A look at the past month in the history of Energy and Politics.
Posted by Kelsey Golden on Friday, August 8th, 2008 at 10:29 pm
For all those skeptics out there who continue to believe the baseless talking point that Oil prices will not be effected by drilling in ANWR or the outer continental shelf, let’s look back over the events of the past month, shall we?
We begin this saga on the hot summer morning of July 16th, 2008. Our President gave a short press conference in the White House Rose Garden announcing that he was lifting the executive ban on drilling and that he expected congress to do the same. Here’s a video of that press conference:
Following his announcement, oil prices began to respond by immediately dropping whereas they had almost steadily risen for the past several months before. In the month that followed, the decline grew into a significant 15% drop in price and continues to drop every day. The chart below depicts the price of crude oil on the NYMEX commodity exchange since April:
And what timing Bush had in making his announcement! Just two weeks before that day, I predicted on that the mere announcement on the part of congress and the President that drilling would be permitted would send the oil commodity speculators into a financial nose dive. While only half of the equation for my predicted price drop has come true with the President’s announcement, it nonetheless has me wondering what would happen to the price of oil if congress actually lifted the ban altogether!
With the House GOP Revolt continuing through the congressional recess, it is no surprise that oil speculators are really starting to believe that supply futures are quickly losing value. This is in spite of the fact that these historical events aren’t and will likely not get coverage in the major media that so many liberals continue to deny is biased!
What’s also been in decline over the past month are Barrak Obama’s Poll numbers, in part because Americans are truly starting to realize that the Democratic Plan for energy is lacking in any ideas for actually improving our economy nor reducing our dependence on foreign oil in the short, mid, and long term. Instead, more Americans see measures like the American Energy Act which provides for long term reduction in fossil fuel usage while also recognizing that we should be using our domestic energy resources today, as measures that seek short, mid, and long term relief from the growing economic burden of energy production.
This has been a month of good news for the American consumer just as it has been a month of political success for the Republican Party. The House Republicans, concluding the first week of their energy sit-in on the adjourned house floor, promise to continue the good news and the fight for energy independence well into the future. Despite past transgressions, some in congress and the federal government are finally trying to do right by the American people and we owe them all the support we can muster.
To my fellow Bloggers I say continue to spread the word, continue to argue, and most importantly, don’t let the media’s blackout of the GOP revolt mean that the American People are denied the knowledge of what their Republican congressmen are doing for them and the Democrats, to them. I will be back to continue my coverage of the GOP Revolt Next Week.
(3 Ratings)
Filed Under: = BREAKING NEWS =, News & Politics
August 9th, 2008 at 3:14 am
I hope the GOP revolt leads to conservatives taking back Congress in November.
Maybe Nancy Pelosi will clue us in about her plan to lower gas prices. I mean, she’s had two years, right?