Finance & Economics | WPN World People News

Fuel prices in the United States are rising because of the increasing cost of crude oil. Crude oil is the natural form of oil as it is found in the ground, before it has been refined into gasoline. As of January 2012, the price of crude oil made up 76% of the cost of regular gasoline. In January, the national average retail price of gas was $3.38 per gallon. This means $2.57 per gallon paid for crude oil.

In a ceremony today at the headquarters of the Organization of American States (OAS), Ambassador Carmen Lomellin, U.S. Permanent Representative to the regional body, announced U.S. support for the launch of the “Caribbean Small Business Development Centers (SBDC)” expansion project, an initiative to promote the development of competitive, productive, and innovative small and medium enterprises (SMEs) in the Western Hemisphere.

Jamal Hadieh, also known as Jason Hacen, was sentenced today to five months in prison, to be followed by five months of home confinement, in connection with his payment of a bribe to a District of Columbia tax auditor. Unbeknownst to Hadieh, the tax auditor was cooperating with law enforcement at the time of the bribe.

Oil prices have jumped sharply in the past two weeks, and the price of gasoline is also moving up. Across the country, a gallon of regular costs nearly $3.60 on average, with some areas facing $4 gas. That's causing sticker shock at the pump, and concern that rising prices could derail the economic recovery.

Millet prices have rocketed in Diffa

A once-bustling vegetable market in Lisbon is now beyond the reach of many Portuguese — a sign of their country's economic problems.

Calling on people to tap into the spirit of recent public protests worldwide against inequality, corruption, repression and a lack of decent jobs, Secretary-General Ban Ki-moon today stressed the need for economic development to ensure greater social justice for everyone.

In Cleveland, 2010 GED graduates from the Get On Track program parade down the aisle during their commencement. In today's economy, some experts say, the GED may not be enough to provide "gainful employment."

Greek cabinet members are discussing how best to implement a series of budget cuts and other austerity measures that have already sparked rioting in the streets.

With the European Union demanding more spending cuts from Greece in return for billions of dollars in bailout funds, doubts are growing over whether more austerity is the right solution for Athens.