Bush Says Drill, Oil Drops 6%
Yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere.
Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.
The Democrats refuse to permit drilling, evidently based on the principle that it will take “oh, ten or twenty years” before drilling has any effect on global oil prices. Ignoring the reality that we’ll still need fuel in ‘ten or twenty years’ that argument seems kind of , ummm, well, stupid to the point of moronic, but if the shoe fits. .
Oil closed down nine bucks today just because we might drill. Imagine if we actually followed through on the threat?
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