President Bush FINALLY recinded the Presidential Order that has prevented drilling on the US continental shelf. While critics (ie political hacks who like high oil prices) say it will take time for any new drilling to bring oil to market. People who understand markets know that prices reflect everything that is known at the time futures contracts are purchased.
So guess what happened.
Oil dropped by almost $10 a barrel in one day.
All while the congressional ban is still in place. If congress removes their ban we would see significant and immediate drop in oil and gas prices.
As I have asked before. Who wants lower gas prices?
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