April 30th, 2008
01:20 PM ET
15 years ago

Bill Clinton: High oil prices here to stay


Watch Bill Clinton's comments Wednesday.

(CNN) – Campaigning for his wife in North Carolina, former President Bill Clinton said Wednesday that he’d be “very surprised if oil goes below a hundred dollars a barrel again in my lifetime.”

“There is a limited amount of oil in the ground and everyday more and more people can afford to buy it so they are gonna bid the price up,” said Clinton, who added that drivers have been forced to choose “between driving to work and having enough food for their kids.”

His wife Hillary Clinton has proposed a gas tax holiday – paid for in part by higher taxes on oil companies - that would give consumers a price break at the pump this summer. The New York senator has also called for a Federal Trade Commission investigation into possible market manipulation by oil companies or speculators.

Filed under: Bill Clinton
soundoff (284 Responses)
  1. ladymary

    Granted high oil and gas prices are probably here to stay. The problem is what to do about it and a "tax holiday" is not the solution. It is pandering for votes....sounds good and will get a few votes from those who do not know supply and demand, but when the "holiday" is over prices will be higher because the gas companies will just add that tax into the consumer price. Also higher taxes on oil companies will do the same thing.

    April 30, 2008 03:43 pm at 3:43 pm |
  2. Truth Be Told

    To Uncle Sam –

    I really don't know how you got your idea (although I know where you got it from). You and Sens. McCain and Clinton are thinking in the short-term. True, we may be saving a few dollars in the short run. However, have you thought about the long-term? While these two president-wanna-bes are pandering to the voters, their proposals are temporary and that the repercussions are greater than actually taxing the oil companies more which are more permanent. Also, the oil companies are the ones supporting both campaigns, sans obama's.

    So, people, before you say something, research first.

    April 30, 2008 03:43 pm at 3:43 pm |
  3. PA_Hill-fan

    I do not believe some of these people in the blog. Bill Clinton is the best President we ever had in 50 years. He changed everything for the better. Despite his personal problem, he led the Country in the correct direction. How can you deny that? Bill Clinton is the smartest President in my life time and I will take his word on oil or anything he says about economy!!

    April 30, 2008 03:44 pm at 3:44 pm |
  4. Michael - DE

    Billary is just trying to score a political point . What does he know about how it feels to pay $4 per gallon. Consumers do not be fooled by 18 cent rebate, that you will have to pay for in a hidden form. The game is just to fool you thinking that it will save you money, but before you get it gas has gone up at least 4 times more that amount. They just want your vote, and later they will drink champaigne with the Lobbyist and Oil company executives and forget how their proplsal affects you. After all with 100 MUSD you need not worry about gas being $4 -$7 dollars per gallon. Long term solution, that will take the total picture into consideration is what consumers need!

    April 30, 2008 03:44 pm at 3:44 pm |
  5. kathy in ohio

    wow.............i cannot believe the comments on here! He is our former president and gave much of his life to help this country.I cannot how disrespective all of you are. Maybe this is what is wrong with this country. Everyone here claims they love their country , I feel sorry for the next president what will you be saying about them in 4 years. Just a thougt maybe if those who think every past leader is so terrible. Go live in another country.

    April 30, 2008 03:45 pm at 3:45 pm |
  6. Heidi

    The whole "in my lifetime" part of the quote is key. Can any politician over the age of 60 be visionary enough to see and to plan past the next 10-15 years of "their lifetime?"

    I believe that yes, one can. But it's not Clinton and it isn't McCain.

    Non-Baby Boomers unite! We need to elect someone with solutions for everyone else's lifetime under the age of 50.

    April 30, 2008 03:46 pm at 3:46 pm |
  7. paul oregon

    bill is the best thing that could happen to hillary. every time he opens his mouth he sticks his foot in it. go billary the other billary thanks you this funny . go obama clintons are better than sat. nite live lol.

    April 30, 2008 03:48 pm at 3:48 pm |
  8. Rickey

    We have oil in Alaska and other places that we can drill for! Why is this country so reluctant to drill in our own backyard? All those oil rich countries need to do more for the USA. When there's a crisis in one of those Arab countries, we run to their aid! We need to stop dealing with countries that don't have our best interest at heart! We pay more to China to export our goods to China, but China pays very little for their goods coming into the USA. Can you say (NAFTA)?

    April 30, 2008 03:48 pm at 3:48 pm |
  9. CMan99

    Nice try but additional drilling will make ZERO difference. First off, it will take 10+ years before the oil flows. Second, the oil reserve estimates in ANWAR (Alaska) are at 100 million barrels. The US daily consumption is 20.7 million barrels. So there is less than 5 days worth of oil in the ground in ANWAR.

    April 30, 2008 03:49 pm at 3:49 pm |
  10. J.R.

    Drilling in Alaska is a ruse for oil cronies to dupe the American public. It won't make a bit of difference. We had a choice between low gas prices and a stable Iraq. We got neither.

    April 30, 2008 03:50 pm at 3:50 pm |
  11. Gobama

    Everyone is looking for an alternative fuel source as teh solution, but no one is looking at the problem here. The internal combustion engine.

    This thing has been around for the last 100 years with no real advancements!!!

    Instead trying to find to source to feed this beast why is no one talking about finding a replacement for the engine?

    How about a 100 mile/gallon engine? That would certainly decrease demand for oil.

    And don't tell me it can't be done...we have robots walking around on Mars right now.

    April 30, 2008 03:50 pm at 3:50 pm |
  12. Sig, Los Angeles CA

    There's a ton of oil in Calgary! There's plenty of oil but there's only a few crooks who are getting away with murder. And here is the establishment of Washington pandering like afew cents a the pump will truly make a difference.

    April 30, 2008 03:50 pm at 3:50 pm |
  13. Michael

    Here is a consideration Bill. You go get you a box of cigars, take your e.d. medication and go away find you an intern or young staffer. Don't have sex with her and generally shut up. You could perhaps get a vote or two by doing this and would be Hillary's hero. By the way Bill what did you do about oil prices when you were in charge. Last time I looked the U.S. is killing its youth protecting oil producers and perhaps would have some leverage. Oh sorry you gave us bush for 8 years so you have helped us enough. Say goodnight Bill.

    April 30, 2008 03:51 pm at 3:51 pm |
  14. MD Houston

    If the Fed had kept interest rates where they were, oil would be below $70 / bbl today. There is over 4 months of oil inventory in the financial markets, indicating that the oil market is a bubble waiting to burst.

    President Clinton's ignorance of energy economics is disturbing.

    April 30, 2008 03:51 pm at 3:51 pm |
  15. Craig

    Hillary talks about how jobs in IN were sent overseas due to Bush, well she left one thing..her husbands admin had something to do with it. Enjoy the read, it'll make your blood boil on how much BS this woman spews...http://www.mcclatchydc.com/election2008/story/35337.html

    April 30, 2008 03:51 pm at 3:51 pm |
  16. maca

    Obama's supporters are the same as their candidate!
    Just joke!!!!!!!!!!!!!!!!!!!!!!!

    April 30, 2008 03:53 pm at 3:53 pm |
  17. Jennie Ramsey

    My My CNN..two comments, two truths and you refused to print them. What does CNN stand for...You All Guessed It. Enough said!

    April 30, 2008 03:53 pm at 3:53 pm |
  18. Shawn in Atlanta

    So what did you or your wife do in the last 16 years about energy independence for this country? I’ve had enough of Clinton dynasty.

    April 30, 2008 03:54 pm at 3:54 pm |
  19. Neil K, Lake Forest CA

    This is the first thing that President Clinton has said during the campaign that I agree with. I think that no president has a chance to permanently lower the price of oil until we can come up with an effect source of alternative energy. There isn't a silver bullet for this.

    ANWR is not the answer. A) The only way we know how much is in there is to drill, and B) production wouldn't get up to speed until about 2015-2020. It's not going to help us now.

    What could help us now is investigating the oil companies for violating anti-trust law. It seems pretty clear based on their profits that the oil companies are colluding to not compete for the best prices. That's about the only way I see this turning around in the near future.

    April 30, 2008 03:55 pm at 3:55 pm |
  20. Tony, NC

    Obviously Bill doesn't want Hillary to win...

    April 30, 2008 03:55 pm at 3:55 pm |
  21. Evelyn

    Bill Clinton clearly does not want his wife to win. That's all I'm going to say. Take a look at his past comments/lies/fabrications/misstatements and the way he's been acting.

    April 30, 2008 03:56 pm at 3:56 pm |
  22. Over Here in Chicago

    How come no one is discussing the Paul v. Clinton scandal or Rev. Procanick scandal as much as Hillary is beating to death the Rev. Wright issue??

    April 30, 2008 03:57 pm at 3:57 pm |
  23. Kathy from Michigan

    Holiday Gas tax break

    What Hillary ignores, and other people who are easily deceived by campaign gimmicks don't understand is that Barack Obama has experience as a state legislator on this issue.

    Back in 2000, the state of Illinois experimented with temporay gas tax break and they discovered that it did very little at all. As soon as they came to the realization of the flaws in this they decided to eliminate it. This was back in 2000. So for those that conveniently ignore Barack's experience as a state legislator, this should be proof to you that Barack has the right experience, intelligence and temperament to move us forward. He understands what is at stake here. He is not about pandering. He tells us what we NEED to hear, not what we WANT to hear.

    April 30, 2008 03:58 pm at 3:58 pm |
  24. tidho

    CNN, stop talking about Rev.Wright and start talking about Hillary's idiotic gas tax scheme!

    ...or about the robo calls.
    ...or about the 'swiftboat' strategy.
    ...or about the OPEC support for the Clinton library.
    ...or about the source of Bill's speaking engagement money.
    ...or about her reversal on NAFTA.
    ...or about the $850k.

    Heck, they both need to answer questions on...
    ...the impact removing corporate tax breaks has on jobs.
    ...the rust belt and whether efforts will be made to target job growth specifically in that region (based on NAFTA's impact).
    ...what is goign to stop companies from dropping healthcare when their plans are enacted.

    April 30, 2008 03:59 pm at 3:59 pm |
  25. Concerned Canadian

    Bill Clinton is right. I work in the oil sands business in Alberta. The fact is oil consumption always outpaces oil production on a global scale. The industry is always playing 'catch up' due to this scenario.
    Oil companies have no choice but to always explore for more sources of oil to keep up with demand and thats the plain truth folks.

    One problem that may be alleviated is refining capacity. This too has an immediate impact on oil prices. Many oil refineries are outdated and in need of repair or replacement around the globe which includes the refineries in the States. Some companies have started big construction projects to replace these old refineries but much more must be done. Without enough oil refinery capacity there is a bottleneck in the flow of oil to the consumer and it results in high gas prices.

    You know, say whatever the heck you want but if Bill Clinton was running for President , it would be the best thing for America right now. He was the best President the US had in the last 20 years.

    He had the respect of governments and people around the globe.

    April 30, 2008 04:02 pm at 4:02 pm |
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