Offshore Drilling

Kliphnote: Check the charts. 
Oil and gas prices dropped after Bush lifted

the off-shore drilling ban. Be careful what you read. 
Many of the left leaning

reports (AP is one) say more drilling has no effect on prices. 

They are twisting the facts.
Oil is a furthers market, they are basing the price

on what will happen in the further, not what is happening now. 
Of course the Left-heads won't give Bush credit for anything.

Again check the charts, and read the articles.

Gas When Bush Left Office, $1.78

 

McCain said Pres. Bush deserves more credit for oil price drop Wednesday.

(CNN) - John McCain — whose campaign launched an ad this week blaming Barack Obama for high prices at the pump — said Wednesday President Bush's new push for offshore oil drilling deserves the credit for the recent drop in crude oil prices.

Bush lifts executive ban on offshore oil drilling

July 14, 2008

• 

President Bush lifted an executive order banning offshore oil drilling on Monday and urged Congress to follow suit.

Citing the high prices Americans are paying at the pump, Bush said from the White House Rose Garden that allowing offshore oil drilling is "one of the most important steps we can take" to reduce that burden.

Bush lifts offshore drilling ban

14 July 2008  

Petrol prices are part of the wider US energy policy debate

President George W Bush has lifted an executive ban on drilling for oil in most US coastal waters, and has urged lawmakers to follow suit.

He wants Congress to end its separate ban on drilling, in order to reduce US dependence on oil imports.

"Now the ball is squarely in Congress' court," he said, adding that it was "time for action".

Mr Bush's move comes as high oil prices have pushed US petrol prices to more than $4 (£2) per gallon.

Mr Bush added: "The American people are watching the numbers climb higher and higher at the pump and they're waiting to see what the Congress will do."

His move will have no effect unless Congress acts as well.

On Friday oil prices - which have been rising steeply during 2008 - touched new highs, peaking above $147 a barrel.

Coastal concern

US energy needs are set to be a key issue in November's presidential election.

Republican John McCain is in favour of offshore oil drilling, whereas his Democratic rival, Barack Obama, opposes it.

President Bush urges Congress to act

Environmentalists have reacted with alarm to Mr Bush's call, saying offshore drilling would take at least a decade to have any effect on oil supply and would exacerbate climate change.

And congressional Democratic leaders oppose ending the drilling ban.

They point out that oil companies already have 68 million acres under government leases they can drill.

"This proposal is something you'd expect from an oil company CEO, not the president of the United States," said Senator Barbara Boxer, a Democrat and chairwoman of the Senate Environment Committee.