Did you notice.

Obama mentioned selling oil out of the strategic oil reserve and the price of oil fell
almost $5. That is a bigger drop than suspending the federal gasoline tax would produce.

Man, I wonder how the Republicans are going to give Bush credit for this drop.

Of course, It could not have happened if Bush had not been speculating in the oil market and putting oil back in the ground.

That is what the libertarians at GMU and some others were giving as the reason that Krugman was wrong in saying that speculation was not important in explaining the high oil prices. As far as I know Bush was the only one putting oil back in the ground. Of course there is some chance I could be wrong on that– right FA?

rdan here: hat tip to vtcodger on great information on drilling…Robert Kauffman at Boston University.