Posted on 08/04/2008 2:22:59 PM PDT by kristinn
Buried in the middle of a long roundup article about the oil market on CNN's website is an acknowledgment that the campaign to open offshore U.S. waters to oil exploration is helping to drive down the cost of oil.
No mention is made that it was President Bush who got this started when he put pressure on Congress to follow his lead in lifting the ban on offshore drilling.
The , um, money quote:
Analysts say support mounting for an end to some of the off-shore drilling bans has begun to weigh on oil prices.
"Psychologically, it's adding to the decline in prices, even though it won't have an impact on material supply in the next few years," said Neal Dingmann, senior energy analyst with Dahlman Rose & Co.
"Fundamentally, this wouldn't make a difference until the end of 2010 at the earliest - most of these fields don't even have rigs set up yet," he added.
There is a reason it is called speculation. And a great percent of high gain/high loss market speculation involves market psychology.
The mere fact we would allow exploraion and drilling in the Gulf of Mexico alone would drive the price down $20 easy.
It’s patently ludicrous that we, the US, are above drilling off our shores for oil.....but the Red Chinese can. They can even drill down and then sideways into our oil OUR OIL.
I'm betting the $'s up.
I don’t understand ...I can plainly see the sun setting in the Western sky and the color is still blue. Checking for pork in the treetops now ...
We can think President George Bush and the Republican members of Congress for putting this issue out front. I think every one knows the hand writing is on the wall and the Republicans will win out.
This can’t be true. Noted oil experts within the Democrat party have told me over and over that any action on drilling in American territory won’t produce a single drop of oil for seven years. Or was it ten years.
It’s working!!! If McCain can go to Capitol Hill and support the COngressmen trying to get Congress back in session, it would work wonders!!!!
Heating oil in my area for the prepay plan is $4.55/gallon, last year it was $2.70. People will go nuts if this continues, especially if we have an early cold snap.
The A-Rabs and Venzulu will drop their prices quicker than you can say "drop"! If for nothing else but to stop us from drilling all together.
they will have to keep dropping the price of oil till their price is less or equal to what we can drill it for here
Ten years. Bill Clinton told us that 12 years ago and I believe him. /s
With the lack of sunspots, it looks as though this may be a REALLY bad winter. Folks will be hit HARD with heating oil and natural gas prices. If it gets really cold before the election, folks might just think twice before returning Democrats to their House and Senate seats, if the Republicans can hang those high prices around the Democrats' necks.
I know that Obama said flat out that drlling would not impact the price of oil. I would like to see an ad with him saying those words with a graph of the price of oil declining since the President made his move. It would be a simple ad to make and would only involve one bimbo - Barak.
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