July 23rd, 2008
01:20 PM ET
11 years ago

McCain: Give Bush credit for oil price drop

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/07/19/art.mccainsat.ap.jpg caption="McCain said Pres. Bush deserves more credit for oil price drop Wednesday."]
(CNN) - John McCain — whose campaign launched an ad this week blaming Barack Obama for high prices at the pump — said Wednesday President Bush's new push for offshore oil drilling deserves the credit for the recent drop in crude oil prices.

"In case you missed it, soon as the President announced that we were going to end the moratorium on offshore drilling the price of a barrel of oil went down $10," the presumptive Republican nominee said at a Wilkes-Barre, Pennsylvania town hall.

Crude oil prices are down about $20 a barrel from their record-setting intra-day high of $147.27 a barrel back on July 11.

President Bush announced on July 14 he was lifting executive ban on offshore drilling, although Congress has yet to act on his call to lift its own drilling ban.

Asked about McCain's comments today, White House Press Secretary Dana Perino replied, "I don't know that we fully deserve the credit, but I do think in was important to send a signal to the market that we are serious about moving forward."

Earlier this week, McCain's campaign released a new television spot blaming Barack Obama's opposition to offshore drilling for the nation’s rising gas prices.

For more on McCain's town hall event, tune into Campbell Brown: Election Center tonight at 8 pm ET.

Filed under: Economy • John McCain • Popular Posts
soundoff (411 Responses)
  1. Jamaal Kansas

    yeah right Bush dd not make nothing drop the speculators seen that they were rising oil more than Demand was growing and tney stop raising the expectations because they know that they have barrels just sitting and not being used

    July 23, 2008 02:59 pm at 2:59 pm |
  2. Kevin Leo (Jonesboro, GA)

    Okay in the latest installment of "The World According to McCain", Bush is responsible for the drop in oil prices while Barack is responsible for the rise in gas prices!

    I want to respond to these claims intelligently but I need for McCain to show his intelligence first so that I am not having a one-sided conversation.

    July 23, 2008 02:59 pm at 2:59 pm |
  3. Will, NJ

    Ok, I'll give him credit for the $10 decrease if he accepts credit for its $100 dollar increase.

    July 23, 2008 03:00 pm at 3:00 pm |
  4. Matt in Cleveland

    all this proves is that the speculators are the ones who are really at blame for the high price of gas

    July 23, 2008 03:00 pm at 3:00 pm |
  5. Vote Nader

    I hate to say it, but he may be right.

    I know for a fact the Democrats aren't the cause.

    ** Nader/Gonzalez 2008 **

    July 23, 2008 03:00 pm at 3:00 pm |
  6. An American

    Ummm....NO! It has been widely reported that offshore drilling is not an option that will help us now . We won't even see the effects of it until 2023!

    July 23, 2008 03:00 pm at 3:00 pm |
  7. Mike - Texas

    20 dollars a barrel price drop and what do we consumers see at the gas pumps?

    1 penny decrease?

    Go back to yelling at the clouds, Mcsenile. It can be quite entertaining at times.

    July 23, 2008 03:01 pm at 3:01 pm |
  8. No More McLies!


    Ya right........

    Anything to slam Obama – How delusional are you "My Friend" ??

    July 23, 2008 03:01 pm at 3:01 pm |
  9. BGIV in NC

    OK Thanks Mr. Bush for Oil prices being down to $125 per barrel. Let's see, oil was JUST UNER $20 WHEN YOU WERE SWORN IN!! THANKS A LOT. Glad McSame brought this to out attention.

    July 23, 2008 03:02 pm at 3:02 pm |
  10. R.I.F.

    What an idiot. So Obama drove prices up over the past 7 1/2 years and now Bush is driving prices down. Wow. Can we all say Bushes 3rd term.

    July 23, 2008 03:02 pm at 3:02 pm |
  11. Obama Supporter from Texas

    Another sign that lets you know why I call him McSame...

    July 23, 2008 03:03 pm at 3:03 pm |
  12. Don

    What is wrong with this "Maverick", BHO is pwning him on the foreign

    policy front, what does he even stand for, all he is doing is attack attack

    attack, man he has so many bad advisers its not even funny.

    July 23, 2008 03:03 pm at 3:03 pm |
  13. rs

    are you kidding me? where are the facts to support this claim? maybe we should credit the butterfly that flapped its wings on hurricane dolly.

    July 23, 2008 03:03 pm at 3:03 pm |
  14. LarryW

    John McCann is obviously more Bush like (Oblivious to reality) than I thought.

    July 23, 2008 03:03 pm at 3:03 pm |
  15. Willow, from Iowa

    Oh Please, I am getting a headache over all of this. Obama is the cause of the price increase. Bush signs off on the offshore drilling, and the price drops. Because everybody knows that offshore drilling is not going to bring a drop of oil until 2026 or later, and all of that oil will go into the international pool of oil. It will not come directly to us. We will have to buy it on the open market, just like China.

    I betcha that the price of oil will drop before the election, to a "almost" manageable price,. Because if it doesn't, and Obama gets into office, we will begin a major change over to alternative energies and cellulosic ethanol, wind power and solar. The oil companies, OPEC included, do not want us to do that, so they will suck us dry, and then go back to an allowable price, to allow us to become complacent again, so that we will not want to push to change to alternatives.

    July 23, 2008 03:04 pm at 3:04 pm |
  16. Abby

    Oh yes. Thank you very much for hiking it up from $1.50 to almost $5.00 then back down to $4.50! Thank you! This has to be in a DNC ad.

    July 23, 2008 03:04 pm at 3:04 pm |
  17. Tired of W, OH

    So, will Bush take the blame when oil goes back up? I doubt it. The repubs are quick to take the credit when something good happens, but never accept responsibility when they cause a collosal mess.

    July 23, 2008 03:04 pm at 3:04 pm |
  18. David Goldman for OBAMA





    July 23, 2008 03:04 pm at 3:04 pm |
  19. David Peter

    WRONG. You don't know anything about the economy, remember? You said it yourself, senator.

    July 23, 2008 03:04 pm at 3:04 pm |
  20. Obama 08: white, 60 year old woman

    Yeah oil has dropped in price because maybe Americans will drill for oil in 5 to 10 years and will refine it where?? This man has absolutely no understanding of how the world works.

    Any news on why McCain cancelled his weekly media availability today???

    July 23, 2008 03:05 pm at 3:05 pm |
  21. John in Virgina

    This is crazy. Bush and McCain first say, "America has an addiction to foreign oil." Ok. Well if it is an addiction, and you want to get off, isn't the point to not use it or use something else in its place? Smokers use nicotine gum to end their cigarette addiction. Drug rehab doesn't tell a coke addict, "Hey, you have a serious drug problem. Let's go find you another place to buy some more," and expect to get off. We don't need to be drilling for anything. We need to be getting serious about changing our energy policy. Also, I have yet to see that $10 translate to any reduction at the pump. So what's the deal? The oil companies and the Bush/Cheney croonies are just pocketing it as usual. I don't give Mr. Bush credit for anything that benefits the public when it comes to oil. Afterall, he is an oil man who benefits from this nonsense.

    July 23, 2008 03:05 pm at 3:05 pm |
  22. David E

    Just keep singing praises for Bush...

    July 23, 2008 03:05 pm at 3:05 pm |
  23. Kris from AZ

    Bush had nothing to do with the price dropping...give me a break..:-( i also dont think its Bush's fault oil had been at an all time high. Obama 2008!

    July 23, 2008 03:05 pm at 3:05 pm |
  24. Matt: honestly

    Wow. Off shore drilling. There go the beaches, we will see more oil spills. Since when can the President do this without Congress approval? And to say that Bush is the reason for the price drop? Give me a break!

    July 23, 2008 03:06 pm at 3:06 pm |
  25. Michael Turner

    Okay...McCain is losing his bearings! Obama cause the price of gas to go up and Bush is responsible for the price of gas to go down. I think he got this backwards like most things.

    July 23, 2008 03:06 pm at 3:06 pm |
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