Bush talks drill, oil prices drop

By Bob Parks —— Bio and Archives July 17, 2008

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The argument was if the financial markets believed we could drill

on our land, oil prices would drop. So George Bush took the lead.

President Bush said Monday afternoon he had ordered a reversal of an executive ban on oil and natural gas drilling in offshore U.S. waters, adding it was now up to Congress to turn his decision into law. "The executive branch's restrictions have been cleared away," said Bush in a news conference, which was broadcast. "Now the ball is squarely in Congress' court." And look what happened on Tuesday…

Oil prices plummeted by the second-largest margin on record Tuesday as investors feared a further decline in U.S. demand after hearing comments from Federal Reserve Chairman Ben Bernanke. Light, sweet crude fell $6.44 to settle at $138.74 a barrel in trading on the New York Mercantile Exchange.

What the CNN story didn't say was IF we can drill more oil, we'll increase supply, which will reduce "demand". The ball is in your court, Nancy.