Crude Futures remain down 22% from high (4.00 / 3)

http://biz.yahoo.com/ap/080812...

on lower demand from China and strengthening dollar.

Hope the Obama/Pelosi gamble pays off and we don't just get Demos striping out all the requirements at the last minute so as to "get something done"(TM)*.

if the Iraq war hadn't driven the US Dollar into the basement then oil wouldn't have been nearly as bad. this is not to discount the influence of China and India - we are in for higher gas prices long term ($3 gallon may be the new floor). But $3 a gallon wouldn't kill the average american or the economy. China ultimately will have to push alternative energy (or burn crap loads more coal). The market is working itself. This drilling business is pointless, and the GOP is quite wrong to attribute falling prices to "discussion" of drilling. American's have been driving significantly less this summer too decreasing demand. All in all, a little less self indulgence and sound fed fiscal responsibility will do more for energy prices and the economy than all this drilling baloney.

* "get something done" is a registered trademark of the spineless Democratic Congress.

Michael Bloomberg, prince of corporate welfare

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by: Will @ Tue Aug 12, 2008 at 10:52:50 AM CDT

That talk of drilling lowered prices was really contradictory (0.00 / 0)

A lot people have argued that oil prices were driven up by speculation and that we needed increased regulation on speculation to limit wild swings in price.  Republicans have generally opposed such regulation.  However, by arguing that talking about drilling drives down prices, aren't they acknowledging that the jump in prices was essentially due to speculation?  Wouldn't that make the case that regulation of commodity trading, such as increasing margin rates, would have a greater short term effect than waiting over a decade for new wells to come online?  I'm constantly amazed at how the media and some voters buy the Republican lines and how Republicans manage to say it with a straight face.

John McCain wants to put SS in hedge funds.

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by: SeaDawg @ Tue Aug 12, 2008 at 20:09:49 PM CDT

[ Parent ]

I hope they do it. (4.00 / 3)

Seriously. I hope Obama starts saying - just as McCain has said he should, "Meet me in DC.  Let's vote to enact this compromise."

He should say it loud, strong, and in front of lots of people.

QT

Visit the Obama Project

WindOnWater.net

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by: QueenTiye @ Tue Aug 12, 2008 at 11:03:13 AM CDT

Sounds like an interesting move (4.00 / 1)

I hope it works.

John McCain.  Wrong for America.

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by: ArkansasLiberal @ Tue Aug 12, 2008 at 11:03:39 AM CDT

Well guess what! (4.00 / 1)

Those cowardly caving Democrats Obama and Pelosi had a strategy here after all!  Who'da thunk it?  Is it too catty to point out that some of us said this on the threads about Obama's supposed cave on offshore drilling?  And in other subsequent threads on this issue?

It's actually a pretty clever idea when you think about it.

And so is calling the GOPers' bluff on the continuing resolution, since they would have to stay in DC in October shutting down the gov't in an election year (unlike 1995 whrn Gingrich last tried it).

John McCain--He's not who you think he is.

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by: Mimikatz @ Tue Aug 12, 2008 at 12:36:03 PM CDT