Thursday, August 07, 2008

We Tried Offshore Drilling, and Oil Prices Doubled

wikipedia: Oil Platform
A typical offshore Oil/Gas platform.

HuffPo: We Tried Offshore Drilling and Oil Prices Doubled

At the end of 2006, the Republican Congress and the president enacted "The Gulf of Mexico Energy Security Act," which opened for drilling 8 million acres of the Outer Continental shelf estimated to contain more than 40 billion barrels of oil. Oil prices were only $60 a barrel then. In the two years since, prices have more than have doubled.

Doesn't that prove that legislation to permit offshore drilling increases oil prices? That seems to be the "logic" of John McCain and the Republicans. Late last month, "Republican John McCain on Wednesday credited the recent $10-a-barrel drop in the price of oil to President Bush's lifting of a presidential ban on offshore drilling."

That's right, the man who wants to be the next President of the United States believes that doing absolutely nothing -- which is what Bush did when he reversed his father's ban, since the congressional ban is still in place -- dropped oil prices $10.

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