About that relationship between drilling and the price of oil...
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In case you can't read the reduced-size text above, it shows that when President Obama announced that he was opening more areas to offshore drilling at the end of March, oil prices shot up. Then when the moratorium on offshore drilling was put in place after the Deepwater Horizon tragedy, oil prices took a nosedive. As the freeze was expanded and extended, prices kept moving down.
Clearly oil prices go up when drilling is expanded, and down when a drilling freeze is announced! Quick, freeze it all and gas will be $1 a gallon!
Or it could be that oil prices have almost nothing to do with drilling activity whose production won't be reflected on the market for years. It could be that prices are instead driven far more by global events, like a financial meltdown in Greece that caused anticipated changes in world demand. Hard as it is to believe, it could be that Mitch McConnell and others throwing around wild numbers reveal that they are know-nothing blowhards attempting to capitalize on tragedy to expand the activity that brought on the problem in the first place. Could be.
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