Do you think the drop in the price of a barrel of oil due to Bush off shore drilling?

Question

Barrel of oil prices are falling sharp. Do you think this might link to fact that the US might start drilling for oil off shore in other areas beside the Gulf Of Mexico?

Answer 1

Its due the banks going under,, now the sob's are getting their own medicine

Answer 2

The lifting of the off-shore drilling ban certainly had an effect on the price of oil.  However, since the price of oil is heavily tied to speculation, the drop probably won't have any lasting effect.  Speculators will find something else in a day or two to move the price up or down.

Answer 3

No. There isn't enough oil there, and it will not be available soon enough to make any difference.

Bernanke's testimony in front of congress had a greater impact. (But basically what he said wasn't good news for any of us).

http://money.cnn.com/2008/07/15/markets/...

Biggest oil price drop in 17 years

Crude falls $6.45 a barrel - 2nd largest price drop in dollar terms - as Fed chief indicates inflation and high fuel prices will cut into U.S. demand for oil.

NEW YORK (CNNMoney.com) -- Oil prices plummeted by the second-largest margin on record Tuesday as investors feared a further decline in U.S. demand after hearing comments from Federal Reserve Chairman Ben Bernanke

Answer 4

Yes and plus the fact that many are getting fed up around the world. I hope that we do drill for oil here. And the facists that are trying to stop this are defeated.

Answer 5

It's hard to say.. but you can bet if there is a way.. the Democrats will s***w it up!

Answer 6

No, the prices actually fell before his announcement. Even he admits it will take at least 10 years to see any effects.

Answer 7

Hopefully...

Answer 8

LOL.....things don't happen that fast.

It will take at least a decade before we'll see the financial effects.

Answer 9

Yes somewhat, OPEC might said uh oh they are for real this time. It might take some time before we saw any effect from the drilling but they might be think lower the price or they might not need us 10 years. Then where would they be. We need to light a fire under them and maybe we can get a handle on the problem. Just think if Bill would done it ten years ago.

Answer 10

It appears to be linked to a significant fall in gasoline usage.

Answer 11

I think if the issue is pushed, the coasts will secede.  We're that passionate about our coastline.  Even the Terminator with us.  As a consequence of them knowing this, I think what we're witnessing is political rhetoric.