Bush says drill and oil drops $9 a barrel

Drill, drill drill!

In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

Funny how these things work. It should be interesting to watch how this plays out.

**Edit - forgot my s in drops.***

[edit on 16-7-2008 by BRQuick]

Oh oh - i wonder how all the late investors are feeling... seeing as they are after losing 6.3%. Speculation should be banned in the stock market.