07 Apr '12, 2pm
Drumbeat: April 7, 2012
Posted by Leanan on April 7, 2012 - 11:44am Petroleum institute’s numbers on oil policy a matter of dispute “Congressman, if I can, I don’t want to take your time,” American Petroleum Institute President Jack Gerard said in testimony March 7 at a House Energy and Commerce Committee hearing, “but there’s a — an experience we have in July of 2008 that . . . we ought to go back and look closely at.” That July, Gerard said, the price of oil fell abruptly after President George W. Bush announced he would allow drilling in parts of the Outer Continental Shelf that for decades had been off-limits. As Gerard told it, “the price of crude oil over three days dropped $15 a barrel and continued to move down.” The lesson, he said, was that “markets are driven on a global basis by expectation. If the market heard the president of the United States say ‘I’m serious about producing my vas...