Thread: President Bush lifts Presidential ban on off shore drilling! Oil price drops $17

Originally Posted by JMS

Oil is down by another 5 dollars per barrel today! This brings oil down 10% from its peak of 149 dollars (give or take a few pennies) just before Bush made his speech!

Money magazine claims the drop is due to reports from OPEC, Bernanke, the weekly supply report and reports that the Brazil strike wasn't having as much of an impact. No symbolic gesture could affect crude prices on our part, and definitely not by that much.

I was quite glad however to see that he made sure to support states rights on this issue.

Edit: sorry, forgot the money link http://money.cnn.com/2008/07/16/mark...ion=2008071613

2nd edit: yes President Bush reiterating what bernanke said should be mentioned in the bernanke section of that article. As that could have an effect.