Bush Moves to Increase the Supply of Fuel
In an adroit political move President Bush has rescinded the decades long ban on drilling for oil on the Outer Continental Shelf of the USA. Taking aim squarely at the Democrat controlled Congress Bush is now asking Congress to support his initiative. The Dhimmi's must be rueing not following his call last month to go first. Now they are on a hiding to nothing. Agree and they look late and limp. Disagree and they open themselves up to electoral backlash.
While many are saying it would be years to bring any significant oil finds into production and reduce prices, I disagree - there is common knowledge the oil is there - having it available (sometime) significantly changes sentiment around supply and demand and the speculative margin in current pricing will quickly diminish as traders exit perceived exposed positions.
An interesting sideline is the executive order banning offshore drilling was put in place by his Daddy. Times change.