I was just flipping around channels when I happened upon Mark Kirk on the local Fox News Sunday edition, Fox Chicago Sunday. Kirk was claiming that Congress' recent approval of more drilling brought gas prices down. The host, Jack Conaty, called him on it knowing that any new drilling will take 10 years to produce anything. In response, Kirk claimed it is all in the oil futures. So, the futures market goes 10 years out? Sorry Mark. I don't think so. Oil futures contracts are usually 30, 60 or 90 days.
The real cause of lower gas prices? Due to worldwide economic crisis, there is no business. Demand dried up. Saudi Arabia has already called for decreased production. Prices will go back up soon. The question is will OPEC buddy George W. Bush be able to hold it off until after the election to bolster McCain and Kirk.
Oh, and Mark covered by claiming he built the train system. Funny, I don't remember seeing him out there with a pick axe and hammer.
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