Gosh. It Turns Out that Economics Works!

I’ve said it before and I’ll say it again. Basic economics isn’t hard to understand.

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.

Now isn’t this interesting?

This isn’t magic, folks.

Related posts:

1. Pelosi's Bad Bait (UPDATE: The Washington Post Delivers an Oil Hoax Smackdown that's Mostly Right)
2. Gosh. Who Would Have Thought They’d Make a Political Toy of This?
3. When You Scoff At Newt's $2.50 Gas Promise, You Scoff at History.
4. When “I Can” Turns Into “You Must”.

Tags: Economics, Energy Policy

Category: The Economy and Your Money, Thinking About Energy