Oil Prices

I find it interesting that after President Bush rescinds the Executive Order on off-coast drilling that oil prices have started to drop. You won’t read about this observation in the media.

Yet, it seems that if we send out signals to the “speculators” that we are even considering drilling that they get the message that speculating in oil may not always be profitable and they leave the market. This is another example of the “Free Market System” that has worked so well for the past two hundred plus years for our country. Alexander Hamilton was a very smart man for the vision he had on the Free Market System.

President Bush’s rescinding the Executive Order has no real power on allowing us to drill but it does send a signal to the speculators that the future of oil is changing and cause the effect of lower oil prices. So we see that the Free Market system does have power over the speculators. We don't need controls on the oil companies because the Free Market System works.

We have all heard that if we start drilling now it would take ten years to get it to the market. My thought is that if it is going to take ten years then we should have started drilling yesterday!