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Historic Oil Jump Causes Fears Of $5 At The Pump
"Oil had its largest one-day jump ever on Friday.
Oil prices made their biggest single-day leap ever Friday, dragging the Dow Jones industrials down nearly 400 points and raising the once-unthinkable prospect of $150 oil and more record gas prices by the Fourth of July.
The meteoric rise of nearly $11 for the day piled atop an increase of almost $5.50 the day before, taking oil futures more than 13 percent higher in just two days, easily a record on the New York Mercantile Exchange.
And those weren't the only stunning numbers of the day: The government also reported the nation's unemployment rate zoomed to 5.5 percent in May, a monthly rise of half a percentage point, the biggest in 22 years. Oil settled at $138.54, a rise of more than 8 percent. The surged came after Morgan Stanley analyst Ole Slorer predicted strong demand in Asia and tight supplies in the Western Hemisphere could drive prices to $150 by Independence Day, when millions of Americans take to the roads.
That means no end in sight for spiraling gas prices, already above $4 per gallon in much of the country.
Even longtime market observers were shocked by the magnitude and speed of oil's rally.
"We're into unchartered territory, and somewhat off the map as far as historical precedents are concerned," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
Besides the jump in the unemployment rate, the Labor Department said employers had cut 49,000 jobs in May, the fifth straight month of nationwide losses. Job losses for the year reached 324,000."
A City Where Hospitals Are as Ill as the Patients
"For thousands of residents of South Los Angeles who had depended on the large county-run King-Harbor hospital, the past 10 months have been a grueling exercise in cobbling together medical care. When King-Harbor was shut by federal officials, it became the 15th general acute care hospital to close in Los Angeles County since 2000, about half of which served residents in South Los Angeles...
...“We have an all-out crisis here,” said Carol Meyer, the director of governmental relations for the Los Angeles County Health Services Department. “In terms of lack of access to care, emergency room overcrowding and total underfunding of the health care system.”
In many ways, the woes of South Los Angeles mirror other poor urban health care systems. Medical centers in Philadelphia, Washington, Cleveland and elsewhere have closed or fallen into bankruptcy in recent years, leaving patients scrambling.
Also, Medicaid reductions in recent years have helped contribute to the rising tide of the uninsured — roughly 2.2 million more in 2006 than in the previous year — largely because of a decrease in employer-sponsored insurance and Medicaid reductions.
“Over the course of the last 10 to 15 years, there are entire populations that have been wiped off Medicaid,” said Larry S. Gage, president of the National Association of Public Hospitals...
...From 2000 to 2006, the number of Medicaid-covered patients using the South Los Angeles hospitals on Medicaid increased 18 percent and the uninsured ranks rose more than 20 percent, while patients with commercial coverage fell 20 percent, according to the hospital association’s figures.
As a result, many hospitals in the South Los Angeles area are unable to stay afloat, and centers that once served 100,000 patients here have closed.
“I don’t think we have seen that many closures occur in any part of the U.S. in the last 25 years,” said Jim Lott, vice president of the Hospital Association of Southern California. “We have less than one hospital bed per 1,000 residents here compared to 4.3 per 1,000 in the U.S. When you add up all the forces, the price of indigent care is putting people over the edge.”
Tight Rein on Blood Sugar Has No Heart Benefits
"Two large studies involving more than 21,000 people found that people with Type 2 diabetes had no reduction in their risk of heart attacks and strokes and no reduction in their death rate if they rigorously controlled their blood sugar levels...
...Diabetes researchers say that the message is that patients should obtain at least moderate control of blood sugar to protect against eye, kidney and nerve disease. But for heart disease, they say, the only proven method of preventing complications is to give statins to control cholesterol, drugs to control blood pressure and aspirin to control blood clotting, and encourage people to lose weight and exercise...
...Younger and newly diagnosed patients may be a different story, she said, adding, “That’s the great unanswered question.”
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