Open Column ; the Threat of Drilling has Lowered Gas Prices

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Editor, the Tribune: Despite Congress' continued efforts to block any actions that would lower fuel prices, gas has dropped 60 cents in the past two months. That's a 15 percent drop! There is no mystery as to why this has happened. A number of economists predicted that the increasing number of people in favor of drilling would force prices down even before drilling began. This is because OPEC and oil speculators are watching us intently and have already acted in anticipation of our future actions.

House Speaker Nancy Pelosi assures us that lifting the ban on drilling wouldn't lower gas prices, but now it's clear that just the threat of drilling in the near future has already affected the decisions of OPEC and oil speculators, resulting in dropping prices. OPEC production for July increased by 300,000 barrels per day, a total increase of 10 million barrels last month. You can be certain that when the ban on drilling is lifted, that number will be dwarfed by the months that follow. OPEC won't be able to pump it out fast enough.

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Open Column ; the Threat of Drilling has Lowered Gas Prices

Likewise, speculators are bid...

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