Posted on 04/01/2004 2:05:47 PM PST by Steven W.
The Administration’s talk of suspending clean air rules in three states drops crude oil and wholesale gasoline prices. Markets move slightly higher as the Dow Jones average is shuffled.
Have gasoline prices peaked? Maybe.
But the fact is oil and wholesale gasoline prices dropped abruptly this afternoon as the Bush Administration said it was considering suspending clean air rules for three states -- California, New York and Connecticut.
The comments by Energy Secretary Spencer Abraham before a Congressional hearing today knocked crude oil prices down nearly 4.1% to $34.30 and wholesale gasoline futures to $1.07, down 5.5%. Crude ended the day at a 7-week low.
California, New York and Connecticut have asked the Environmental Protection Agency for temporary waivers for the summer, Bloomberg News reported. The states are required to sell gasoline that's blended with ethanol or other substances to make the fuel burn cleaner. Prices had declined in earlier trading on expectations that U.S. inventories will be adequate to meet demand from refiners making gasoline.
The news came as Congress was criticizing the Organization of Petroleum Exporting Countries for deciding to cut back its production by 1 million barrels of oil a day and Democrats were howling at the Bush Administration for doing nothing about rising fuel prices.
Big oil stocks didn’t move much, but oil and gas production stocks and oil services stocks sure did. The Philadelphia Oil Services Index ($OSX.X) was down 2.7%. The Amex Oil Index ($XOI.X) slipped 1.4%.
Assuming the price changes hold, it could knock the price of gasoline off by 10 cents a gallon, CNBC's Melissa Francis reported on "Closing Bell." The national average recently was about $1.74 a gallon.
(Excerpt) Read more at moneycentral.msn.com ...
It is amazingly funny to watch them!
Yeah, except that Americans in general are brain locked to the idiot box. If they see it often enough they begin to question if maybe it might be right. If they ever even slightly concede that the talking heads might be right and voice that suspicion. . . then we've had it because they will have bought the big lie.
Unfortunately, you are right. I have sworn off the "idiot box", except for sports and Law & Order Criminal Intent.
Now the difference between THIS administration and the CLINTON racketeers is that the vast majority of Clinton friends would have 'just happened' to have placed an innocent 'bet' at the Chicago Board of Trade, that GASOLINE FUTURES would soon drop!
Refresh my memory Hillary, How was it you decided that day to bet $1000 that CATTLE FUTURES would soon drop? [netting you $100,000]
Or Terry McAullife: How was it you happened to decided certain TELECOM stocks would make a huge gain, and then how did you happen to 'guess' when they were about to fall? [netting you $16,000,000]
Bruce Lindsay, Harold Ickes, Bill Richardson, et. al: How much did your OWN personal net worths rise during the Clinton years? Was it MORE THAN YOUR government salaries???
One can only hope.
Annnnd....we'll hear about how Bush is proposing to ruin the environment. Singlehandedly destroying clean air as we know it, sickness and death....yada yada yada. Same people are currently saying that Bush is responsible for high gas prices.
Current Theory of Liberalism: A + B = It's Bush's fault.
Today is the first day of a new quarter. If they keep up the record profit pace for another quearter there will be a revolt and mucho government regulation proposed in an election year.
They are counting their first quarter, smiling and moving on to normal profit-taking.
I thought we had to tap into the strategic reserves! John Kerry said so!
Oh. And he also said he served in Vietnam.
Becki
It is a pop-up camper and not a trailer...
You can count on it. . . . .
One of these days. . . . .
MAYBE!
But who ARE these Coke fiends? Isn't beer for breakfast anymore? Or at least an honest pint of George Dickel?
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