If you’re feeling a little groggy this morning, it is due perhaps to being under-reported last night

AP article here reports out on falling light sweet crude prices. It talks about how the fall in the price of crude did help bolster the Dow before falling off to an eventual loss for the day. It talks about the volatility of the crude prices and how this drop in prices may not last, but it never talks about or gives any explanation for the drop. None. We find this amazing, of course, because its possible, just possible and not entirely in the realm of fantasy that perhaps one of the reasons could have been that Bush announced earlier in the week that he was lifting the Presidential ban on off-shore drilling. Crazy, we know.

This is all pretty simple: when the CEO of the world’s largest economy that is currently wracked by a falling dollar, plunging housing prices and ever-rising energy costs says that after nearly 30 years, drilling off-shore in specific areas is back on the table, its going to move the needle. Fact. To not even acknowledge that is to court journalistic malfeasance.

Programming Alert

The Dow plummeted but the GDP has been revised upward… we can’t make heads nor tails of it so… screw it – we’re going rafting on the Lower Kern and in the process we’ll be test-driving one of these babies. In our absence, B-Daddy will be at the helm and though he has some 4th of July preparation commitments, he will be chiming-in when possible over the weekend. And so may we with some heat’n’serve posts or live ones from the Kernville brewery.

P.S. Is it just us, or does it seem the GDP estimates are always revised upwards if they are revised at all? We don't ever recall a downward revision.