Market Watch reported here that oil prices dropped over $15 a barrel in July, the largest one month drop ever. While many analyst are crediting weaker demand and increasing inventories for the decline, it seems to me that a lot of the credit should go to President Bush.  In my post on July 15th, I noted that the day after the President revoked the executive order against off-shore drilling, crude prices dropped about $8 dollars a barrel. He didn't stop there.  He turned up the heat on the Democrats in the days following, using the bully-pulpit to blast them for their obstinate inaction.  The pressure become intense enough that Senate Majority Leader Harry Reid finally offered a bill to expand drilling and Democrat Presidential nominee and messiah, Senator Obama, flipped on the issue, announcing he would support a compromise that would allow more drilling.  The only remaining obstacle to a sensible short-term energy policy is the honorable Speaker of the House Nancy Pelosi who has convinced herself that she is saving the planet. I seriously doubt that she can find the bathroom in her own office without help from her legislative staff, so the woman is clearly deluded as usual. It will be interesting to see how well she holds up in the face of the revolt that will erupt when the members of her party slink back to Washington after five weeks of listening angry voters back home.

Congress has done precious little to help the gas price situation.  In contrast, the efforts of the President have done a lot to drive the price declines we have seen in the last two weeks and he deserves some credit for it.