The Democratic energy package would have imposed a 25 percent tax on any “unreasonable” profits of the five largest U.S. oil companies, which together made $36 billion during the first three months of the year. It also would have given the federal government more power to address oil market speculation that the bill’s supporters argue has added to the crude oil price surge.
Supposedly this will give the Democrats political ammunication for the November election…
The defeat affords Democrats another opportunity, going into the November congressional and presidential elections, to try to cast Republicans as siding with the oil companies at a time of record gasoline prices.
Color me skeptical, plus who knows where gas prices will be by then. As “they” say, “The cure to high prices is high prices.”
Also Newmark’s Door, along with the editor of Fortunte magazine believe that oil prices are headed for a “big fall”. I’m not in that camp as I don’t see where the supply is going to come from and there’s plenty of demand from India and China. That said, I admit it IS a possibility. Imagine a strengthening dollar, continued tough talk (and action) on inflation and conservation measures and the price of oil could definintely slide for a while.
I was out and around today in Boulder, there’s absolutely no doubt more people are riding bikes and walking.
