My Speculation Was Correct…
Disband your lynch mob and stop burning stock traders in effigy, because a motion in the House of Representatives to punish energy speculators has just failed.
But just barely. Opponents House blocked the bill, which achieved 276-151, only nine votes short of passing. A similar bill in the Senate is also stalled, since Republicans are trying to add language that encourages drilling in areas currently restricted by federal law.
Oil prices jumped up $5 today, based on increased gasoline usage. If prices are swinging back upward, the Senate bill might get new legs. But if prices are sliding back down again, we can expect some of the extremes to die down, for now anyway.
–Stephen Payne, Editor, Oil and Gas Investor This Week; www.OilandGasInvestor.com; spayne@hartenergy.com
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