Tuesday, July 15, 2008

Bush Says Drill, Oil Prices Fall $9

Posted by Teresa at 6:55 PM
Oil prices fell today. Larry Kudlow sees a connection to President Bush pushing
domestic 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.
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