Futures Movers: Crude tops $55 with support from gasoline - Oil and Gas - Energy - Commodities

Futures Movers: Crude tops $55 with support from gasoline - Oil and Gas - Energy - Commodities

President Bush is pushing congress hard to complete an energy deal. Saudi Arabia says they have plenty of fuel--just send them the customers. ConocoPhillips has had a refinery restart problem after maintenance. A skeptic would say that the refiners are helping Bush pressure congress.

I have repeatedly suggested that one should not under-estimate Bush. The energy bill is important but Social Security reform is the big prize. The reform will help the people and the country. The accomplishment would add to the legacy of Bush.

Bush has stated that the passage of the energy bill will do nothing to help in the short-term. I suspect the refineries well operate a little more efficiently after the energy bill has passed. I do not look for quick passage because the judiciary filibuster issue well come to a head before the senate passes its version of the energy bill. If the democrats "slow-down" the senate as their response to the filibuster issue, the failure of the senate to pass the energy bill could become a club in the hands of the President. We could see very high gas prices this summer under this scenario.

Stocks may suffer while the senate fights through the problem. A resolution of the senate filibuster problem could be very positive for the stock market. Buy the big bull boom bubble before the bust.