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Al Gore…. Sit down and SHUT UP! Because it’s time to WAKE UP!

The fact that demand is rising (mostly due to China/India and such ramping up their production economies) while supply is relatively stagnant, or is rising at a weaker rate, is contributing heavily to the higher market price.

Another major factor is that the dollar is weak. Thanks, in part, to Bernanke’s dropping the interest rate to very low levels (to help the mortgage industry), the dollar is a much weaker currency on the world market than it was 2+ years ago. The result is that it takes more dollars to buy goods from other countries, including petroleum. Domestic production would definately be helpful in this regard.

The simple act of allowing drilling in known good prospective areas along with loosening regulations on refining would have a significant effect on both the dollar’s value and on oil prices. The dollar would gain value because there would be more substance backing it, and oil prices would drop because the market would respond to the increased future supply.

IBDeditorials.com: — Will To Drill Is Strong, Poll Finds; Climate Change Pales As Concern

Contrary to claims by Al Gore and others that global warming is the greatest challenge of our time, Americans by better than 3-to-1 say the price of gasoline is a bigger problem now, according to the latest IBD/TIPP Poll.

Moreover, they stand willing to do something about it, including and especially drilling for oil in the Outer Continental Shelf and in federal shale reserves in Colorado, Wyoming and Utah.

Even drilling in Alaska’s Arctic National Wildlife Refuge is backed by a plurality of Americans.

The poll of 920 adults taken last week shows that 73% think “fuel prices at the pump” are a bigger problem for the country than climate change, the new term for global warming.

Only 23% say climate change is more important.

The sentiment prevails across the board — among men and women, old and young, rich and poor, and Republicans, independents and Democrats, two-thirds of whom say gas prices are more important.

Support for offshore drilling and oil shale development is also broad-based, with the former favored by 64% of respondents and the latter by 65%.

The results suggest President Bush has strong public support as he puts pressure on Congress to back more exploration for oil.

They may also explain why Bush and especially Sen. John McCain, the pending GOP presidential candidate, have treaded more gingerly when it comes to drilling in ANWR.

When asked in the IBD/TIPP Poll if they favor drilling in ANWR, 47% say yes and 43% no. Unlike the answers given for offshore drilling and shale-oil development, however, responses on ANWR are more mixed and seem to break along political lines.

Republicans favor ANWR development by 68% to 27%; Democrats oppose it 56% to 40%.

Independents are split down the middle.