Friday, August 01, 2008

Shifting Oil Market Sand Knocks Congress Off Its Feet!

A bi-partisan group of ten senators proposed a plan to break the legislative gridlock in the Capital. The dais shook as the "Gang of 10" discussed the rationale behind their collaborative effort, the Renew Energy Act of 2008.

Senator Kent Conrad said the plan would deal with the "fundamental supply-demand relationship" responsible for high gas prices. His problem, besides record oil company profits? Demand for refined products fell drastically as gas prices soared at the pump. If the relationship was fundamental, prices would have fallen with significant decreases in demand.

Fuel consumption in the past 12 months was the lowest since 2004-2005, according to the Energy Department. And how do prices compare to 2004-2005? Almost double. This fact is never mentioned by leftover Congressmen using new media from the hallowed halls of the Capital. "Drill Now, Pay Less" is a fiction. The second quarter reality has been "Drive Less, Pay More". Ironically, members of Congress may need to drive back to Washington during their five week break. The party of oil is encouraging their Chief Gas Man (President Bush) to call Congress back into special session.

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