What Caught My Eye Today - April Fools Day Edition

Fred's Note: In honor of the tradition that this day celebrates, I offer you these news items along with a validity check of the claims made in each. Enjoy.

Oil - Don't blame us, oil industry chiefs told a skeptical Congress. Top executives of the country's five biggest oil companies said they know record fuel prices are hurting people, but they argued it's not their fault and their huge profits are in line with other industries. Appearing before a House committee, the executives were pressed to explain why they should continue to get billions of dollars in tax breaks when they made $123 billion last year and motorists are paying record gasoline prices at the pump.
Fact or Fool: Sadly, this story is fact. The oil companies are rolling in the profits and there is no relief in sight for consumers.

Stock Market - Wall Street began the second quarter with a big rally as investors rushed back into stocks, optimistic that the worst of the credit crisis has passed and that the economy is faring better than expected. The Dow Jones industrials surged nearly 400 points, and all the major indexes were up more than 3%. Analysts believe there must be a recovery in bank and brokerages to lead major stock indexes higher. Renewed enthusiasm that the credit crisis might be waning was also felt in the Treasury market, where government securities fell as investors withdrew money to take bets on stocks. In addition to hopes about the financial sector, Wall Street was relieved to see the feeble dollar regain some strength against the euro. And there was also optimism that commodities prices, which have hit historic highs in recent months, have begun to retreat.
Fact or Fool: Well, it is fact that the Dow was up more than 390 points today. However, before we say that the recession that we're not quite sure is happening is over, let's bear in mind that this is only one day's results. We've had plenty of one day rallies that haven't amounted to diddly. Perhaps measured optimism is more in order as opposed to all-out euphoria.

Russia - A planned missile defense system in Eastern Europe poses no threat to Russia, President George Bush said, responding to concerns that the U.S. might use interceptor missiles for offensive purposes. Russia and some European countries have expressed concerns about the missile defense system. While Poland and the Czech Republic have agreed to host parts of the system, others in Europe share Russian concerns that the defensive shield could be used for offensive aims. The U.S. has tried to dissuade opposition over the plan. Washington offered to allow Russian monitors at the missile sites and to negotiate limits to the system over time. The United States also told Russia the system would not be operational until Iran test-fires a missile that could threaten Europe. Many European countries don't believe the U.S. assertion that the system is needed to guard against imminent threats from Iran or North Korea.
Fact or Fool: This one is a toss-up in my mind. Fact if you believe Bush. Fool if you believe Bush (what can I say, this guy doesn't exactly have a lot of credibility). On the other hand, much of Europe's reluctance to believe the United States has very little to do with the missile defense system itself, and everything to do with the fact that Russia supplies 40% of the oil that Europe consumes. It wouldn't be outside the realm of possibility to suggest that these guys are just looking after their own interests.

Mars - Earth has issues, and it's time humanity got started on a Plan B. So, starting in 2014, Virgin founder Richard Branson and Google co-founders Larry Page and Sergey Brin will be leading hundreds of users on one of the grandest adventures in human history: Project Virgle, the first permanent human colony on Mars.
Fact or Fool: I don't know about you but, the web site looks real to me. It has a video, an application for prospective pioneers, an FAQ, and even a press release. Seriously, do you really think the folks at Google and Virgin have nothing better to do with their time than to plan elaborate hoaxes? I think not.