Today George Bush signed a release to open 3.9 million acres of Alaska to drilling for oil. The other day he rescinded the ban on offshore drilling around the continental US. The result:
Oil prices have dropped $10 per barrel! The largest drop in per barrel pricing in 20 years!!
It's a fairly simple equation -- the biggest factors in the rising price of oil are speculator's concerns and the weak dollar. A recent front page article in the St. Pete Times noted that the recent drop in demand yielded no decrease in gas prices despite the breathless whining of pantiwaist liberals to the contrary.
What will drop prices are the threat of increased domestic production and a strengthening US dollar. Bush is halfway there, he needs to pull the trigger on the fed to continue.
In an interesting developement, a group of House members -- half Dem and half Rep, are drafting a series of bills to help our energy crisis that includes increased domestic production, coal to liquid technology, renewables, and other incentives to help make us energy independent. They have refused to allow House leadership to have input into this bill, keeping it as a member driven bi-partisan initiative. Nice to finally see some leadership from our elected leaders.
Thanks!
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