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

Bill Clinton: High oil prices here to stay

CNN

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. Southerner

    No matter who you support for the election, you have to realize that Bill was right on this issue. It isn't the war, or the recession, or the oil companies causing the oil prices to rise. OPEC is making things worse, but they are not the main cause either.

    The reason oil prices are high is Asia. China and India have economies that are developing VERY quickly. With a combined population over 10 TIMES the size of the US, the demand for petroleum is skyrocketing. Gas will never be $1.50 a gallon again. That's the reality.

    The good news is, alternative sources of energy, like solar and wind are now affordable by comparison.

    April 30, 2008 04:03 pm at 4:03 pm |
  2. masgap

    Hey America it's not a final solution but just a beginning. Tax on the

    corporations would maintain the intrastructure. Lord knows that

    corporate USA have had it easy with the Bush administration.

    Hillary is the only one that can implement the long term solution which

    is alternate fuel sources. I hear nothing from Obama at all.

    April 30, 2008 04:04 pm at 4:04 pm |
  3. Kathy from Michigan

    Let's explain it: the high gas price during summer driving season is driven by the high demand. Temporarily holding the federal tax on gas would not solve this problem but only drive even more demand and squeeze the supply, at the end, the price will still go up, and people will not save any money. Meanwhile, the government will lose millions dollars revenue, and make the budget deficite even worse.

    Form this issue, we can really tell who are the cheap politians who only know how to deceive and please voters, rather than facing the reality and the real challeneg.

    A real political leader is not someone who tells us what we would like to hear, but what we need to hear; a TRUE political leader would not do those cheap shots like Hillary and MaCain, but with a farsight view.

    Obama, daring to stick to his belief, shows his charactor and honesty.

    April 30, 2008 04:04 pm at 4:04 pm |
  4. Jason

    No reason this should be so difficult. There's plenty of oil around here – it is beneath Alaska & the Gulf of Mexico. Secondly, and I like this idea even better, cut off the supply of American corn and wheat to OPEC nations and see how much they enjoy growing crops in the sand. I'd rather eat than drive any day.

    April 30, 2008 04:06 pm at 4:06 pm |
  5. white female senior

    Take a look at the areas of the country that have voted for Hillary. In the East it is the Apalachian Mountain areas, aka where the HIlBillaries live! They are almost as stupid as the people in the center of the country that voted for GWB twice, aka DumbFrickistan. So for those who needed to ride the small bus to school, I will explain it to you: If we get have a gas tax holiday (which, by the way WAS McCain's idea first), all that will happen is demand will go up and instead of the Federal Goverment getting that money to put towards rebuilding our infrastructure (that's roads and bridges, people), the oil companies will get it instead. Hmm, who was it that said that they promised to put our infrastructure a priority right after that BIG bridge collapse, hmm?? Oh yeah, that was Hillary Clinton!

    April 30, 2008 04:06 pm at 4:06 pm |
  6. Lisa

    Brad in Missouri April 30th, 2008 2:51 pm ET

    Those Obama supporters who are eagerly counting Superdelegates as they come in are forgetting one crucial fact… Superdelegates can change their minds at any time! There is no math to this game until time runs off the clock. Just dig in and wait. Nothing will be decided until DNC. And I am pretty sure it will add up for Hillary. btw… Gallup poll has her ahead nationally despite all the states the Obama "won." Knowing what we all do now, who will those state choose in November? That is what is important to Superdelegates.
    PLEASE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    April 30, 2008 04:07 pm at 4:07 pm |
  7. Jon

    Why can't the U.S. get together with China, India, and the EU and gang up on OPEC. We could become "OPIC," (Oil Purchasing and Importing Countries). Without OPIC, there would be zero demand for oil. We then tell OPEC we'll give them $40 per barrel or nothing. OPIC could become mankind's greatest achievement!

    April 30, 2008 04:08 pm at 4:08 pm |
  8. Terry in New York

    Enough already wth this dingbat Rev Wright. If the media is going to keep this alive forever then they ought to give equal time to the Clinton's if they're going to fry Barrack.
    Let's start asking the Clintons about their child molesting pastor?
    Seems a little more serious to me than some crazy pastor shooting his mouth off.

    April 30, 2008 04:08 pm at 4:08 pm |
  9. LT for Obama

    I just say, let Bill and Hillary keep on talkin' and talkin' until the last vote is counted.

    I say, keep Bill out there, he just helps her out so much (not).

    April 30, 2008 04:09 pm at 4:09 pm |
  10. mk

    Bill, Go Home!

    April 30, 2008 04:11 pm at 4:11 pm |
  11. Time4Change

    Gas Tax Holiday??? What a bunch of nonsense! The price of gasoline is related to the demand for it. Price arbitrates supply and demand. So if the price of gas goes down from lifting the Federal tax on it, demand will INCREASE and supply will likewise decrease. Guess what the oil companies will then do? You got it right...they will raise the price of gas to cover the increased demand. Furthermore, when the federal tax is reinstated, supply then becomes even tighter because of the higher demand created by the artificial lower price (gas tax lift). Demand will then eat up the tax lift and the price would be no different than before the so called "tax holiday". The price of gas actually has more of a potential to rise higher than ever very quickly. A "gas tax holiday" is by far one of the stupidest ideas power hungry politicians have come up with to deceive the American people to conjure up more votes. Nothing more than political pandering. Just like Senator Obama said, it will worsen our problems and does not in any way provide a long term solution to ending our crazed dependency on foreign oil nor our wasteful, irresponsible habits in regards to oil use here in America.

    Thank God at least one of the candidates that being Senator Obama has enough economic sense to realize this.

    Obama '08/'12

    April 30, 2008 04:11 pm at 4:11 pm |
  12. wait a minute

    Gas tax holiday is only a political move.
    We do not need superficial solutions.
    We need real solutions.
    People live 365 or 366 days in a year, not just on holidays.

    April 30, 2008 04:12 pm at 4:12 pm |
  13. Sam

    I love you Bill Clinton, I wish you could run for the third term. If you could, may be u could change our economy one more time. Beside you personal matter, You are the best president ever!!!

    April 30, 2008 04:14 pm at 4:14 pm |
  14. Paul - Senseable

    More democratic rhetoric; there is plenty of oil in AK and if that's not enough, why don't we use some of it we have spilled our blood over – NOT!

    I love all of you insulting Bill and Hillary and turning around and supporting Obama... NUTS!

    We are still the majority and we won't give it up! You all twist and turn, shoving your crap down our throats, talking about acceptance and tolerance... NUTS!

    If Obama is president he'll "End the War in Iraq" – liar
    he'll give us universal haelth care – liar
    he'll make chocolate chip cookie dough flow from our faucets – TRUE

    April 30, 2008 04:15 pm at 4:15 pm |
  15. AB

    He's probably right. At some point we have to give it up. Oil isn't going to become cheaper and we're sorta out of dinosaurs so we can't make any more. Oh yeah also need some time. Its going to be hard to adjust to cosuming less oil while going through the equally hard work of finding and actually using new sources of energy. This problem has been building for decades. No one politician can stop it. We all have to stop it. Actually work to wean ourselves off oil. The Clintons are not the reason gas is $4/gal. Obama is not the reason either, nor McCain. Bush...well maybe a little. Under pressure the government will do with it can to drop the price. But not much and not for long. So stop trying to pin the blame on the candidates. Where's your gas cost solution? Or more reasonably why are you screaming to support a politician (not the President, ANY politican) instead of whining. And some of you need to get over the Clinton's $110 million dollar fortune. They made money. You think 2 incredibly smart people can't manage to make some money if they put their mind to it? Serving your country doesn't mean you have to accept being poor.

    April 30, 2008 04:15 pm at 4:15 pm |
  16. Dori in AZ

    Equates to giving an injured patient in need of blood a few drops at a reduced price when the patient needs a full blown transfusion to survive! Then, charging that patient even more for the transfusion when he does finally get it. If he can afford it. Or, hey, maybe you just let the patient die....?!

    Uh, no thanks, Bill & Hillary. OLD tactic. Politics as usual.

    Not addressing the key issues. Not addressing the need for serious long term changes & resolution. Not addressing the future. Not addressing the dire straits we are in regarding energy needs, fuels, & consumption in this country & our entire planet. Not addressing alternate resources. Not addressing where we are spending our money as a nation & where we need to redirect it. Not addressing...

    Sen. Obama isn't playing into the tax holiday farce. Obama 2008!

    April 30, 2008 04:15 pm at 4:15 pm |
  17. CHERIAN THOMAS

    Superdelegares, think before you act, Hillary is the only candidate who will win against McCain. Obama will be a loser. Iam a strong democrat. Read my lips. I will prove that I am right on 11/05/08.

    April 30, 2008 04:16 pm at 4:16 pm |
  18. georgia

    Bill wants back in the White House so bad he can taste it.In fact those of us old enough to remember can recall him talking of wishing he could do a 3rd term. Their not beyond thinking she could make him her vp(21 st or 22nd ammendment). I'm sure Bill has more good memories than we know of his WhiteHouse yrs. But enough is enough.

    April 30, 2008 04:20 pm at 4:20 pm |
  19. TAHARI in CT 4 OBAMA

    I just used my $25 savings and donated it to the BARAK OBAMA campaign- It was my first contribution (tear)!

    Thanks for the idea BILLARY!

    April 30, 2008 04:28 pm at 4:28 pm |
  20. Sharon Minnesota

    Must be the typical Obama supporter nastiness. It's our Republican governor and legislature and our Republican president (GWB) that were responsible for the 35W bridge collapse, by not properly funding the Federal Interstate Highway maintenance and not the price of oil. As I said, there's more than one way to skin a cat. Try multiple moves like take away subsidies and freebees from the oil companies.

    You should know better!!

    April 30, 2008 05:38 pm at 5:38 pm |
  21. OMG

    Eliminating the gas tax for the summer does nothing about lowering the price of gas itself. In fact, it encourages people to drive, which simply puts more money into the pockets of the oil barons...........and deprives the Federal Highway Trust of billions of needed gas tax $$ to keep our federal roads safe and in good repair.

    Worst of all, it does nothing about lowering gas prices permanently.

    How is this a good idea? It isn't. Ask any economist. Mc Cain and Clinton are just pandering to peoples' lack of common sense and understanding of real issues.

    April 30, 2008 05:39 pm at 5:39 pm |
  22. Jason

    Boy, am I glad that Obama is running. It allows me to see how easily liberals are fooled with empty messages of "change" from a candidate with minimal experience and an abysmal voting record. Until about a year ago, I considered myself a left leaning moderate but this has simply proven to me that liberals don't care about the issues, they just care about proving to everyone else how liberal they can be.

    McCain '08 for me.

    April 30, 2008 05:50 pm at 5:50 pm |
  23. xtina, chicago IL

    The basic law of supply and demand tells you America needs to increase its supply. We have oil in our own country. We need a leader who will support exploring in N. Dakota, off Fla, in other parts of the Gulf of Mexico and in Alaska. Oil independence can be gained by getting more of our own oil from our own country. Another huge help will be putting a moratorium on the federal gas tax. Congress can do this overnight and it will lower our price by avg. of 50 cents/gal.

    Obama and Clinton both want to tax the oil companies more. How will taxing the oil companies supply us with more oil? And how will taxing the oil companies make the price do down?

    April 30, 2008 05:51 pm at 5:51 pm |
  24. Craig A Texas Democrat

    I think this tax on oil companies is stupid. I work in the oil and gas industry and no one seems to care about how all this taxation is gonna affect us oil and gas workers. You tax the companies then they cut back our pay and and jobs and believe me if we strike no one is gonna like that turnout.

    April 30, 2008 05:58 pm at 5:58 pm |
  25. Bob

    Bill and Hillary both believe high Oil Prices are here to stay for two reasons. First, they are in the pockets of the Corporate crooks who orchestrated the high prices. Second, they are both opposed to drilling for oil off the Florida coast, In Alaska and in Montana. these huge Oil deposits could make America independant of Foreign Oil and bring prices down. The Clinton /Bush Dynasty is killing us!

    April 30, 2008 05:58 pm at 5:58 pm |
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