But George Bush's contemporaneous announcement of the repeal of an executive order on off-shore drilling didn't have anything to do with the 13.5% drop in oil prices.
Oil prices tumbled more than $3 a barrel Tuesday as Tropical Storm Dolly grew increasingly unlikely to threaten supply, knocking out one more reason traders had to prop up prices.The sell-off was a throwback to last week's sharp declines, and dragged crude to its lowest level since early June. A stronger dollar helped keep prices in check.
Light, sweet crude for August delivery fell $3.09 to settle at $127.95 a barrel in its last trading day on the New York Mercantile Exchange. Earlier the contract, which will be replaced by September crude Wednesday, dropped as low as $125.63. It was crude's fourth decline in the last five sessions.
So, the notion that drilling here immediately will decrease gas prices is a hoax. Speaker Pelosi? If so, then why is the mere hint of doing so depressing oil prices, as well as strengthening the dollar and the stock market?
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Comments on Oil Down $20 In One Week
Well said Greg. This nonsense that expanding drilling won't see price decreases for years needs to stop. As you said, the mere mention of offshore drilling sent prices plummeting - what would happen if Congress followed suit and decided not to renew the ban come this September?
|| Posted by Brett , July 23, 2008 03:08 PM ||Added link to your post from: Media Bias: Offshore Drilling Wouldn't Lower Gas Prices for Ten Years
|| Posted by Wayne from Jeremiah Films, July 24, 2008 12:52 AM ||Post a comment