Bush allows drilling, oil prices tank.....

[ZeGermans]

post hoc ergo propter hoc

 

[Fear No Evil]

100+ days into Obama's regime and he has still done absolutely nothing to lessen our dependance on foreign oil like he promised.

 

[Siddhartha]

Originally posted by: Patranus
Bush allows drilling and oil prices tank.
Obama reverses decision and oil prices sky rocket.

While I am all for alternative means of powering cars such as hybrid technology, we need to drill for oil. PERIOD. Electric cars all find but where does that power come from? Big bad polluting power plants...as the Liberals have made it essentially illegal to build nuclear.

What happened was the price of oil peaked at over $120 per barrel. The world economy fell into the worst recession in 80 years. Demand for oil tanked with the economy, and the price of oil dropped.

I have not seen any evidence that Bush allowing domestic drilling had affected the price of oil.

Monthly Average Domestic Crude Oil Prices
2008
U.S. Average
(in $/bbl.)
Month Nominal Inflation Adjusted
Jan-08 $84.70 $85.24
Feb-08 $86.64 $86.94
Mar-08 $96.87 $96.37
Apr-08 $104.31 $103.15
May-08 $117.40 $115.12
Jun-08 $126.33 $122.64
Jul-08 $126.16 $121.84
Aug-08 $108.46 $105.16
Sep-08 $96.13 $93.34
Oct-08 $68.50 $67.19
Nov-08 $49.29 $49.29
Dec-08 $32.94 $32.94

I tried to format the above chart but it still came out almost unreadable.