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Old 07-16-2008, 06:17 PM
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Default Bush Says Drill, Drill, Drill - and Oil Drops $9!

http://www.cnbc.com/id/25691496
Bush Says Drill, Drill, Drill — And Oil Drops $9!


Quote:
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?

http://www.wacotrib.com/blogs/conten..._a_barrel.html
Oil prices drop by $9 a barrel
Quote:
By Ken Sury | Tuesday, July 15, 2008, 11:26 AM


Oil prices plummeted today, down as much as $9.26 a barrel, as investors feared that the nation’s financial woes could cut into demand, CNNMoney.com reports.

Will we see a change at the gas pump?

Light, sweet crude fell $6.35 to $138.83 a barrel in electronic trading on the New York Mercantile Exchange. Earlier prices dipped to $135.92.

Prices began to fall after Federal Reserve Chairman Ben Bernanke warned that high energy prices have sapped the purchasing power of U.S. households.

“It seemed to pick up steam after President Bush spoke about drilling off shore,” said Phil Flynn, senior market analyst with Alaron Trading in Chicago.
A Few Days Ago...

http://jewishworldreview.com/cols/williams071008.php3
Quote:
Some politicians pooh-pooh calls for drilling, saying it would take five or 10 years to recover the oil. I guarantee you we would begin to see a reduction in today's prices even if it (enabling more drilling) took five to 10 years for us to get the first barrel.
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Old 07-16-2008, 06:29 PM
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I just finished a post that pointed this out. But don't expect liberals to say "ohh we were wrong all along", they will just say its Bush and his oil buddies playing games. They had a secret meeting in the hills where they burned a little african kid with no feet, and chanted in odd tounges. And toward the end of this meeting, they came together and the oil guys told Bush to hit the airwaves and mention the thought of drilling, and they would then get the traders to work in lockstep.

I thought you knew, the evil Bush and his weather machine ran by big oil did it to smash the little people...... moohahaha.

But really, you will get the most ignorant excuses and worthless talk from liberals about the price drop after Bush's drill speach.
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Old 07-16-2008, 09:08 PM
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you guys need to keep up with the news.
Quote:
By Kenneth Musante, CNNMoney.com staff writer
Last Updated: July 16, 2008: 3:24 PM EDT

NEW YORK (CNNMoney.com) -- Oil prices plummeted Wednesday, bringing the two-day selloff to $10.58 a barrel, on reports indicating that demand for oil and gas may slacken in the future.

The government's weekly inventory report suggested that record high gasoline prices may be reducing the nation's energy consumption, and OPEC released a report on Tuesday indicating that global demand for 2009 would be less than it was in 2008.

Light sweet crude oil for August delivery settled down $4.14 to close at $134.60 a barrel on Wednesday on the New York Mercantile Exchange.

Wednesday's drop followed a $6.44 plunge Tuesday that was the second largest decline ever on a dollar basis.

Government supply report: The government's weekly stockpile report showed that crude supplies rose by 3 million barrels in the week ended July 11. Analysts were looking for a drop of 3 million barrels according to a poll by energy research firm Platts.

Gasoline supplies rose by 2.4 million barrels, rather than the 1.1 million decline analysts expected.

Distillates, used to make diesel fuel, jet fuel and heating oil, rose by 3.2 million barrels. Analysts were looking for an increase of only 1.7 million barrels.

"That, coupled with the general malaise that's out there with the economic outlook, sets us up with a potential cracking of these oil prices," said John Kilduff, energy analyst with MF Global
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Old 07-16-2008, 10:28 PM
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Unfortunately, I own energy stocks.
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Old 07-16-2008, 10:34 PM
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Quote:
Originally Posted by siddhartha View Post
you guys need to keep up with the news.
.
Hey, you shouldn't pick on George. You should at least let him feel important, even if he doesn't have a magic wand to wave to make gas prices go down... like every other president ever... but that's not important! What's important is that he's trying.

And yes, he might have had some impact, but it's really not that big of news. What was he going to say? The stock market anticipates these things before they happen.
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Old 07-16-2008, 10:40 PM
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Wow, isn't that shocking?!?!?!?! The President says we need to drill more oil to lower price (hinting at more drilling and therefore more supply for demand) and people stop buying so much oil (that is, the speculators stop buying so much oil) and the price drops?!?!?!? Such is the wonder of Capitalism.

I've got to ask, how can an American who is a citizen of the most Capitalistic country on the planet not know the basics of Supply and Demand, a fundamental of Capitalism?!?!?

All I know is that I am still paying $4.37 a gallon at the pump........
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Last edited by Fear-And-Loathing; 07-16-2008 at 10:40 PM.
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Old 07-17-2008, 04:36 PM
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Quote:
Originally Posted by siddhartha View Post
you guys need to keep up with the news.
.
Exactly right. Bush screams drill and the speculators go nuts and pull their money out causing the price to go down! I love it! Thank you mr President!
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Old 07-17-2008, 04:39 PM
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It'll only be a short term turn unless we start actually putting holes in the ground.
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Old 07-17-2008, 09:36 PM
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If the oil prices drop we should see cheaper petrol. Doubt that'll happen, though.
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Old 07-17-2008, 09:42 PM
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oh bush was right, i love bush, they get cheaper oil, and for some reason my prices for the stuf goes up, you were right

youv shown me the errors of my way,

wheres the logic? if price droped why is it rising at the pump?
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