Roger Veon – 7/21/08

This page was last updated on July 21, 2008.

Offshore drilling will drop oil prices; Roger Veon; Beaver County Times; July 21, 2008.

Below is a detailed critique of the subject letter.

“Oil prices dropped $9 a barrel in reaction apparently to President Bush dropping the executive moratorium on offshore drilling.

“Now if Congress would also drop the ban on drilling, we will probably get an even greater price drop.

“If drilling actually commences, who knows how great the immediate price drop will be?”

[RWC] While increased domestic production – whether onshore or offshore – is a smart move, claiming it will affect prices one way or another isn’t wise. For example, all we need is for people like Hugo Chavez (Venezuela) or Mahmoud Ahmadinejad (Iran) to shoot off their mouths to drive prices up.