U.S. stocks fell for the first time in three days, pushed down by concern General Motors Corp. may file for bankruptcy and a plunge in energy shares following Merrill Lynch & Co.’s prediction that oil will hit $25 a barrel.
As oil prices fall and gas prices fall with them, the impulse for “drill, baby, drill” will lessen – and Obama’s promise to “look into” offshore oil drilling will remain just that; a bit of electioneering fluff. But in the by and by if oil prices spike and we’re back to $4 a gallon gasoline while Obama hasn’t drilled for any oil, then that in and of itself will crush him at the polls.
Just something to keep in mind – if Obama is lucky, oil prices will remain low through 2012. They could very well do so, depending on the economy and Obama’s willingness to actually increase US oil supplies…if so, then Obama has nothing to worry about. If not, then…well, that will be all she wrote.
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