Wednesday, August 06, 2008

House Republican’s Revolt against Pelosi Continues – Oil Prices Continue to Fall

The Price of Oil has dropped again yesterday, to 118.60 as speculators backed away – coinciding (coincidentally) with the third day of protest by House Republicans. The House was called into recess last week for a five week vacation by Speaker Nancy Pelosi. Pelosi had continued to block a vote on an energy plan that would allow for offshore drilling, a popular energy plan with U.S. consumers. House Republicans continued to call for a vote, after Ms. Pelosi shut down the House, turned off the lights, and tried to silence those that were calling attention to the nations’ energy crisis.

The first noticeable drop in the price of oil came after President Bush lifted the Presidential Ban on Offshore Drilling, on July 14. At the time, oil was trading at $145 per barrel – a week after Bush lifted the ban and called on Congress to act, oil fell to $128. On Monday, oil dropped again - below $120, and the trend continues while House Republicans continue to call for action.

Although Pelosi publicly continues to stonewall, calling the House Protest a "war dance of the handmaidens of the oil companies.", Politco reported that she is privately telling those Democrats who are in danger of losing a seat, to go ahead and back offshore drilling. John Boehner, Republican Minority Leader, has asked House Democrats to join in an effort that would force the speaker to bring the Republican energy bill to a vote.

What can the “we the people” expect? The House Republican’s have vowed to continue their occupation of the darkened House and speculators will continue to look for excuses to back off oil futures – fearing that offshore drilling will become a reality. Should Pelosi come to her senses, allow the vote, and should it pass (which it is fairly apparent it would handily) America’s mere ability to tap into the nations vast oil supplies will send the price of oil to reasonable pre-Democrat controlled house levels. The nation cannot wait much longer, with home heating costs expected to double this year, those living in the Northeast, West and the Heartland, who don’t have the financial resources of a Pelosi, Kerry or Obama (recently changing his mind on offshore drilling), will be forced to bear the burden of her politically motivated inaction. Additionally, the people pay attention - Pelosi and companys shift with political winds - and subsequent actions speak to character and trustworthiness - these individuals, from the Oval Office through the House are merely hired by the people - political fortunes, like political winds, are subject to change.

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