Oil is down to $118 a barrel today. I wonder what could have helped that along?

Consider that on the day President Bush lifted the exectuve order that banned domestic drilling off the coasts and ANWR, oil had just hit a high of over $147 a barrel. That wasn’t even a month ago.

the single most substantial change to conditions between then and now has been a massive groundswell of demand to increase our domestic production of oil. The President lifted the executive ban. John McCain has come out in support of it as has Barack Obama. Republicans in Congress refuse to let the issue go despite Nancy Pelosi’s incoherent reasoning for not allowing any vote on the matter.

To sum up, for you “the oil we get won’t affect the price” folks, oil prices have dropped almost 30 dollars a barrel in less than a month and all we’ve done is talked about increasing our domestic supply. Don’t be mystified, though. It’s not magic. It’s just basic economics.