Thursday, July 24, 2008

Bush Says Drill, Oil Prices Drop -- Artic May Hold 90 Billion Barrels, 12 Years Total US Demand!

Don’t look now, but investors and speculators have taken notice of the political metamorphosis among Americans on domestic drilling — even if American politicians have been slower to do so.  Since George Bush rescinded the federal moratorium on off-shore drilling and since demand for higher domestic production has increased in the face of $5 per gallon gasoline, the price of crude has dropped over $20 a barrel in less than two weeks.  The stock market has improved and the dollar has strengthened at the same time
Hot Air -- Oil down, dollar up since Bush rescinded drilling restrictions

Precisely what I said would happen!

The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said.
One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed.

Republicans have a plan to solve our energy problems -- The American Energy Act is an all of the above plan for American Energy.  But they need your support, call your congressman today and demand a house vote on this bill!

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