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Steve Doocy credits Bush's spoken word for drop in oil futures

Reported by Chrish - July 16, 2008 -

This morning 7/16/08 Steve Doocy proudly gave full credit to Bush for bringing down the price of a barrel of oil. CNN and other less devoted news outlets report otherwise, that the price tumbled as reserves have grown because of consumer demand decreases.

Worries about demand, economic fears, a surprise supply jump and simply "data" were reasons cited by sources not in the proverbial tank for Bush, as both the price of a barrel of oil today and futures dropped noticeably.

Not in FOXworld. Over a chyron that read "Bush opens up drilling, Price of oil futures plummets," Steve Doocy gushed: "Democrats said it would take ten years for domestic drilling to affect the price of oil, but oil futures plummeted just after Bush talked about punching a hole in the outer continental shelf. So, do traders know something that Congress doesn't?"

Well they certainly know something that both Doocy and his audience don't!

That was just the teaser; the segment itself was more misinformation: "Speaking of painful, it must have been painful for the Democrats on Capitol Hill to hear [Bush] yesterday, who said it is time for Congress to act. We must drill, drill, drill in the outer-continental shelf. And as soon as [Bush] said that, the price of oil went down 9%, $9.26, or 6%... !" Democrats say it would take years and years, but "all he had to do was say 'I'm serious about this!' and it dropped!"

He's magical!!

After some couchy arguing over what we were about to see, a statement on conservation or something on drilling, a clip of Bush was shown saying

"It's a little presumptuous on my part to dictate to consumers how they live their lives. American people are plenty capable and plenty smart people, and they'll make adjustments to their own pocketbooks. That's why I was so much in favor of lettin' them keep more of their own money."

(Comment: If we're so capable and smart, how about decriminalizing pot? And leaving women to make their own reproductive choices in peace? And letting our gay friends and family get married? )

They continued to frame the price drops as the result of Bush's word: "And for [Bush] to say 'drill' (Doocy snapped his fingers for emphasis) and it just drops $10 bucks, come on Congress, don't let us down!"

And the end result of all this? "At the pump, the national average price for a gallon of unleaded gasoline was unchanged from Monday's price of $4.109, AAA said."

Additionally, as MediaMatters has noted,

"...the Bush Energy Department has determined that production from offshore drilling "would not have a significant impact on domestic crude oil and natural gas production or prices before 2030," or that such production is expected to have an "insignificant" effect on "average wellhead prices," which Mufson himself noted in a July 14 Washington Post article.

In his July 14 article, Mufson reported:

A report last year by the Energy Department's Energy Information Administration said that "access to the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030. Leasing would begin no sooner than 2012, and production would not be expected to start before 2017." It added, "Because oil prices are determined on the international market, however, any impact on average wellhead prices is expected to be insignificant."

Any drilling, off-shore or in ANWR, will only benefit the oil companies and keep us complacently dependent on oil, and reduce the urgency necessary to develop renewable and clean sources of energy. How can anyone, especially devoted parents, support this madness?