Crude dipped $3.67. Gasoline futures dropped 2.4 cents.
That isn’t a "tumble."
THIS is a "tumble."
And here is the reason why...
June 19, 2008,
George Bush, responding to public alarm over soaring petrol prices, yesterday proposed overturning decades-old bans on drilling for oil off the US coast and in the pristine Alaskan wilderness. "There's no excuse for delay," the president told a White House press conference. America was too dependent on countries abroad, many of them in unstable regions.
"Congress must face a hard reality: unless members are willing to accept gas prices at today's painful levels, or even higher, our nation must produce more oil. And we must start now," he said.
Expanding oil extraction off the coast would provide 18bn barrels, enough to supply the US for more than two years. As for Alaska, he said advances in technology meant that oil could be extracted from the Arctic National Wildlife Refuge with "virtually no impact" on the land or wildlife.
His other proposals included extraction of oil from shale in the Green River Basin that lies in Colorado, Utah and Wyoming - a move opposed by environmentalists. Finally, he wants more oil refineries in the US, to reduce imports of refined oil.
The plan has almost no chance of being adopted. Congress, which is controlled by the Democrats, has consistently blocked exploration, for "environmental" reasons.
The Senate majority leader, Harry Reid, accused Bush of cynicism, saying the US could not drill its way out of the problem. "The math is simple: America has just 3% of the world's oil reserves, but Americans use a quarter of its oil," Reid said.
Three percent Harry? Even back then he was a lying piece of crap. Two months prior to this June, 2008 event we have this...
Scientists Confirm U.S. Has World’s Biggest Oil Reserves
It has been more than a year since the Department of Interior announced that North Dakota and Montana have an estimated 3 to 4.3 billion barrels of recoverable oil in an area known as the Bakken Formation, but little is being done about it.
The April 2008, U.S. Geological Survey (USGS) assessment shows a 25-fold increase in the amount of oil that can be recovered compared to the agency’s 1995 estimate of a paltry 151 million barrels of oil. That would be 3,775 million (or 3.775 billion) barrels. New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger oil volumes.
http://www.americanfreepress.net/html/biggest_oil_reserves_182.html
And that was three years ago, out technology is even better and MORE reserves have been located.
So, in June, 2008, President Bush states that the u.S. is going to massively expand BACK into the oil exploration, drilling and production business and the futures price for crude does a four MONTH swan dive back to reality.
And today, three years later, we are hearing the same lies from the same communists blocking that very production, thus gas and oil climb right back to the same record levels.
2012? I would suggest that that the u.S. treat crude oil production, distribution and refining as significant to National Security as maintaining our supply of nuclear weapons. Any communist agenda "progressive liberal" be subject to arrest, trial and prison for attempting to block such production, distribution and refining.
The bullshit from the communists has gone on long enough. They are directly endangering the lives of all American Citizens. Even to the point of endangering the damn communists themselves. There is plenty of precedence for arresting and detention for reasons of protective custody. There is even more precedence for locking up nutcases to prevent public endangerment.
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