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. Anna, SW Missouri

    This is so funny. Hillary is out there campaigning saying she will fix it. It is the Bush Administration's fault that prices are high and when Americans vote her into office she will solve all of our problems, and Bill is once again saying it isn't possible. I love it!

    April 30, 2008 03:28 pm at 3:28 pm |
  2. Ben- Portland

    Jay wrote:

    "I'm ashamed of Obama fans…You guys are just pathetic. You guys are going to divided our party with all your hateful comments."

    And just a few posts later, African American Woman wrote:

    "You guys suck! yOU JUST WANT TO JUMP ON CLINTON FOR NOTHING…" and "It will actually make me happy to see McCain in office in January….sad"

    Sad indeed. What's worse is that nobody seems to "get" the situation we're in. We're oil junkies, and there is only so much oil in the world. The more China and India grow, they're not only taking our jobs; they're also buying up all the oil they can get, running up our prices. They have the power now. And watch out for India, who, along with Pakistan, has just negotiated a deal with Iran for an oil pipeline. What's up with that? We're worried about Iran's ability to create a nuclear weapon and we decided to "isolate" them by telling all our allies – India, Pakistan, and Russia included – to not work with them until the Iranian's stop nuclear development. What do you think is going on here? India and Pakistan get oil, they both have nuclear capabilities, and they're going to feed that info to Iran in exchange. The Israelis just came forward with info about a Syrian & North Korean nuclear connection... look around... we've got bigger problems than oil, here. Vote for Obama – he'll talk to these countries and try to undo the damage done the past 20 years. He's our only hope. The new Obi-Wan, I guess.

    As for oil, opening up Alaska and California aren't going to cut it; they're just as much of a bandaid as a tax "holiday". Vote with your wallet and curb your driving, buy renewable energy, install a solar panel... do something; don't just wait on the politicians to make gas cheap again. It's not happening.

    April 30, 2008 03:28 pm at 3:28 pm |
  3. NO-BAMA



    I can see Obama has NO intentions of saving us money at the gas pump since is opposed to it, and calls it a gimmick....
    Uh, Mr. Obama, saving money is NOT a "gimmick"....your campaign slogan IS.


    April 30, 2008 03:30 pm at 3:30 pm |
  4. maybe a dem

    I have a question for the Canadians and their negative post. Are you Americans living now in Canada or just some of the Obama crowd from around the globe? You are not very nice. Why do you care?

    April 30, 2008 03:30 pm at 3:30 pm |
  5. Democratic 2008

    Clintons are greed. They are desperate to return to the White House-only to repeat like the Bush Family mission accomplish.

    April 30, 2008 03:30 pm at 3:30 pm |
  6. Montana is Obama Country

    A Holiday from Gas Tax is ONLY a BANDAID..

    Barack plan supports America taking back our country from big oil, feds, Washington lobbists, banks and large corporations who sabotage the American dollar.

    Taking back our country is like learning our abc's.

    my ABC's are .......... "Anybody BUT Clinton"........

    Yes.. We... Can... 2008

    April 30, 2008 03:30 pm at 3:30 pm |
  7. robb

    Thanks Bill for getting us straightened out on on the obvious. Do you have anything profound to say or not?

    Dear CNN Ticker, you can do better than this.

    April 30, 2008 03:31 pm at 3:31 pm |
  8. Joel, Pittsburgh, PA

    Let's see... we drop the gas tax, demand goes up as prices drop, but there's no way to increase supply – so prices go back up to where they were, or even higher. Then, instead of the government getting the difference to do things like make sure bridges don't fall into rivers, the oil companies pocket that 18 cents a gallon.

    Yeah. Sounds like a GREAT idea.

    Meet the new boss, same as the old boss.

    April 30, 2008 03:31 pm at 3:31 pm |
  9. Maria

    Obama is correct on the oil prices. The Oil Tax Holiday is a disguise and a temporary illusion that your saving money. Obama understands the principles of economics. Please people we need real change. Don't be afraid of it. Don't be distracted by things that sound good. Please be smarter than that. Obama has said we need to start now on developing alternatives for fuel but it will take time. The only way you can decrease oil prices is to decrease demand. Let's start innovating new ideas. Ride your bicycles if you can to work and you get some excecise too. You can carpool. Take a different route to work. Keep up the maintenance in your car. You don't have to do this everyday just start learning how to cut your cost. You may give yourself more of a savings than the oil tax holiday.

    Besides I don't believe the Cliniton's anymore. I've learned some pretty scary stuff. A court case in California happening in the next few months
    Clinton vs Peter Paul and mainstream media has not attacked it. I guess they have a lot of money to keep peoples mouths closed.

    April 30, 2008 03:31 pm at 3:31 pm |
  10. independant

    Manipulation by oil companies ?????? Surely not,- why, that`s illegal !!!!!!

    April 30, 2008 03:32 pm at 3:32 pm |
  11. Karen, TN

    So Bill is explaining why the gas prices are so high like there's a reasonable explanation, all the while the rest of the Democrats are trying to say it's George Bush's fault. Sounds like Bill's on the other side to me.

    April 30, 2008 03:33 pm at 3:33 pm |
  12. Brendose, Oceanside CA

    That is EXACTLY why your wife's temporary tax cut will not work! It is the simple economic theory of supply and demand. America, please wake up!!!

    If Hillary got her way and did a tax cut on gas prices, people would buy more gas......therefore the demand of gas would go up. Due to what Bill acknowledges as a "shortage of supply" in gas, the price of gas would skyrocket. Thus, bringing gas prices even higher than before. And then what happens? The gas tax is put back into the equation......raising prices once again......

    Seriously, if America elects Hillary.....we are going to be in a huge STAGFLATION economy. YOU HAVE BEEN WARNED!

    April 30, 2008 03:35 pm at 3:35 pm |
  13. A.M.

    Mr. Ex-President, and once again Ex-President, thank you for your advises and analysis; we are not dumb, that much we can figure out ourselves.

    Go and find another job ...

    Obama 08!

    Houston, Texas

    April 30, 2008 03:36 pm at 3:36 pm |
  14. djdon

    Since Bush Got in office Crude Oil and WAR started
    he dont Want our troopes come home He wants them to stay
    there and Die Bush has to get out of Office Since he got in Oil and Gas
    Shot Up Liek a Rocket We need a New President

    April 30, 2008 03:36 pm at 3:36 pm |
  15. Viet Nam Vet

    CA Native
    Legal or Illegal?

    If people in the US boycott Chevron & Shell don't cha think that might lower oil prices? No gas sales- – no profit. I go to chvron now but if I drive by and no one is there I'll for sure go to 76 or some other brand

    April 30, 2008 03:37 pm at 3:37 pm |
  16. Teddy

    Bill Clinton was right when he said the oil price would remain high. However, when he sad that he would be surprised to see oil price below $100 per barrel, that was not a wise statement. It would well drop below $100 soon as U.S.dollar becomes stronger.

    We should all drive less and try to work from home as much as possible!

    April 30, 2008 03:37 pm at 3:37 pm |
  17. v.ananthan

    Some people are attacking Bill Clinton even without listening to what he is saying....

    He balanced the budget and its not an easy task...

    The remaining states are deciding the future of America and I hope the voters will make the right decision...

    April 30, 2008 03:37 pm at 3:37 pm |
  18. Grant

    Do your homework Bill.....The current price is not demand driven, commodity traders have overtaken the market, mostly underwritten by Russian oil giant Gazprom. OPEC has said that they have enough oil to meet supply, in fact Canada has the capacity to meet the domestic shortfall in the US, (see Fort McMurray Oilsands)

    The government needs to reign in these commodity traders! That's what will bring the price down or strike a sideline long term deal with Canada, might be difficult to do when the Dems have basically ripped up NAFTA....this rhetoric has not played well up North, look for a rocky response!

    How much are getting paid from the commodity trading lobby Bill? Hard to take anything you say without a slant, thats alot of speeches for $20M a year !

    April 30, 2008 03:37 pm at 3:37 pm |
  19. what you say

    Just like the clintons -- Do They Live In the Same House ? Do They Sleep In the Same Bed? Do They Talk To Each Other Before They Leave The House? These People are on Different Plains one does'nt know what ther other is doing and they come from the same house oh yeah thats right they don't know what each other is doing even when they live together remeber--– yeah th–aaaaa --ts right
    stanky stuff went on right under her nose.

    The problem is that religion can only do religious things well. And when a Rev. Wright speaks at the National Press Club, or when a Billy Graham endorses a Nixon or when the adulterous Bill Clinton invited ministers to the White House to airbrush his squalid affair, or when McCain sucks up to the worst of the Religious Right that he once called "agents of intolerance" so he can get elected by religious nut-jobs, or when Hillary Clinton speaks of her faith and of carrying her Bible everywhere, so she will make good with those blue collar voters, it's hard to tell who's abusing whom - the preachers or the politicians. One thing is certain; the relationship of religion and politics does America no more good than the Oracle of Delphi did the ancient Greeks

    April 30, 2008 03:39 pm at 3:39 pm |
  20. Dan, TX

    As an Obama supporter I agree with Bill Clinton. The oil companies may be getting advantages they don't deserve, but they aren't artificially inflating prices beyond reason. Oil is expensive because it is a commodity that is getting more and more expensive to recover and the demand is growing. As we export more and more manufacturing jobs to Mexico, India, China, etc, they are becoming more wealthy and so they can begin to live the American dream. Buy cars, for example.

    20 years ago, Beijing streets were full of bicycles. Go there for the Olympics and you'll see Mercedes, BMWs, Hondas, and Toyotas on the streets.

    April 30, 2008 03:40 pm at 3:40 pm |
  21. Kathy Corey

    I have no idea why this is news...except that whenever Senator Obama gets into trouble CNN and MSNBC look to take the heat off by manufacturing a controversy for Senator Clinton. There is nothing controversial in what President Clinton says above. There is a limited amount of oil...we need a comprehensive energy policy. Senator Clinton has a thoughtful comprehensive policy.

    April 30, 2008 03:40 pm at 3:40 pm |
  22. Life long democrat.

    Its seems to me that Hirlary has roots in every state, give me a break!!

    Obama 09-16

    April 30, 2008 03:41 pm at 3:41 pm |
  23. Jack Walden

    All the oil experts, OPEC including, have stated that around 30% rise in the price of crude oil is pure speculation driven by greedy wall street hedge fund managers out to make a quick buck. Thus, it means that oil without speculation should be around $80 range. Thus the question that needs to be asked is what these three candidates are going to do, if anything, to curb this wild speculation that is bringing misery to millions globally.
    The answer is probably nothing in keeping with super oil brat Bushs policy because curbing wall street goes contrary to the the principles on which America is based and run-Capitalism.
    The powers to be are also least concerned that high crude oil prices threatens Russia turning into a economic powerhouse as well.

    April 30, 2008 03:42 pm at 3:42 pm |
  24. IAMWMD

    Here's Bill trying to get another quickie. That band-aid quick fix supported by Billary and Lil McBush will be like putting a band aid on a snake bite. It won't make any difference. Until someone is willing to take the benefits and tax breaks from Dubya's oil buddies, the high gas prices will continue .

    You Republicans voted this oil man in so deal with it. He's not gonna stop his buddies from getting rich especially with the kickback he's receiving.

    Obama 08

    April 30, 2008 03:42 pm at 3:42 pm |
  25. Theogracias

    Gee thanks Bill. I don't believe anything unless I hear it from you first. Why is it that every time something he says is reported...I feel angry and insulted.

    April 30, 2008 03:42 pm at 3:42 pm |
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