That whole speculation business cuts both ways

Similar to what happened to the price of crude oil when the Brazilians announced their massive off-shore find a couple of months ago…and that they weren't going to just let it set there.

Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

Also,

A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.

Full piece here.