Earth Equity News

Softening Gas Prices Not Changing Congressional Debate on Drilling. By Alexander Bolton, The Hill, September 13, 2008. "A drop in oil prices has taken pressure off Democrats with weeks left before the election, although not enough to slow calls for expanding offshore drilling. Oil cost just over $100 a barrel on Friday, a 30% drop since July and will likely fall even lower... This has given ammunition to Democrats who have argued throughout July and August that the laws of supply and demand were not chiefly responsible for oil reaching nearly $150 a barrel [but rather market speculation]. But while Democrats are breathing easier over gas prices, the softening market will hardly peel away much Democratic support from a pending energy package that would allow some expansion of offshore drilling... The political momentum has become too great to slow down before Congress adjourns, say Democrats and Republicans... Tyson Slocum... [of] Public Citizen, a liberal advocacy group, agrees the debate parameters have been set. 'The damage of high prices was already done,' Slocum said. 'I'm not sure the falling prices is going to relieve the pressure for more drilling even though more drilling doesn't lead to lower prices.' Democratic leaders seem to recognize this."