Bush says drill and oil drops $9 a barrel, page

Drill, drill drill!

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.

Funny how these things work. It should be interesting to watch how this plays out.

**Edit - forgot my s in drops.***

[edit on 16-7-2008 by BRQuick]

Wall Street has gamed the system to keep oil prices high despite increased domestic production.
  Posted 13 days ago with 8 member flags

Enough World Oil Reserves for the Next Million Years?
  Posted 4 days ago with 5 member flags

Just HOW much does it cost to produce a litre/gallon of petrol/gasoline ?
  Posted 5 days ago with 4 member flags

who needs oil, We need Weapons Grade Hydride
  Posted 9 days ago with 1 member flags