However, if common sense has anything to do with oil prices then there is something wrong with this argument, courtesy Madeline's Dad:
If you say you are going to drill, and then don't, prices go back up. The lower prices we are seeing now are reflective of what the Market hears and sees. If we don't do what we said we are going to do, things revert back to how they were.He and I have been going back and forth about this for a while. He believes that the price of oil is chiefly controlled by futures speculators, and therefore the prices were high until Bush rescinded the executive order against offshore drilling, at which point they started falling precipitously.