I'm listening to his radio show on WMAL and he just said that AS SOON AS Pres. Bush called for an end to the ban on drilling offshore, oil prices came down. Bush said that on June 18, 2008 and it wasn't passed by Congress until September 29, 2008.
The U.S. Energy Information Agency has the historical prices for a barrel of oil, which I reproduce below. The different columns represent Domestic First Price, Average FOB, Average Landed Cost, Domestic, Imported, Composite.
June.......... 127.47 123.34 125.65 129.45 126.22 127.32
July........... 128.08 122.12 124.20 131.47 127.77 129.03
August...... 112.83 108.10 109.64 118.42 111.19 113.74
September. 98.50 90.85 91.83 103.73 96.38 98.91
It's clear that Pres. Bush's announcement in June had no immediate effect.
Saturday, March 05, 2011
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