But George Bush's contemporaneous announcement of the repeal of an executive order on off-shore drilling didn't have anything to do with the 13.5% drop in oil prices.

Oil prices tumbled more than $3 a barrel Tuesday as Tropical Storm Dolly grew increasingly unlikely to threaten supply, knocking out one more reason traders had to prop up prices.

The sell-off was a throwback to last week's sharp declines, and dragged crude to its lowest level since early June. A stronger dollar helped keep prices in check.

Light, sweet crude for August delivery fell $3.09 to settle at $127.95 a barrel in its last trading day on the New York Mercantile Exchange. Earlier the contract, which will be replaced by September crude Wednesday, dropped as low as $125.63. It was crude's fourth decline in the last five sessions.

So, the notion that drilling here immediately will decrease gas prices is a hoax. Speaker Pelosi? If so, then why is the mere hint of doing so depressing oil prices, as well as strengthening the dollar and the stock market?

Posted by: Greg at 12:57 PM | Comments (2) | Add Comment
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