In a much-anticipated move, House of Representatives Republican Speaker John Boehner, back by most of the Republican Party, and with outspoken support, of the TEA Party, has agreed to terminate President Barrack Obama's powers, in regards to price controls, on domestic gasoline sales.
This move has been expected, since the day when U.S. fighter planes joined French, and other nations, fighters, in striking Kadafi positions, in Libya. In fact, gas prices began to rise even BEFORE the first U.S. fighter plane even launched, from the aircraft carrier John F. Kennedy, currently stationed in the Gulf.
Speaker Boehner, along with his backers, have rushed through the termination, of Presidential Powers, after Vice President Joseph Biden answered a reporters question, about how high gas prices are likely to go, while air strikes continue.
It was not clear if Vice President Biden was being serious, or if he was just addressing a "What IF" question. All that is known is that the Vice President suggested that, if gas prices exceed a certain level, that the White House may be prepared to take action, to protect the working class, by capping, then reducing, gas prices, under a federal mandate.
What IS known is that, when word, of the Vice Presidents comments reached the Speaker, as well as the Republicans, and the TEA Party, a "Crisis Discussion" meeting went into effect, with Republicans on tele-conference, with their Big Oil backers, trying to decide how to respond, should President Obama sign an Executive Order, lowering gas prices, along with huge fines, for any gas station declining to lower prices.
This might lead to the question of if record-high gas prices might become an election year issue. Could the Republicans, and the TEA Party, LOSe their hold, and many of their seats, in Congress, if they stand behind Big Oil, and insist that Americans just "Grin and bear it".
On wall Street, upon announcement that the Republicans have terminated Presidential Powers, speculation, on Gasoline "futures" has sent the price, of each barrel of oil well over the $500.00 level. Some economists are, now, cautioning drivers to be ready to pay as much as $15.00 plus per gallon, atleast until the crisis, in Libya is resolved.
Other sources are not so sure that prices will come down, even after Kadafi steps down, as leader.
AAA cautions the public NOT to be optimistic, about declinging gas prices, since the United States remains engaged in two, Middle East invasions.
At the present time, it remains un-clear if President Obama will be able to muster enough votes, to override the termination order. One thing seems obvious, though, and that is that record high gas prices may determine if Barrack Obama can secure a second term.
If the president is able to rally enough members, of Congress, to vote to RESTORE presidential powers, and then, IF Mr. Obama can retain this coalition, long enough to order gas prices down, from record high levels, then this COULD be the deciding factor, regarding his re-election bid.
If, however, the Republicans, and the TEA Party, can maintain power, and resist presidential powers restoration, while allowing Big Oil to charge the public as much as the trillionairres want to charge, then this could be the very "trump card", which the Republicans would need, to place Big Oil, and Big Banks, back in charge of the U.S. economy, after the 2012 election.
How this situation will turn out, only time will tell.
If Mr. Obama can, once again, "electrify" his "grass-roots" supporters, then he might stand a chance. If not, then the BIG MONEY people may, in fact, return to complete control, and tax-payers may be seeing a return of sub-prime mortgages, and other programs, some of which were terminated, after Mr. Obama was sworn in, correctly, the SECOND time.