Wall St. analysts: politics determines price

Think the idea that gas and oil prices have been driven down in advance of the election is exclusively the province of lefty liberal bloggers? Check out this piece on New York Global Securities Analyst Phillip Miller’s investment advice on oil – buy now, because the price is going back up after midterms.

Miller said, “We believe that the last three major declines in the price of oil coincided with various U.S. Senatorial hearings and expectations surrounding the upcoming U.S. midterm elections. We further believe that these events may have caused speculators within the oil markets to become cautious, resulting in a drop of more than 20% in the price of oil. With regard to the two prior declines, once the Senate hearings were over and the Senate did not take any significant action, the price of oil began to increase. We expect that following the current U.S. elections the price of oil will again rise testing the tolerance of the new Congress.”