One of oil industry's most respected analysts is calling the BP plc. (ADR) (BP) oil spill in the Gulf of Mexico a major setback for both climate and energy policy."This is a really major setback both for climate and of course also on energy policy," Daniel Yergin, chairman of IHS-Cambridge Energy Associates told Bloomberg News. "Everything now is obviously on hold." Yergin is the author of a Pulitzer Prize-winning book on the history of the oil industry.

BP has stopped one of three leaks in the Gulf of Mexico spill, Guardian.co.uk reported Wednesday, but the accomplishment is not expected to reduce the leak's overall oil flow into the Gulf of Mexico.

Americans are using less oil, 5.3% less than a year ago. That is having an impact on oil prices, when combined with the fact that post-hurricane production in the U.S. is coming back to pre-hurricane levels in the Gulf Coast. As a result, relief at the pump during a period where customers are seeing a lot of bad news about everything else.

From a high of roughly $147 a barrel, oil has slid down to just under $89, a price not seen since early last year. This has a direct effect on what you'll pay at the pump, which you may have already been noticing. Gas is down to a national average of $3.447 a gallon. Experts believe it may edge back down to the $3 a gallon area.

The reversal is striking enough that OPEC is having an emergency meeting to figure out how to handle the slide in prices and how to shore it back up, though so far their production cuts haven't halted the change.

The global slowdown is helping this slide, however when and if economies begin to stabilize, one should expect to see prices start a regular march upward once more.

On the one year anniversary of Hurricane Katrina, Home Depot, along with major home improvement competitor Lowe's Cos., is trying to expedite the rebuilding process for Gulf Coast residents. Like a century or more ago when customers could buy a complete house kit from Sears and have it shipped out west by train, Lowe's is offering 4 "Katrina cottage" kits. These are simple, small homes that can be built at a cost of $45-$55 per square foot, a substantial savings. Home Depot is working with a group to make modular houses available to residents of Pass Christian, Mississippi. Home Depot Foundation will provide $60,000-$80,000 towards the cost of these modular homes for at least 15 residents. The hope is that other groups will also want to sponsor a modular home for a family once these initial homes are built. Anything will be better than housing thousands of people in FEMA trailers for years to come.

Home Depot is still trying to recover from wounds inflicted on itself at the May annual meeting at which CEO Bob Nardelli refused to answer questions regarding his decision to change the way Home Depot reports its sales figures. While all is by no means forgiven, Home Depot has taken several steps recently to accommodate irate shareholders. Currently, directors can be elected if they receive a plurality of votes. Even if 99% of votes are withheld, a candidates can be elected with 1% of yes votes. According to Jennifer Waters at MarketWatch.com, in 2007, Home Depot directors must secure a majority of votes to be elected. If more votes are withheld than secured, the candidate will not be elected. This proposal to change they way directors are elected won 56% of shareholder votes during 2006 balloting. More transparency at the top is a good thing.

Just in time for the beginning of college football season, Home Depot signed a three year deal to continue its sponsorship of College GameDay on ESPN. The Home Depot logo and color scheme will figure prominently on the main desk of the set. Home Depot will also sponsor shorter programs on ESPN's Friday Sports Center throughout the season.