad in hijabs sat behind the Great One’s podium at a televised speaking event in Detroit, Obama campaign volunteers shuffled them out of view before the cameras started rolling.
For more commentary, visit www.EdwardTrimnell.com
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