Kudlow's Money Politic$ on National Review OnlineReality. Refreshing, isn't it, when compared to political posturing?Bush Says Drill, Drill, Drill — and Oil Drops $9! [Larry Kudlow]
In 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.
J.
Comments (1)
I noticed you posted this before the stock market opened on Wed. July 16.
At the closing bell the stock market was up 276.74 points and price of light, sweet crude for August delivery fell another $4.14 to settle at $134.60 a barrel.
pretty good for an announcement by a lame duck president that removed less than half the restrictions on new oil production.
otpu
Posted by otpu | July 16, 2008 10:22 PM
Posted on July 16, 2008 22:22