Archive for the ‘Congress’ tag
Oil Prices Continue to Plummet on Threat of Drilling
The price of oil at the barrelhead plummeted for three straight days following the Bush administration’s lifting of a 1989 presidential order declaring a ban on off-shore drilling.
A three-day drop in oil futures is no guarantee that the recent streak has permanently ended, but it does expose the liberal lie that it would take ten to twenty years for drilling to have any effect on the price of oil.
The mere THREAT of drilling was enough to cause a twenty-percent drop in the price of crude oil futures — something the liberals in Congress knew would happen all along. But they opposed it anyway — because they knew it would help the Bush adminstration’s image.
Better you should use your grocery money to buy gas for work than that. Nonetheless, they feel your pain. Honest.
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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