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June 27, 2008


Remember when someone in a February 28th press conference based a question to Bush on $4/gallon gas ? --- President BUSH: Wait, what did you say? You're predicting four-dollar-a-gallon gas …
Well, on March 4, Guy Caruso, of the Energy Information Administration, told a Senate Energy and Natural Resources Committee hearing that supply and demand would suggest a price of about $90 a barrel when it was just over $100. "There's clearly been a surge in moneys coming in to commodities markets, including energy, which has had some upward effect on the price above the trendline," Caruso said.
Energy analysts also have cited the shift of money from the stock market to the commodity markets, including energy, as well as the declining value of the dollar and political turmoil.

And what does Caruso say about offshore drilling ?
“Drilling in U.S. waters offshore would produce nothing for five or 10 years and even then only add a minimal amount of oil for the supplies. And so, in the year 2018, it would not knock more than a nickel off your gallon of gas.”

Gosh, don’t you just love politicians who live in Fantasyland … ignoring their own governmental experts … and try to peddle their pipedreams to us.

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