Thursday, July 10, 2008

Democrats, Republicans Feeling The Heat

Today Senator Reid announced on the Senate floor he may be open to more domestic drilling. He added the caveat that any oil drilled domestically must remain in the American market.

Is he being honest about allowing a vote and debate on domestic drilling or just throwing another roadblock up and playing politics as usual?

This is a free market and a world market. Unless Senator Reid is pushing for Nationalizing the oil companies so the government can dictate how and where they can sale their oil, no company will be willing to drill for domestic oil. Adding more oil to the world market is what will drive prices down.

The price of oil experienced a one day increase of over $5.00 today and settled around $142.00. Everyone in the business world are looking around and saying "Why." It is pure speculation, there was no apparent reason for the increase. Nothing happened anywhere in world to justify the increase. The Republicans are now saying, "OK, maybe there is something to this market manipulation rumors. Democrats, you give us more drilling and we'll agree to more market oversight and regulations."

This is progress, but Americans must keep the pressure on.

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