Re: Oil drops again

Just thought I'd share what my good buddy Dan* Dave Ryan had to say on the subject in an email to yours truly back on July 10 while I was outta town:

Dear T,

Just a few months ago, with Americans struggling to pay for soaring gas and diesel prices, Congress was doing absolutely nothing to solve our growing energy challenges. But that was before a grassroots movement of over 1,300,000 Democrats, Republicans and Independents ignited the national focus on this issue by signing the "Drill Here, Drill Now, Pay Less" petition. Since we started the petition the national dialogue has shifted dramatically:

· President Bush, Senator John McCain, and Florida Governor Charlie Crist have all come out in favor of offshore drilling.

· 191 U.S. House members from both parties have signed Rep. Lynn Westmoreland's pledge to increase American oil production.

· A bi-partisan group of 10 U.S. Senators have called for a special Energy Summit.

· In both the U.S. House and Senate, legislation has been introduced that would permit more domestic drilling and oil exploration as part of an overall energy plan.

We've seen significant strides these past few months, but we must continue to keep the pressure on. With your help, we will present 3,000,000 signatures to the Democratic and Republican Conventions this summer to force both Parties to take action in their platforms.

I'm not necessarily whooping it up over a drop of two bits when the rise was a dollar in the first place. But demonstrating our power to increase supply without benefitting all our current merchant thugs is beginning to have an impact.

Market bubble paying us back the difference? Not so much. Get it down to $2.10 by the end of summer and I'll gladly make concessions about whose theory is playing out.

PS If someone posted this argument and gave it credit while I was gone, mea culpa and me too.

*Can't think too much about that typo. No one mention Freudian lingerie, either - I prefer Jungian slips. Thanks, Steve!