in Congress.
How much longer will the American public allow these two pandering political buffoons to have themselves gouged at the pump because of the Dems inane nonsensical anti-oil drilling policy where the highest potential oil reserves in the US exist? Pelosi's and reid's actions are CRIMINAL!
Pelosi's & Reid's insideous plan is blatantly obvious which is to drag out any vote until Congress recesses for the national party conventions.
If I were GW Bush I'd keep Congress in emergeny session thereby keeping both Pelosi's & Reid's toes to the fire until and "up or down" vote were held in both houses of Congress on lifting the Congressional ban on drilling off-shore and in ANWR.
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By Adam Shell, USA TODAY
NEW YORK — The oil rally, once in overdrive, has run out of gas, igniting a stock-buying binge.
The July 3 peak in oil and subsequent drop of more than $20 a barrel has injected life into what had been a stock market in rapid decline, raising hopes that the worst of the bear market has passed.
The drop in oil prices is welcomed by consumers and U.S. companies weighed down by the economic fallout from the housing bust and credit crunch. Lower oil prices have also lessened fears that inflation would spiral out of control.
Stocks began rallying as Wall Street became convinced that the huge oil run-up — oil was up 51% this year at its $145.29 record close — was faltering.
The Dow Jones industrials bottomed on July 15 at 10,963, almost 23% off the October high and solidly in bear market territory, defined as a drop of 20% or more. But since then, the Dow has been on a tear, rising 670 points, or 6.1%, and renewing hope that this downturn won't turn into a megabear, such as the 2000-02 killer that sliced stock prices in half.
"Oil is the key driver of the stock market right now," says Jeffrey Kleintop, chief market strategist at LPL Financial.
Better-than-expected profits, on average, from the nation's banks and brokerages, and the government's moves to make sure federally sponsored mortgage companies Freddie Mac and Fannie Mae keep functioning, have also given stocks a boost.
Crude oil, which fell another $3.98 to $124.44 a barrel Wednesday, is now down 14% from its high, approaching its own bear market.
Jim Ritterbusch, president of Ritterbusch and Associates, says a number of factors are driving down the price of crude. One of the biggest, he says, is big investors, such as hedge funds and pension funds, pulling money out of the oil market amid signs of weaker demand in the USA and overseas. The Energy Information Administration said Wednesday that gasoline demand fell 2.4% the past four weeks, a sign higher prices are cutting into usage.
"It is the first time in a couple of years that big institutional investors are selling on perceptions of weaker demand," says Ritterbusch.
Buyers also stepped away from oil Wednesday when it became clear Hurricane Dolly did not pose a threat to oil platforms. Also, a stronger dollar is making oil, which is priced in dollars, more expensive for those using other currencies.
For the rally to last, "We need oil prices and interest rates to keep going down and house prices to stop going down," says ITG economist Bob Barbera.
