World Food Prices Climb to Record as UN Sounds Alarm on Further Shortages

Global food prices rose to a record in February and grain costs may continue to rise in the next several months, with only rice keeping the world from a repeat of the crisis three years ago, the United Nations said.

An index of 55 food commodities rose 2.2 percent to 236 points from 230.7 in January, the eighth consecutive gain, the UN’s Food and Agriculture Organization said today. Wheat rose as much as 58 percent on the Chicago Board of Trade in the past 12 months, corn gained 87 percent and rice added 6.5 percent.

http://www.bloomberg.com/news/2011-03-03/world-food-prices-climb-to-record-as-un-sounds-alarm-on-further-shortages.html

Manufacturing growing at fastest pace in 7 years

U.S. manufacturers expanded at the fastest pace in nearly seven years last month, but a sudden rise in the price of raw materials could threaten their profits.

The Institute for Supply Management said Tuesday that its index of manufacturing activity rose to 61.4 in February, up from 60.8 the previous month. That's the highest reading since it reached the same level in May 2004. The ISM's index bottomed out at 33.3 in December 2008, its lowest point in nearly 30 years.

http://finance.yahoo.com/news/Manufacturing-growing-at-apf-689542114.html?x=0

Oil prices jump on Middle East, Bernanke comments

Oil prices climbed Tuesday as Iran clamped down on anti-government protesters and unrest in the Middle East threatened to keep energy prices high for months to come.

Benchmark West Texas Intermediate for April delivery gained $2.66 to settle at $99.63 per barrel on the New York Mercantile Exchange. In London, Brent crude gained $3.62 to settle at $115.42 per barrel on the ICE Futures exchange.

The recent surge in oil has pushed up gasoline prices in the U.S. by nearly 20 cents per gallon in the past week. That's the sharpest increase since September 2008, when Hurricane Ike shut down Gulf Coast refineries, according to the Oil Price Information Service. In 2005, Hurricane Katrina sent prices soaring about 45 cents per gallon in one week.

http://finance.yahoo.com/news/Oil-prices-jump-on-Middle-apf-1296176780.html?x=0

Oil drops, but gasoline prices keep rising

Oil prices fell below $97 per barrel Monday just days after spiking above $100. Last week's surge continued to ripple through global pipelines, however, as gasoline prices jumped 8 cents over the weekend.

Crude dropped on reports that Libya was still exporting oil. Shipments were thought to have halted last week as protestors clashed with the government and strongman Moammar Gadhafi lost control of many of the country's oil fields. But industry officials said Monday that a tanker bound for China was loading oil in the Libyan port of Tobruk. Saudi Arabia also was boosting exports.

Benchmark West Texas Intermediate crude for April delivery lost 91 cents to settle at $96.97 per barrel on the New York Mercantile Exchange. In London, Brent crude fell 34 cents to settle at $111.80 per barrel on the ICE Futures exchange.

Traders said there is a "fear premium" of $15 to $20 per barrel built into the price of oil to account for further disruptions in shipments as pro-reform movements sweep through North Africa and the Middle East. Oil prices should slide as the situation in Libya stabilizes, analysts said.

http://finance.yahoo.com/news/Oil-drops-but-gasoline-prices-apf-489242950.html?x=0

History tells us that a surge in fuel costs makes a US recession likely

Ever since the early 1970s, every single time oil prices have spiked sharply (rising by 80pc or more), regular as clockwork the US has entered recession.

http://www.telegraph.co.uk/finance/comment/liamhalligan/8349612/History-tells-us-that-a-surge-in-fuel-costs-makes-a-US-recession-likely.html#

Oil drops, but gasoline prices keep rising

Oil prices fell below $97 per barrel Monday just days after spiking above $100. Last week's surge continued to ripple through global pipelines, however, as gasoline prices jumped 8 cents over the weekend.

http://finance.yahoo.com/news/Oil-drops-but-gasoline-prices-apf-489242950.html?x=0

What Are We Getting for an Extra $1 Trillion in Federal Spending?

As every constituency fights to protect its herd of sacred cows, there's certainly no shortage of political jockeying in the battle over the 2012 federal budget. What's missing, however, is this simple question: What exactly are we getting for the extra $1 trillion a year the federal government is now spending?

http://www.dailyfinance.com/story/what-are-we-getting-for-an-extra-1-trillion-in-federal-spending/19859822/