Thanks to Obama, Gas Jumps in a Flash

Pajamas Media » Thanks to Obama, Gas Jumps in a Flash
There was just one problem: reality.
Even though, as critcs were eager to point out, any additional American drilling was years in the future, oil prices immediately went into free-fall.
By Friday, July 18, the price of a barrel of crude had dropped to $128.94, a 12% decrease.
A month later, on August 14, the price had fallen to $115.05.
In spectacular fashion, Bush’s academic and media critics were proven seriously wrong.

For commodities traders who’d been pricing oil based on a supposition of scarcity, the potential for millions of additional barrels on the market hit like a thunderbolt.
The simple act of putting America’s resources on the table popped the oil bubble, and a stunning price drop followed in short order.
By election day, November 4, the price of a barrel of crude had plummeted to $70.84 — a 51% decrease in less than five months.