[trumandogz]

Funny, nobody in the media ever mentions “conservation” as one cause for reduced demand or “Drill Here, Drill Now” as a cause for the bursting of the oil bubble.

I am not an economist but somehow I doubt that people chanting "Drill Here, Drill Now" caused a decrease in demand for oil in China and India.

However, with oil at under $50,00 there will be little incentive to expand E&P in the United States.

Thus if you want to Drill Here, Drill Now, you will need to have oil at least $85.00 if not $100.00.

[rightinthemiddle]

The article listed reductions in the U.S. as a reason for the decline.

Oil’s decline began the day Bush lifted the executive ban on offshore drilling. Much of the “demand” has been fabricated by the enivowacko movement and those invested in alternative technologies (which are often the same people).

I have no desire for oil to be high to achieve “Drill Here, Drill Now.” Just the threat of increased domestic drilling knocked the top off the bubble, imo.