From Bloomberg:
July 23 (Bloomberg) — Crude oil futures fell below $125 a barrel for the first time in seven weeks (Wednesday) after a U.S. government report showed that fuel stockpiles increased as consumption tumbled to the lowest in more than a year.
A gas station in Stockton, California is selling fuel for $3.99 today.
WILKES-BARRE, Pa. (AP) – Republican John McCain on Wednesday credited the recent $10-a-barrel drop in the price of oil to President Bush’s lifting of a presidential ban on offshore drilling, an action he has been advocating in his presidential campaign. The cost of oil and gasoline is “on everybody’s mind in this room,” McCain told a town-hall meeting.
He criticized Democratic rival Barack Obama for opposing drilling on the Outer Continental Shelf.
Now, oil shale, oil sands and ANWR next.
BZ
Ya know, T. Boone Pickens has a really good idea about wind and other sources of energy, but I believe that old bastard has lost his mind in some ways, he says we CAN’T drill our way out of this one, and I think Pickens is full of shit….
PickensPlan
And nukes…. plenty of nukes… need them to extract the oil from the shale and the sand… hot water flowing through pipes just makes that old sand drip like the gravy on a thanksgiving turkey..finger lickin good… MMMMM…mmmmm
Fred, I think that windpower of Pickens is just a moneymaking plan.
He’s smart enough to know that windpower at best is only a reliable source of energy about 30% of the time.
And wind is unpredictable as to when it blows, so there’ll have to be instantanious power backups.
Hang a few politicians, bureaucrats and tort lawyers, get them out of the way, and then just maybe we can go about producing some cheap energy.
Kurt, I agree, I thought Pickens was full of shit when I heard it, and OIL MAN that’s now against oil when it’s a proven fact that we have at least as much, if not MORE oil capability than the entire Middle East and Asia??
Something smells like bullshit to me…
Tree, rope, politicians, bureaucrats and tort lawyers…
Some assembly required…
Love it..
TF: and that’s SO much fodder for another post about energy. . .
ABF: oh yeah, nukes, hell yeah!
KurtP: thanks for the comment, welcome aboard and, of course, that’s precisely correct. Solar, wind power, no panacea, but a small portion.
BZ
A three pronged approach to the problem (some conservation, some alternative sources, and MORE domestic production) is what we need but the Donks want only conservation so that can control the people more.