Tuesday, August 5, 2008

Congressmen Singlehandedly Lower Oil Prices

The Hill reported on the Superman-like abilities of a handful of Congressional representatives. They're able to lower oil prices with a single word, OK, multiple strings of words like "let my people vote," and "people have too much month at the end of their money." Let's see how these heroes did (history is from the Energy Information Administration):

March $3.258
April $3.441
May $3.764
June $4.065

This rise occurred while customers cut back their miles, 1.8% in April and 3.7% in May. The public is well aware of the record profits these prices produced for oil companies.

But a handful of elected leaders brought them crashing down by meeting in the dark in the Capital. Surely, they were powerful enough to get prices back to levels some 120 days ago? Sorry, our political heroes fell short.

Triple A reported gas prices (as of 8-4-08):

August $3.871

The nearly 20 cent decline is helpful in addressing my personal pocketbook energy glitch. But, I'm sure the yahoo's in D.C. had little to do with it, unless their political backers are trying to mollify an angry public before an election. After a similar summertime peak, October 2006 had the lowest gas price average for the whole year. Yet, Republicans lost their majority in both Houses.

Record oil company profits, not helpful. Claiming credit for the small decrease, delusional. That's America's Republican Party to the average citizen.