Well so much for calling this guy mCBush... for all those who want to stereotype REPS... this just shoots your whole theory about lumping mcCain is a Bush clone. McCain never was... he's a time bomb waiting to happen is all.

In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

Now isn’t this interesting?

Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.

Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.

The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.

There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.

So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.

Bravo for Bush. Bravo for the traders.

http://kudlow.nationalreview.com/post/?q=NjMyNDljNTQ5MThjNWE3YTAzYWYzMmZmNDVmMjA0ZWY=

I say Drill!!!

It's the damm speculators that are driving up the prices. They say gas will soon be over $7 and we say, wow, that will suck.

Drill baby drill!

what confused me was the timing, he's been president for hmm 2 terms and now in July of his last term, now he wants to drill.

Drill it! We Should Have Been doing this as Soon as Oil Hit $90 a Barrrel

Who put the Executive BAN on offshore drilling in place anyway?

Why it was GEORGE H.W. BUSH!

Now Sonny Boy removes it?

Hmmmmmm

There is nothing confusing to me about that one. It makes the Republicans look good right before the election. It didn't matter what we needed in the time prior to that. JMO.

I say don't drill. It hurts to grow up sometimes but we need to do it. Nothing will drive inovation and research like having to spend money. I don't like it anymore than anyone else because I don't have the money, but something has to be done. We will always be at the mercy of oil producing countries until we develop new fuels

ding ding ding ding Winx - exactly my point wouldn't say it makes a "party" look good, I would say Bush is trying to look good, to compensate or try and make amends. JMO

McConfused, while taking the NeoCon Bush's mirror position has called for removing bans that would permit more areas become available for Offshore Oil drilling. Even though Oil companies already hold leases on thousands of acres which they currently never pursue.
Now there is proof from a Gov study that McConfused following Bush's lead conveniently chooses not to mention to the public!
You judge, why do you think they would fail to mention this?


The projections in the OCS access case indicate that access to the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030. Leasing would begin no sooner than 2012, and production would not be expected to start before 2017. Total domestic production of crude oil from 2012 through 2030 in the OCS access case is projected to be 1.6 percent higher than in the reference case, and 3 percent higher in 2030 alone, at 5.6 million barrels per day. For the lower 48 OCS, annual crude oil production in 2030 is projected to be 7 percent higher—2.4 million barrels per day in the OCS access case compared with 2.2 million barrels per day in the reference case (Figure 20). Because oil prices are determined on the international market, however, any impact on average wellhead prices is expected to be insignificant.

Similarly, lower 48 natural gas production is not projected to increase substantially by 2030 as a result of increased access to the OCS. Cumulatively, lower 48 natural gas production from 2012 through 2030 is projected to be 1.8 percent higher in the OCS access case than in the reference case. Production levels in the OCS access case are projected at 19.0 trillion cubic feet in 2030, a 3-percent increase over the reference case projection of 18.4 trillion cubic feet. However, natural gas production from the lower 48 offshore in 2030 is projected to be 18 percent (590 billion cubic feet) higher in the OCS access case (Figure 21). In 2030, the OCS access case projects a decrease of $0.13 in the average wellhead price of natural gas (2005 dollars per thousand cubic feet), a decrease of 250 billion cubic feet in imports of liquefied natural gas, and an increase of 360 billion cubic feet in natural gas consumption relative to the reference case projections. In addition, despite the increase in production from previously restricted areas after 2012, total natural gas production from the lower 48 OCS is projected generally to decline after 2020.

Although a significant volume of undiscovered, technically recoverable oil and natural gas resources is added in the OCS access case, conversion of those resources to production would require both time and money. In addition, the average field size in the Pacific and Atlantic regions tends to be smaller than the average in the Gulf of Mexico, implying that a significant portion of the additional resource would not be economically attractive to develop at the reference case prices.

http://www.eia.doe.gov/oiaf/aeo/otheranalysis/ongr.html

================================================================

Bush calling for more offshore oil drilling is a smoke screen.
The price drop is merely coincidental.

Bush himself ignores the above report and, AND signed the executive-branch moratorium on offshore drilling before.

This call and him rescinding his own signature are an election year smoke screen designed to lift his party's weak candidate.

He knows more drilling will do nothing to help Americans with the price of gas!

The price is high because of his foreign policies in the middle east.

I don't do politics
dirty business

You are right. I left out the word, trying. lol

I can't give you a flower right now. My smileys aren't working.

If we drill tomorrow and hit the MOTHER LODE, do you think it will go right from the well to the pump?

I don't think so.

FIRST, it will go to speculators! CHA-CHING!$$$$$$$$

Prices at the pumps will continue to rise.

Oil companies will continue to make record profits.

Then they will blame lack of refining capacity.

Then they will blame China.

Then they will blame us for being addicted.

Then they will blame a broken pipeline in California.

Then they will blame terrorists in middle east.

Then they will blame OPEC for decreased production to keep prices high.

Then they will blame Iran for choking off oil.

Then they will blame Hugo Chavez for shutting his valve.

Then they will blame Mexico for allowing their infrastructure to fail.

WE HAVE ALREADY HEARD EVERYONE OF THESE EXCUSES.

They are EFFING us big time and everyone keeps playing along.

Drill it anyway

Yes...DRill Drill Drill

That's all we need to know.

I'm wondering how can anyone make DEMS look bad if they were on the right side of the issue...one asks???

No election year ploy there...that's all Bush...

Not MCain...

Not Obama...

Not DEMS....

There yu have it...the guy who is leaving office is the one leading the way.

Yeaaaaa BUSH! He's "THE MAN!"

LET THE PARADIGM SHIFT!

nicely said

Politics are a total joke all the way around the table..

Republican, Democrat, no matter what they are. It's all a BIG JOKE!

Where have you been the last 8 yrs?????? Bush Sr is the one to sign the moratorium in the first place. Just trying to bring his approval rating above .05%