The oil climbs above $40 again as Middle East fighting rages.

1. The price swings big today: close to $5 a barrel
2. Light, sweet crude for February delivery: rose $2.31 cents to $40.02 a barrel
3. Retail gasoline prices in U.S. nationally: continue to fall and close to $1.60 per gallon, the national average $1.619 a gallon, well below the year-ago average of $3.039 a gallon
4. The war between Israel and Palestine’s Hamas: death toll rose to at least 364 with some 1400 reported wounded.
5. China Petroleum & Chemical Corp.: built its largest storage, a 38-tank facility with a total capacity of 32.4 million barrels
6. The OPEC: accounts for about 40 percent of global supply, include 13 nations, cuts more than 4 million barrels per day
7. Oil price: have fallen 73 percent since peaking at $147.27 a barrel on July 11, 2008
8. A Shell station in suburban Houston: $1.19 a gallon for regular unleaded gas
9. Natual gas for January delivery: Jumped 31 cents to settle at $6.136 per 1000 cubic feet.

Here is one list how U.S. Treasury Department “invest” taxpayer’s $700 billion.

1. Another 43 banks: Got $1.9 billion today from the Treasury Department; M&T Bank Corp. received $600 million, while Lancaster got $376.5 million.
2. The number of privately held banks got funds: 34
3. 207 banks so far received $162 billion, $250 billion from the bailout fund is set aside for direct investment purpose.
4. 21 banks surveyed by AP: received at least $1 billion each but none of them would provide detailed answers on how the money was used.
5. American Express Co. : received another $3.39 billion preliminary approval
6. CIT Group Inc. : to obtain $2.33 billion
7. GMAC Financial: Got $5 billion ; In return, the government will receive preferred shares that pay an 8 percent dividend and warrants to purchases additional stocks.
8. General Motors: Got $1 billion on the top of $17.4 billion in loans
9. GMAC Financial ownership: Before, GM owns 49 percent while Cerberus Capital Management has the rest. Now, GM will reduce its stake to less than 10 percent; while Cerberus has to reduce its stake to no more than 33 percent though it bought a 51 percent stake in GMAC for $14 billion in 2006
10. Billionaire investor Kirk Kerkorian: sells his last 107 million shares – a 4.89 percent stake. Had ever owned 6.49 percent after paying $1billion at an average share price of $7.10 in June 2008, and now lost 2/3 of his investment – roughly $650 million.
11. Kerkorian’s Tracinda: holds the majority stake in casino and hotel operator MGM Mirage Inc, and have ever owned a nearly 10 percent share of GM in 2006.

Today’s news focus on 3 topics: oil, automobile and bailout funds.

1. Oil is so volatile. After crazy historic speculation, the price drops sharply in the past 4 months, and devastates the past 4 years’ gain. Do you believe there is no manipulation behind this? Though the government has declared that they will investigate when the price is peaked, but they never found something suspicious. Hehe!
2. While the government is trying to “invest” in the loser of Detroit 3 – GM; the best of them -- Ford lost its 5 percent stake owner investor. What does this allude to us? The big money lose confidence of the quick recovery of U.S. automobile industry.
3. As to the $700 billion bailout, AIG got more without big title in the news. So far, 207 banks received $162 billion in total. But nobody knew what they are used for. Where are those money gone