But businesses are reading the political tea leaves. Legislation to limit greenhouse gas emissions is gaining ground in Congress with members of both parties. States, especially California and those in the Northeast, are moving forward with climate-change regulations. Two likely presidential hopefuls for 2008 -- Republican Sen. John McCain of Arizona and Democratic Sen. Hillary Clinton of New York -- have called for reining in greenhouse gases.

This president has pretty much locked in his policies and said that we isn't going to change course. So everything now shifts to '08, when we will be in the 3rd year of persistently high gas prices, perhaps $4-6 a gallon for gas. Assuming the Republicans have an ultra slim majority in both houses, they will have to start working with the Dems more closely.