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Thread: How can we live in the era of skyrocketing crude oil prices?

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[quote=JCNILE123,273728]By CHARLES HUTZLER, Associated Press Writer 21 minutes ago 
BEIJING - China's premier on Wednesday extolled the prosperity the Communist government has brought to many Chinese, yet he sounded an alarm that inflation could derail the country's rapid emergence. 
The mixed message in Premier Wen Jiabao's annual policy address underscored the problems Chinese leaders face in meeting public expectations for ever rising standards of living.
For the first time in more than a decade, inflation is emerging as a danger at home, potentially eroding incomes of a fledgling middle class and inflaming tensions between the newly rich and the majority low-income workers and farmers. Overseas, the U.S. economic woes and trade friction with Europe could wreck key markets for job-creating export industries.
"All this could adversely affect China's economic development," Wen told 2,970 delegates in his address opening the national legislature's annual session. "China is now in a critical period in its reform and development."

Consumer prices rose 7.1 percent in January, the highest rate in 11 years, led by even higher costs for food and housing. Prices for coal, which feeds two-thirds of the boisterous economy's energy demand, are projected by some economists to double this year.
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