A drop in oil prices has taken pressure of Democrats with weeks left before the election, although not enough to slow calls for expanding offshore drilling.

Oil cost just over $100 a barrel on Friday, a 30 percent drop since July and will likely fall even lower, say analysts. This has given ammunition to Democrats who have argued throughout July and August that the laws of supply and demand were not chiefly responsible for oil reaching nearly $150 a barrel.

“What changed 30 percent in the last few weeks, supply or demand?” said Financial Services Chairman Barney Frank (D-Mass.). “It tells you that investors have a major impact. The notion is that it is purely supply driven is undercut.”

Democrats tried repeatedly during the summer energy debate to turn the public’s anger against market speculators and profitable oil companies. Republicans argued that limited supply in the face of growing demand spurred soaring gas prices more than anything else.

“I personally believe that the lowering of the cost of a barrel of oil and its concomitant reduction of gas prices has not helped the Republican argument that we need to drill immediately,” said Rep. Bill Pascrell (D), who opposes offshore drilling because of risk posed to miles of beaches in New Jersey, his home state.

Democrats and energy experts say more domestic drilling will have little effect on gas prices over the next five to 10 years.
Media reporting on gas prices has become less fervent in recent weeks, perhaps giving some Democrats a chance to rethink expanded drilling.

“It’s less of a driving issue in the media,” said Democratic strategist Mike Lux, about gas prices. “A 30-percent drop means it will be less of a factor.”

The drop may have come too late, however, to change the debate in Congress this month. The political momentum has become too great to slow down before Congress adjourns, say Democrats and Republicans.

“The country’s engaged,” House Republican Whip Roy Blunt (Mo.) told The Hill. “The country’s view of these issues has dramatically shifted toward the view that Republicans have advanced for a decade. I don’t see them being satisfied with less than a major effort to ensure that we have more American energy.”

Tyson Slocum, the director of the energy program at Public Citizen, a liberal advocacy group, agrees the debate parameters have been set.

“The damage of high prices was already done,” Slocum said. “I’m not sure the falling prices is going to relieve the pressure for more drilling even though more drilling doesn’t lead to lower prices.”

Democratic leaders seem to recognize this and are pushing for action on a package that includes expanded drilling and support for other kinds of domestic energy production such as clean-coal technology.

Democratic Caucus Chairman Rahm Emanuel (Ill.) stressed the package is comprehensive and includes substantial support for renewable energies such as wind and solar power.

“The American people are very conscious that we need an alternative energy policy and the they’re not too distant from the memory of the $4 dollar-a-gallon gas,” said Emanuel.  “They know we need an investment in alternative energy and we can’t keep doing what we’re doing.”

“I think there’s still an urgency to get this done and get it done now. We have the right balance and the right approach.”