This article Oil Falls Sharply on Renewed Economic Fears
Crude oil futures fell $9.13 to $97.76 a barrel on the New York Mercantile Exchange. They have lost more than $20 since last Monday, falling sharply as the House voting began.
The consequences of this collapse of the price of a vital commodity can be dire. Our staunch allies in the middle east, Saudi Arabia, Quatar, Kuwait and United Arab Emirates could see their economies collapse. What will this do for those middle class folks who assemble Yachts, set diamond necklaces, and provide teams of bodyguards to those owning these assets.
There are those who will call this a bailout of Autocratic Sheiks who have done nothing for creating an equitable world. Well that may be true, but there will be plenty of time to address this when Oil is selling for it's natural price unaffected by the fear that is causing this precipitous slide.
Once we have put in controls, mandated lower CAFE standards, required all cars to remain running whenever they are occupied (there are safety reasons for this as we never know when it will need a quick start to avoid a runaway truck) are in place.
And this Bill can still be written and approved in the half hour remaining before Congress adjourned for the Jewish High Holiday of Rosh Hashanah. This is such a pressing issue that it rises to the occasion that among Jewish scholars of Halacha, it is acceptable to remain to pass this bill.
This is not a bailout bill. It is a rescue bill for those who toil in the oil fields and drive those tanker trucks and dig those pipelines.
Let's all get behind this, and quickly.