Submitted by ssbaker305@yahoo.com, Aug 5, 2008 00:09

Oil is down because the market is telling us their is a worldwide slowdown. Supplies may be up marginally — though not from drilling off the coast, which isn't even approved yet, let alone contributing a single barrel of oil. All stocks were down today — that hardly sounds like better times are just ahead. It used to be when oil prices declined, other stocks went up; no more. Actually, this is much ado about nothing. The oil market is already correcting itself and nothing needs to be done to bring oil down — neither drilling nor short-sighted siphoning of the strategic oil reserves (what if we have a real emergency?). If Washington really wants to cut demand, they should offer a rebate of $2,500 for everyone who trades in his or her car for one that gets 25% better gas mileage.

Note: Comments are screened, and in some cases edited, before posting. We reserve the right to reject anything we find objectionable.