“The market is responding to the fact that we are here talking,” said Republican Rep. John Shadegg.
“I think the market realizes that this kind of pressure may in fact lead to a change in policy.”
Speaking to reporters before entering the House chamber for a third day of speeches calling for votes on domestic oil drilling, GOP members said they had no plans to end the protest, which began when House Democrats adjourned for the summer last Friday.
Oil prices did fall $2.18 on Tuesday, however, analysts told the Associated Press that the fall was due expectations the economic downturn in the U.S. will erode consumer demand and the weakening of Tropical Storm Edouard in the Gulf of Mexico.
Crude futures have fallen about $27, or about 18 percent, since reaching a record high of $147.27 on July 11, according to figures from the AP.
Approximately twelve GOP lawmakers were expected to speak in Tuesday's session.
Rep. Mike Pence, one of the leaders of the demonstration, said he has had conversations with two Republican senators about potentially joining the protest on the House floor. When asked which senators he spoke two, Pence simply said "stay tuned."