For months now, the Dems have been saying that more drilling will do nothing about the oil prices. Well, these last two days should once again prove they are wrong.
Yesterday, as soon as Pres. Bush announced he was lifting the executive order against offshore drilling, the futures dropped and oil dropped $9. Why is that? Simple economics. The prospect of more oil on the market means less supply, so prices drop. And that is with just the prospect of possibly drilling. Congress still has to remove their ban.
Then today to again prove that more supply will drop prices, a report came out that showed last weeks DOMESTIC oil and gas production jumped higher. What happened? Prices had the biggest one day drop in over 15 years.
So, what would happen if Congress lifted their ban? What would happen once we actually start drilling more domestically? What would happen once the oil started pouring in? Simple economics...prices will drop! So next time you are at the gas pump and are upset about the high prices, you now know who to blame, Dems in Congress.