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In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore 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.
Originally posted by jtma508
Anyone knows that there won't be any effect on oil supplies for 10yrs if we started work tomorrow.
Originally posted by jtma508
New wells... most especially new OFF SHORE wells take years to build. And that's after we've found where it is we want to drill and assuming we hit on the first try.
Dont forget the reason why the ban was set in first placed was to preserve the reef.
Oil prices have fallen harder than they have in 17 years, as fears that record fuel prices are spreading broad economic pain exacerbated the third big sell-off in just over a week.
Mounting concerns about the risks inflation poses to the United States, the world's biggest oil consumer, helped spark the declines. Analysts also attributed the sell-off to Thursday's expiration of options contracts, which tend to increase volatility, and to computers programmed to automatically sell once prices reach certain thresholds.
"There was this big ... selling pressure when prices dipped below $US140 a barrel. It got a lot of bulls very nervous," said Tom Kloza, chief oil analyst at the Oil Price Information Service. "If it was a fire, you'd call it an accelerant."
Concerns about the economy were high on traders' minds.
Federal Reserve Chairman Ben Bernanke told Congress that "numerous difficulties" are racking the US economy, and warned that rising prices for energy and food are elevating the risks of inflation.
At the same time, the US Labor Department reported that wholesale inflation jumped by 1.8 per cent last month, a larger than expected gain. Over the past year, wholesale prices have risen 9.2 per cent, the most since 1981.
"Traders get spooked and simply sell positions," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "The threat of recession, at some point the market's going to plug that in."
Lingering concerns about the health of the financial sector continued to weigh on banking stocks, reminding energy traders that oil prices are not immune to troubles elsewhere in the market.
Originally posted by TKainZero
reply to post by jtma508
And we know where the oil is
Can you please share some light on that sir. I would like to know where that oil is that is not covered under any reefs, I would personally swim down all the way to the bottom of the ocean and dig out the oil with only using a pair of chop sticks like Owen Wilson did in Shanghai Noon.