Vote on Drilling Helps Lower Oil Price

Harry Reid will allow for the Senate to vote on offshore drilling. The mere allowance of a vote in the Senate on offshore drilling has helped reduce the price of oil, today touching approximately $120/barrel.

Since President Bush has lifted the Presidential moratorium on drilling, the price has fallen by nearly $28 from a high of $148 per barrel. As expected, the Democrat argument that "it's useless to drill because it would take 10 years to reach the market" was wrong. All the market requires is the possibility of more drilling for the price to fall.

Just imagine how low the price would get if Congress allowed us to drill - perhaps another $40-50 per barrel.