“Bush says Drill, Drill, Drill — and Oil Drops $9!”
July 15th, 2008In a dramatic move 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.Now isn’t this interesting?
Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.
July 16th, 2008 at 10:04 am
I see this as psychological pandering. I guess it worked this time, but if we weigh the environmental impact of increased offshore/ANWR drilling against the benefits of hustling the speculators, I don’t see that this is any less myopic than the gas-tax idea.
I cannot echo Kudlow’s Jubilant statement:
“Bravo for Bush. Bravo for the traders.”
…particularly because I don’t trust that he holds proper stewardship of our natural resources in esteem.
July 16th, 2008 at 3:02 pm
Chris,
We are the ONLY country in the world that refuses to develop its natural resources. The ONLY one. It’s insane. We won’t even develop nuclear power when it is safe and clean.
McCain should go to ANWR, declare that he was wrong, and he would trounce Obama in November. For the next 3.5 months his mantra should be “drill drill drill!”
July 17th, 2008 at 1:10 pm
america doesn’t drill for oil or develop nuclear power? that’s such a bizarre thing to say.
July 18th, 2008 at 3:25 am
david,
When was the last time the US opened a new nuclear power plant? Did you know France gets 80% of its power from them. And they haven’t had accidents.
Also 85% of our coastline (where most of our oil is) has a congressional order banning drilling. And ANWR (where most of the rest is) is also under the ban.
Drill drill drill.
Anyone notice that oil dropped over 10% since Bush lifted the executive ban?