Last month Venezuela adjusted the income tax rate on 32 operating agreements to 50% from 34%, saying the oil firms were paying a cheap industrial rate.

In the statement following its Tuesday meeting, the Fed reiterated that accommodative monetary policy ``coupled with robust underlying growth in productivity, is providing ongoing support to economic activity.''

Using year-over-year changes to smooth out the noise, non- farm business productivity rose 2.5 percent in the first quarter, down from 5.5 percent a year ago and in line with what economists think is the economy's underlying trend, with cyclical ebbs and flows removed.

Unit labor costs, or the labor costs that go into producing one unit of output, rose 2.5 percent in the first quarter from a year ago, the biggest increase in almost four years. Unit costs are now rising faster than the Fed's preferred inflation measure, which means they've become part of the problem, not part of the solution.

For every basis point the Eurodollar futures rallied yesterday, they gave back about 2.5 basis points today. The nation may indeed be going the way of GM, but at least for today, investors have changed their views about the Fed's likely response.

Irish oil men report a surge of interest in drilling for oil and gas in the waters off Ireland's south and west coasts but some fear this may only be a window of opportunity that will close if, as analysts expect, oil prices fall.

The state will consider a proposal to drill for natural gas in an area where an underground nuclear test in 1969 left much of the gas radioactive.

The nonmilitary explosion by the government in Rulison Field, eight miles southwest of Rifle in Garfield County, was intended to break shale and release natural gas trapped in the rock

Merrill Lynch said it expected US crude futures to remain above $50 a barrel through the end of the year because a lack of investment had left the industry without spare capacity.

The bank forecast WTI crude to average $52.50 a barrel in the second quarter, $51.25 in the third quarter and $53.50 in the fourth.

A gasoline price war erupted in St. Mary's County last week after one station slashed its price for regular to $1.999 a gallon and spurred three others to follow suit, giving drivers some hope of relief at the pump.

But the price dip proved fleeting.

Maryland regulators quickly stepped in and told the stations that their prices were too low. They needed to go up by 5 cents.

In as much time as it takes to fill the tank of an SUV, prices at BJ's Wholesale Club, Sheetz and two Wawa outlets bounced to $2.049 a gallon.

Yet, the International Monetary Fund says the world economy is a more efficient machine these days than during the crises of the 1970s and that a further surge to $80 per barrel would probably only trim growth by a quarter of a percentage point.