Oil hits $120 a barrel, Fossella just returning to work

We take a break from the ongoing news updates of Vito Fossella's arrest to bring you some news about the administration's failure to have any economic policies.

via Yahoo! Finance;

Light, sweet crude for June delivery rose 19 cents to US$120.16 a barrel in electronic trading on the New York Mercantile Exchange by midmorning Tuesday in Singapore. The contract surged to a trading record of US$120.36 a barrel overnight before settling at US$119.97 a barrel, up US$3.65 from Friday's close.

Threats to supply emerged over the weekend and on Monday from Iraq, Nigeria and Iran. Also, a pullback in the recovery of the dollar against the euro and yen pushed investors back to commodities such as oil as a hedge against inflation.

Normally at this point I would ask what exactly is Vito Fossella doing to help his constituents who are paying for this at the pump however he just returned to work today for the first time since his arrest, so the answer is pretty obvious, nothing.

via the NY State Democratic Party;

Today Vice President Dick Cheney came to Park Avenue to raise money from oil executives for his longtime buddy, Congressman Vito Fossella. At a fundraising luncheon at the Park Avenue home of billionaire oil executive David Koch, Cheney helped pad Fossella’s re-election campaign with money from Big Oil.

“What can we expect from Congressman Fossella in return? Higher prices at the pump and no accountability for oil companies banking record profits,” said NYS Democratic Chair June O’Neill.

“Vito Fossella’s campaign must be in serious trouble to have to import Dick Cheney and his oil buddies,” said O’Neill. “Vito Fossella has already received nearly a hundred thousand dollars in campaign contributions from Big Oil and sends his thanks by consistently voting against laws that would conserve energy. It’s sad that as gas prices continue to rise and too many are without health care, Vito Fossella is accepting thousands of dollars from the very people who are furthering the squeeze on the middle class. Vito Fossella should spend his time helping middle class families deal with rising gas prices instead of rubbing elbows with oil executives and Dick Cheney on Park Avenue.”

Oh and in 2000 Fossella made a big fuss about oil almost costing $30 a barrel. Now at $120 he is silent, and possibly still intoxicated.

see also:
Oil tops $115 barrel, Fossella silent
Oil tops $110 a barrel, Fossella doesn't care
Oil hits $105 a barrel, Fossella not concerned
Fossella skips out on Energy vote