WELL, GOOD: Oil’s 2-week nosedive shows up at the pump. “In the trading pits, oil continued on a two-week sell-off. Light, sweet crude for September delivery fell $2.23 to settle at $123.26 a barrel in on the New York Mercantile Exchange. Earlier the contract dropped as far as $122.50, its lowest point since June 5.”

UPDATE: Reader Spec Bowers emails:

Is there nobody who will point out that oil’s 2-week nosedive began almost precisely when Bush lifted the executive order on offshore drilling?

Opponents of drilling argue that it will take 5-10 years for that oil to become available. What they ignore is that current prices are affected by the perception of future prices. If sellers of oil begin to think that oil will be priced at say $90 per barrel 5 years from now, they realize that they are better off selling now at $80 instead of leaving the oil in the ground.

If the world becomes convinced that the U.S. will indeed drill offshore, drill in ANWR, drill for shale oil in the Rockies, start building nuclear plants, then the price will drop even lower – just as soon as sellers become convinced, not just 5-10 years later.

Well, you just did!