Just saw a breaking news bulletin on one of the news sites I monitor, noting that President Bush is going to lift an executive ban on offshore drilling. The ban has been in existence since the elder President Bush was in office. Will this announcement have an impact at the pumps? Doubtful, as Congress has to act as well before the anything happens. Two prohibitions on offshore drilling exist: one was imposed by Congress, the other by an executive order signed by former President Bush in 1990. Last month, the current President Bush called for Congress to lift its prohibition before he did. That said, White House press secretary Dana Perino reported that President Bush no longer wants to wait. The blame is now placed on the Democratic Congress for inaction.

At last check, crude futures were bouncing between positive and negative territory, thanks to the rising dollar. Black gold has occupied an intraday trading range bracketed by 142.50 and 145.93 thus far. Oil bulls are gaining some momentum from the fact that Brazilian-owned Petrobras (PBR) has seen workers start a 5-day walkout, which will halt oil production of roughly 400,000 barrels per day. However, the dollar's strength in the wake of a rescue plan for Fannie Mae and Freddie Mac has detracted from oil's safe-haven allure.