Lightdemon

Some posters here, who will not be named (but you know who you are!), are harping on about how oil prices have dropped because Bush removed an Executive Order that bans Offshore drilling.

The removal is nothing but a symbolic move, it had no practical implication. There is still a federal ban on offshore drilling anyway.

There are economical reasons that can explain the price drop, such as the end of the oil bubble or a sudden increase in oil supply (as was reported by the Associate Press).

But to give credit to Bush because he made a decision that didn't do jack squat? Why?

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obvious Child

Agreed. It take a special kind of dumb to believe that a removal of an EO will change everything. A truly SPECIAL kind of dumb considering the people who set the prices of oil are handling billions in contracts.

http://www.debatepolitics.com/1057674045-post24.html (Would more oil drilling bring an instant drop in oil prices?)

The mass sell off partially attributed to banks selling profitable oil contracts to raise money to merely survive seems far more likely as the reason for the price drop.

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SouthernDemocrat

Part of it has to do with a significant drop in Chinese consumption as the government there tries to clear the skies for the Olympics.

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Charles Krauthammer describing Obama:

"He's got both a first-class intellect and a first-class temperament."

obvious Child

I find that hard to believe. Especially since it's only a few areas in China and China already subsidizes its oil internally.

Given the data now, it appears the drop was largely due to hedge and financial money removing their monies from oil and moving on to another hedge due to a foreseen drop in oil. Gotta wonder what the behavioral economists are thinking, once a few big firms get out, everyone follows independent of what actually is going to happen.

rsixing

Well if it's true I can't wait for Bush to say "...the $ is strong..." so our currency has a sudden upturn.