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.
Other Posts of Interest:
- Shut Up and Drill!
- “Drive small cars and wait for the wind.”
- John McCain Doesn’t Know How Much Gas Costs. Get Out the Pitchforks! (UPDATE: Guess What? He Didn’t Say That At All.)
Category: The Economy and Your Money, Thinking About Energy
