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Friday, August 01, 2008
Bon Voyage! Blunt: Congress Leaves Town Without Doing a Thing to Bring Down Price of Gasoline
Comtex
WASHINGTON, Aug 01, 2008 /PRNewswire-USNewswire via COMTEX/ ----House Republican Whip Roy Blunt (Mo.) issued the following statement today as Democrats embarked on their five-week August recess without even considering legislation to unlock America's abundant homegrown energy resources, and thus bring down the price of gas:
"For the last two months, Republicans have used every single tool available to us to allow this House to vote on expanding access to America's abundant, diverse and currently locked-away energy resources. During that same time, Democratic leaders have used every single tool available to them to deny this House that opportunity. They've even gone as far as preventing rank-and-file Democrats from working with Republicans to bring forth commonsense, bi-partisan energy solutions for the American people.
"Today, their goal was to adjourn the House as quickly as they could -- even as Republicans stood by on the House floor prepared to debate the merits of producing new domestic energy for the American people. Instead, Democrats gaveled the day closed, switched off the cameras, turned off the lights, cut the mics, and ran for the exits. But Republicans remain on the floor right now: ready, willing and able to lead on the most important issue facing the American people.
"But while Democrats showed today that you can run from a debate on energy, they won't be able to hide from it much longer. It's my hope that they'll come back in September chastened by their constituents, and ready to work with Republicans on tackling the energy crisis facing this nation."
NOTE: In addition to the comprehensive American Energy Act that House Republicans introduced last week -- which Democrats blocked once again today -- Republicans have also brought forward seven petitions to force the majority to bring the pro-energy legislation to the floor of the House.
Not one Democrat has signed on. The following is the list of the discharge petitions:
-- H.R. 3089 - The No More Excuses Energy Act (http://clerk.house.gov/110/lrc/pd/petitions/Dis8.htm)
-- H.R. 2279 - Expanding American Refining Capacity on Closed Military Installations (http://clerk.house.gov/110/lrc/pd/petitions/Dis9.htm)
-- H.R. 5656 - To Repeal the Ban on Acquiring Alternative Fuels (http://clerk.house.gov/110/lrc/pd/petitions/Dis10.htm)
-- H.R. 2208 - Coal-to-Liquid Fuel Act (http://clerk.house.gov/110/lrc/pd/petitions/Dis12.htm)
-- H.R. 2493 - Fuel Mandate Reduction Act of 2007 (http://clerk.house.gov/110/lrc/pd/petitions/Dis13.htm)
-- H.R. 6107 - American Energy Independence and Price Reduction Act (http://clerk.house.gov/110/lrc/pd/petitions/Dis15.htm)
-- H.R. 6108 - Deep Ocean Resources Act of 2008 (http://clerk.house.gov/110/lrc/pd/petitions/Dis16.htm)
SOURCE House Republican Whip Roy Blunt
http://clerk.house.gov/
Copyright (C) 2008 PR Newswire. All rights reserved
FOX Translator
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No, it's not a dance craze. Contago is a condition of supply and demand, essentially a fancy word to say that prices for items, typically commodities, are cheaper now than they would be at some point down the line.
Anything that¿s sold in the futures market can be in a case of contango. Futures are exactly that: a contract to buy an item or asset at a price in the future. This is the case with oil, with traders buying and selling contracts to acquire a barrel of oil in months down the line. When a market is in contango, spot prices, or the price of a commodity if you were to buy it right now, are lower than forward prices.
Why is that important? Well, it usually tells you the supply of a given commodity is plentiful (since, according to Economics 101, a large supply usually leads to cheap prices).
Incidentally, if you think contango is a mouthful, its opposite condition is known by the equally tongue-tying term backwardation.
