Flip Flop Oil Drops

Today, oil dropped to just a tad under $121/barrel and the Dow rallied 266 points recovering from yesterday's 240 point drop. Nice roller coaster folks, hey?

Considering oil was up near $147 a few short weeks ago, it's a bit amusing that the bubble heads are now signaling all clear to get back in the market with what's left of our money. OK, people, now that gasoline is down a few cents per gallon, it's still closer to $4 than it is to $2, and as far as I can tell, this is not giving me enough money to take a long vacation in Hawaii anytime soon.

What's rather interesting to me, is that in June, when oil was ramping up, Senator McCain did yet another flip flop in a meeting with oil company executives and decided to support coastal oil drilling.

Now, Washington Post is reporting that, within days of the meeting, oil and gas execs ponied up nearly $1 million to elect McCain.

Call it good timing, serendipity, or price manipulation (Isn't it market price manipulation when the move the prices down as well as up?), this might be a clue that the McCain White House will let the big oil companies call the shots.

Here's a video that points out Senator McCain's relationship with the oil lobby. Remember to hit your browser back button to get back here. http://www.youtube.com/v/SkUj9EIINIs&rel=0

Just for fun, yesterday McCain held a photo-op in front of a California oil well renewing his push for offshore drilling.

If McCain is hoping to use gas prices as a wedge issue to win the election, driving the oil prices down for a bit might help soothe the populace and take away another real issue.

Remember, my viewpoint is that energy is the decisive issue in the election. See http://thebestmoneyguy.blogspot.com/2008/07/energy-lets-get-going-now.html

I believe that only a multi-dimensional progressive solution—a huge plan to shift our economy to clean energy, rapidly deploy nuclear fusion, prevent climate change, and create millions of jobs, and drilling for the short term is the only real solution.

So, please, Senator McCain, please refrain from pushing short-term, quick-fix, band aid gimmicks like coastal drilling to win votes. We all deserve better from you.

The Best Money Guy

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