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McCain: Bush Caused Oil Price Drop
Jul 23rd 2008 3:45PM
Filed Under:ePresident Bush, John McCain, 2008 President, Energy
Sen. John McCain was talking oil prices today at a campaign stop in Wilkes-Barre, PA, and he credited President Bush with the over $20 a barrel drop in the price of oil since July 11. Oil closed on that day at $147.27 a barrel. On the following Monday, President Bush announced that he was lifting the executive branch ban on drilling for oil in the Outer Continental Shelf. The next day, oil prices dropped greater than $7 a barrel and have continued dropping, finishing today trading at $124.65.McCain, who has called on Congress to lift its moratorium on offshore drilling, said that Bush's call for expanded exploration had signaled to the markets that the United States may open up its supplies, causing speculators to bid down the price. The White House was more modest, with Press Secretary Dana Perino accepting credit for the price drop, but hinting that other factors could have been at work as well.
"I don't know if we fully deserve the credit. We don't predict what happens in the market. We can't really tell. Certainly, taking that action would send a signal that at least the executive branch is serious about moving forward and increasing the supply we have in America."
McCain has taken to mentioning gas prices on the campaign trail at every opportunity in hopes of ratcheting up pressure on his opponent, Sen. Barack Obama. The campaign recently released a national television ad focusing on what the campaign terms as Obama's obstructionism on oil development and its impact on gas prices. It is a smart strategy. Polls show that the public broadly backs McCain's call for increased drilling, and it shows that McCain is in touch with ordinary people's frustrations about the high cost of gasoline.
Recent Comments
(Page 1 of 4)David S.4:27PMJul 23rd 2008
Well, I guess a president with a whopping 28% approval rating needs to take credit for something in any desperate way he can find it. So, what the hell, I'll give it to him.
JOHN5:05PMJul 23rd 2008
Someone just sent me this link to a comprehensive video covering Barack Obama. In it...is a complete history of where he came from, what he thinks, things he's said (in his OWN voice) and I'm sure he hoped that they would be lost and forgotten forever, but someone has captured them and put them on this shocking video for all to see and hear. It is called "Connect The Dots."Please watch and listen to this video and share it with others. It is the only way we can wake people up in time and try and stop this "Changeling" from overtaking the White House in November.God help us all...!!!http://www.eyeblast.tv/Public/Video.aspx?rsrcID=2036
bob5:10PMJul 23rd 2008
This President, throughout his term, has had to have plans a through e in order to protect America as the liberals in congress challenged one plan after another.He has succeeded time and again,even as they railed against him, and literally called him names, and made false allegations. The closest I can see to him, is a man named Mccain, I'll by God take him. If we drop our guard again, as we did in the Clinton years, be assured,THEY WILL COME.
cp5:13PMJul 23rd 2008
Lol lol lol lol lol lol lol -------- McCain has Always voted Against offshore drilling; easily verified through his records. The only other consistent pattern he has shown is his lack of support for our veterans. ... According to this candidate, Bush and this administration had no control over the price of oil; ergo, was not responsible for the rise in prices (of course, Obama was)... now how in the world can he claim our current administration is responsible for a decrease, through a means he has always opposed? -------- Why will they not insist the oil companies use the land, known to be replete with oil, which they already carry the rights to drill??? I have yet to hear a comprehensible answer to this question...
gecocat5:24PMJul 23rd 2008
Lol lol lol lol lol lol lol -------- McCain has Always voted Against offshore drilling; easily verified through his records. The only other consistent pattern he has shown is his lack of support for our veterans. ... According to this candidate, Bush and this administration had no control over the price of oil; ergo, was not responsible for the rise in prices (of course, Obama was)... now how in the world can he claim our current administration is responsible for a decrease, through a means he has always opposed? -------- Why will they not insist the oil companies use the land, known to be replete with oil, which they already carry the rights to drill??? I have yet to hear a comprehensible answer to this question...
gecocat5:25PMJul 23rd 2008
Lol lol lol lol lol lol lol -------- McCain has Always voted Against offshore drilling; easily verified through his records. The only other consistent pattern he has shown is his lack of support for our veterans. ... According to this candidate, Bush and this administration had no control over the price of oil; ergo, was not responsible for the rise in prices (of course, Obama was)... now how in the world can he claim our current administration is responsible for a decrease, through a means he has always opposed? -------- Why will they not insist the oil companies use the land, known to be replete with oil, which they already carry the rights to drill??? I have yet to hear a comprehensible answer to this question...
Crystal5:37PMJul 23rd 2008
What ever the reason... it works for me!
Chumley5:39PMJul 23rd 2008
McCain's an idiot. The price of oil dropped because of a drop in demand and fears about a further erosion of the US economy. When McCain stated that "I know nothing about the economy", he was dead on.
Pete5:41PMJul 23rd 2008
Mark,
What is your take on the issue? Do you feel Senator McCain's claim here has merit?
iynaroc025:42PMJul 23rd 2008
Now I firmly believe John McCain is delisional. So, he really believes Bush drove down the oil prices. How can anybody think that oil prices dropped because of Bush's lifting of the ban that wouldn't produce any oil until congress lifts their ban and even then would take 7-10 years to see any oil. I hope he remembers to give Bush credit when the price starts going back up again. The real reasons oil prices started coming down are because people are driving less, China put a ban on people driving their cars because of the Olympics, traders and speculators are dumping their holdings and taking some of their profits, the hurricane never happened as anticipated, Nigeria's oil is more than being expected, Obama's trip to the middle east has calming effect, OPEC is working on increasing supply and the list goes on. Unless Bush is God, then McCain is just full of it as usual. If Bush is smart (oh well), this is a good time to release the oil in the Strategic Reserve and further depress the oil market and then refil the reserve at the depressed price. That's what the democrats and Nancy Polesi have been asking Bush to do, but him and Mccain are in lockstep in opposing it.
Felton Marans5:56PMJul 23rd 2008
The only thing Bush has casued is a big pain in my rear which the dtr says will go away once that
j-rkoff is out of office
mike6:00PMJul 23rd 2008
george w. bush has been blamed for everything but the lindberg kidnapping. but if the lifting of the moratorium caused the price of oil to go down, then it stands to reason that the moratorium was a principle cause of oil price increase in the 1st place. remember, it was one bill clintons last acts as president to close ALL of ANBR to oil exploration....
C. Thompson6:58PMJul 23rd 2008
If this indeed is the case, Mr. Bush needs to be convicted of gouging the American public for a very long time before making this decision. You can't take credit for a solution when you are the main cause of the problem, Mr. Bush.
jerrry7:00PMJul 23rd 2008
Bush gets credit for the $20 per barrell price drop of the last week.
But I am also giving him credit for more than hundred dollar increase during his tenure
Gary7:03PMJul 23rd 2008
David S.- "Well, I guess a president with a whopping 28% approval rating needs to take credit for something in any desperate way he can find it. So, what the hell, I'll give it to him." ==========================================
Thanks David...I'm sure he appreciates it. Good thing Bush doesn't act according to "approval ratings' like Hillary and Obama do...it's refreshing to know that Bush stands his ground and doesn't cave to the opinions of an extremely ignorant American public. The fact that you even mentioned "approval ratings" tells me that you are one of the "tell me what to think" sheep that the demohypocrats love so much.
C. Jenkins7:44PMJul 23rd 2008
David S,
Don't be fooled, the word is out that we were going to dip into our reserves, in addition we are now making an effort to conserve fuel.
Off shore drilling would not be effective in the world market for many years, therefore, this could not have had an influence on the price reduction.
John McCain has just lost his mind. He accused Senator Obama of being the cause of the high cost of fuel. What can you do with that one? Desperation, Fright or Senility????
Obama 08
jn8:03PMJul 23rd 2008
Gary: "tell me what to think" sheep ???
You've had your head buried in the sand too long my friend. Just the way Bush wants it. You are ASLEEP. Unconscious. Unevolved.
Wake up & educate yourself before you speak.
jn8:04PMJul 23rd 2008
Yeah, Mike. ANWR was closed down by Clinton BECAUSE THERE IS NOT THE OIL THERE THAT THE REPUGS KEEP CLAIMING. Repugs = spoon-fed dipsh-its.
jn8:05PMJul 23rd 2008
Yes, McBush, support King George in all his efforts to make himself look good now that he's leaving office. All hail King George. NOT BUYIN' IT, Loser.
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Bob4:18PMJul 23rd 2008
You have to admit , it really happened !! Now if only the Democratic led Congress would follow , you'd see it fall even more ....