Here's what Bush did when in this same situation 4 years ago....and it DID bring down prices quickly. Even though the President cannot effect oil prices
http://www.nytimes.com/2008/07/14/washington/14drillcnd.html?_r=1
From the source....
By itself, the move will have little impact, because Congress enacted a moratorium in 1982 that remains in place. But the step underscores the rising political pressure to address high oil and gasoline prices in the middle of an election year.
So he did what now?
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