Crude oil dropped to $105/bbl Monday, down $1.26. After hours the price continued to fall, as of midnight it was hanging around $102/bbl.
Since hitting it’s high at 147.27 on July 11 (that’s still less than 2 months ago), the price has fallen almost 30%. According to most Democrats, this would only be possible if actual cheaper domestically drilled oil were available to put into the system immediately, not some years into the future. Strange as it may seem, it looks like other factors, such as the continued growth in the public pressure on Congress to act and open up domestic drilling, may also influence prices.
Of course, you aren’t required to be an economist to be a member of Congress. The problem appears to be that too many who aren’t believe they are. Economists, that is.
I admit that I am not. But the support of those who are so trained  and the evidence of the events  of the past few months are somewhat overwhelming to me. That is, I don’t buy the Democrat’s line.
Team Boehner  is right out front hitting up the Democrats to get that energy bill vote front-and-center. Now that the Democrats have finished their five-week vacation, the conventions are done, and Pelosi is done touring the flood-damaged areas in Iowa (so nice of her to show how much she cares), everyone should be ready to get some speedy work done, leave the drilling ban to expire, take action on the Republican “All Of The Above” proposal, and get the rest of this beleagered economy back in motion.
Or Democrats can spend the next few weeks providing little more value than has been shown the past five weeks. It’s their show.
I do want to give credit to Congressman Leonard Boswell (D-Iowa).
I previously told you about how Senator Tom Harkin  (D-Iowa) (both of these gentlemen are 2 of my 3 representatives in Congress) responded to my communication regarding the need for action on domestic drilling. And his somewhat typical approach of treating input as noise and an opportunity to explain what he’s going to do despite the input, and why we’re not as smart as he is.
I received a response from Congressman Boswell a little more than a week ago, and I’ve meant to mention it. Boswell took a much more appropriate approach (in my opinion) than did Harkin, in that he told me he is co-sponsoring legislation (HR 6709) to open up some domestic drilling (off-shore), supporting other incentives (which are a little vague to me at the moment… haven’t seen the bill yet), but most importantly, he expressed appreciation for my input AND stated that he would “keep my views in mind” as these issues are addressed in Congress.
Although I do not plan to vote for Boswell this November, my respect for him has increased as a result of his thoughtful reply.
Much appreciated, Congressman!
Here is the request I sent to all three men, including Senator Chuck Grassley (R-Iowa):
Our dependence on foreign powers for sources of key raw materials, especially to provide fuel, is becoming untenable. I completely understand the concerns of those that want to protect valuable natural habitats and areas of clean untarnished beauty throughout our country. However, relying on foreign concerns who are intent upon taking advantage of our need for energy resources is simply not working, and in many ways, is starting to make the US seem unintelligent in its dealings and inability to manage its dependence on foreign markets by closing its own internal access to the same resources. I am anxious to see us build and leverage cleaner solutions for energy, and support any efforts to improve these technologies. However, we do, and will continue to for a long time, need access to oil, and we need to keep the money spent on this oil within our own economy instead of pouring it out on the rest of the world and diluting its value.
Please support efforts to open up domestic drilling, including off-shore and ANWR. Please become a leader in a bipartisan effort to make access to domestic oil resources a reality as soon as possible.
Thank you for taking the time to read this, and thank you for your fine work!
Here is the text of Boswell’s reply:
Dear Mr. Smith:
Thank you for taking the time to share with me your views regarding energy and the price of gas. The views of my fellow Iowans are an essential component of my decision making process as a Member of Congress.
I understand your frustration at the skyrocketing cost of gas, and your support for increasing domestic energy through offshore drilling. Energy prices affect every segment of the economy, from transportation to food prices to recreation, and all Americans are feeling the pinch. I also understand those with environmental concerns, and believe we must protect the environment along with our economy. Therefore, a balanced approach is needed to both increase our energy independence, and to reduce the cost of gas.
You may be pleased to know that I am a co-sponsor of H.R. 6709, the National Conservation, Environment, and Energy Independence Act. This legislation offers a comprehensive approach to our current energy crisis through several provisions, including:
Opening up the Outer Continental Shelf for drilling more than 50 miles away from the coast, and between 25 to 50 miles away if state law approves.
Allocating revenue generated from the royalties to important conservation and environmental programs like the Conservation Reserve and Renewable Energy Reserve, and the Low Income Home Energy Assistance (LIHEAP) Program, which assists low-income Americans with rising home energy costs.
Extending critically important tax incentives for the production of renewable energy and energy conservation.
Energy Independence may well be the most important issue of this generation, for there is no one left unaffected either economically or ecologically. Our dependence upon foreign sources of oil weakens both our national and economic security. Many have strong feelings and disagree on the best way to proceed. I believe that compromise is the greatest avenue for making lasting progress, and this compromise will allow us to temporarily reduce costs and increase domestic production, while making historic investments in renewable energy to achieve lasting energy independence.
As I mentioned, your input is vitally important to me. Please be assured I will keep your views in mind as the full House considers various issues in the upcoming months of the 110th Congress. Furthermore, I periodically provide electronic updates on issues I think my constituents might be interested in. If you would like to receive the E-newsletter, please sign up at my Web Site  at http://boswell.house.gov . As always, my staff and I are here to serve you. Please feel free to contact us if we ever can be of assistance to you or to share your concerns.
Leonard L. Boswell
Member of Congress
Okay, Nancy, time to move. What’cha got?