That will do nothing at all.
Less than nothing, in fact.
I trade futures on a pretty regular basis and I can say this:
Want to see the futures contracts drop?
Want to see a 20 dollar+ per barrel price drop instantly?
Announce that we will drill ANWAR.
Another 15?
Announce that we are drilling the coasts - before Cuba and China do - Yes, they can.
More? Announce that we are encouraging Nuclear power on a large basis
Still more? - Build a REFINERY right here. - They are going to be built in China right now, you nitwits!
It is my understanding the Chinese will start construction on 15 refineries this year alone. Not one of them will conform to U.S. Clean Air Act requirements, but of course they don't care. The Algore maniacs never go after China because they have the correct form of government. Meanwhile, we haven't built a single refinery in 30 years.
Reading your post was funny, because I had the exact same response to a nitwit lib friend who was crowing that Bush could not get the Saudi prince to open up the tap and/or lower gas prices.
I said, “ANWR? Coastal drilling? nuclear power? Refineries? Who put a stop to all that ineffective nonsense?”
No response so far.
Please explain your logic for your statement.
Please don't misunderstand me, I'm truly interested.
It seems to me that an announcement to drill, or build a nuke or refinery would escalate the speculators because they would know the gravy train was coming to an end, and they'd better get while the gettin' was good.