Posted on 07/24/2008 2:02:31 PM PDT by KatyLoraleyVidales
Since President Bush announced an end to federal ban on offshore drilling, the price of oil has dropped over $20 a barrel, the stock market is ticking back up and the dollar has strengthened. And all this because, why? Well, because the markets can be almost totally assured that supply will increase with new drilling offshore. In other words, Republicans are/were right: More drilling = more oil = lower prices.
Overseas stock markets were higher and Wall Street index futures pointed to a solid open as the cost of oil retreated further and traders turned a bit more hopeful about the economy.
Light sweet crude oil for September delivery was down $2.17 at US$126.25 per barrel on the New York Mercantile Exchange, after dropping more than $3 in the previous session as Hurricane Dolly looked likely to avoid oil installations in the Gulf of Mexico.
Crude now is down by more than $20 a barrel from its July 11 peak above $147 - a surge that had raised worries that inflation would cripple the economy.
Liberals have never been very good at numbers and math, hence their positions on things like taxes, entitlements, supply and demand or welfare programs. But don't expect any capitulation on the part of Democrats. Their hatred of President Bush and Republicans far exceeds their alleged love of country. And no amount of evidence or reporting or polling will change their minds. According to the Bureau of Land Management there are approximately 800 billion barrels of recoverable shale oil in the United States...
(Excerpt) Read more at rightupfront.org ...
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More drilling = more oil = lower prices
That’s not just a republican invention; it’s what should be common sense. It’s maddening to know that half the country believes that increasing supply is a bad thing. Any leftist who whines about high gas prices needs to be popped in the mouth.
Correlation isn’t causation. W’s move was a meaningless gesture at this point. He should have lifted the ban as a well as a bunch of other EO’s back in 2001 when he took office.
Although I think this is great, the market was definitely NOT up today.
Of course, King Harry and Queen Nan doesn't want us to drill - and neither does 'DICTATOR BARAK HUSSIEN' - so in a year we'll have $10 a gallon gasoline - and a DEPRESSION that could make the GREAT DEPRESSION seem like a picnic.
I might be wrong - but I read history, and I think we will be a minor player after the SOCIALISTs (FKA the Dems) win. They'll let the UN control our military and let the international courts make our laws.
Everything has a single cause even if it isn’t happening.
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