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To: mysterio

The Senate action was worth about $3 on the price of NYMEX crude. If it has passed it would have been worth that, but the other way. That is all, and it would fade to a net zero by the end of the trading day.


54 posted on 05/13/2008 9:19:07 AM PDT by RightWhale (You are reading this now)
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To: RightWhale
The Senate action was worth about $3 on the price of NYMEX crude. If it has passed it would have been worth that, but the other way. That is all, and it would fade to a net zero by the end of the trading day.

I don't believe that for a moment. The cartels' greatest fear is that new sources of oil come on line. They will do what is necessary, particularly lowering the price of oil, to make such a scenario less likely. The vote had no effect because the results were known beforehand. If Obama came out and said that we must drill for more oil, the price of crude would plummet.

72 posted on 05/13/2008 9:27:16 AM PDT by Prokopton
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