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. semp

    We need to air drop Pelosi and Reed into the ANWR. Let them spend their August vacation communing with nature whilst cooking over caribou dung.

    July 23, 2008 04:04 pm at 4:04 pm |
  2. Shari, NY

    Too little – too late!

    And your credit to Mr. Bush had to be accompanied by a discredit to Mr. Obama (which is rather flimsy)? Is this the best you can do sir? Senator Obama has remained stoic and exudes an aura of being unperturbed while everything is being thrown at him and his wife. In addition he has stood his ground without being confrontational. He is a diplomat, among other attributes, and I eagerly await crunch time when he "pumps up" the volume. Whether or not this man becomes the victor I truly believe that he will save the best for last. Brace yourselves!

    July 23, 2008 04:04 pm at 4:04 pm |
  3. maxx Atlanta GA

    Have to repeat myself he is toooooo old!!!!!!! Question is gas prices down for the consumer do you see it..... same old game with the same old repub........ this is the psycological game part he talked about.....fear mongering the game they play ...dont get trapped in this game they are idiots all of them..... the real reason is because Iraq is about to throw them out of their country without signing that contract for their oil to be stolen....... think about it people please!

    July 23, 2008 04:05 pm at 4:05 pm |
  4. Doug from CO

    If only the President of the United States had that much power. Remember when he begged the Saudis to increase production? That didn't work. Now, somehow removing a redundant executive order banning offshore drilling makes prices shift dramatically, even though the ban still exists? Anyone who believes that is only proving that the American education level is shockingly below where it should be. That or No Child Left Behind has done exactly what the Bush administration wanted it to do: make us dumberer.

    July 23, 2008 04:05 pm at 4:05 pm |
  5. Jeff in Illinois

    tony, what is YOUR plan for the next 15 years? Drill Alaska and offshore (which will take 10 years to develop anyhow), adding a drop in the bucket to the overall supply? Seriously, why are so many republicans so out of touch with reality?

    There are more capped wells in Texas ready to go quickly then we'll see functioning wells in 15 years of offshore drilling. Get a clue.

    July 23, 2008 04:06 pm at 4:06 pm |
  6. JD

    Mr. Uh-bam-Uh sure doesn't get any, uh...er...credit! Not that he'd want it! He wanted high gasoline prices to appease his ecofascist constituents and would undoubtedly tax gas to raise the prices even higher.

    July 23, 2008 04:06 pm at 4:06 pm |
  7. Ben


    If the value of oil will increase more per year than other investments, those who control oil will not pull it out of the ground. If they have reason to believe that the value of oil will not increase more per year than other investments, they will pull it out of the ground.

    So even though decisions to drill offshore would not seemingly have an impact until that oil hits the market, in fact any event that effects the future price of oil (such as higher supply in the future) will have an immediate effect on the amount of oil being produced, and gas stations will lower prices as higher oil supply means lower price for them.

    July 23, 2008 04:07 pm at 4:07 pm |
  8. Tommy

    Right! And if you believe this I invite you to join the Straight Jacket Express!

    July 23, 2008 04:07 pm at 4:07 pm |
  9. Amazing

    So the price of oil shot up from $60/b to $147/b in one year timeframe and it going down $10 from its all time high is good news in the McCain camp? This is just as bad as their Bush's view that they hedge away $100 million from the fed's deficit, but ignore the fact that we're still $300 million in the red.

    July 23, 2008 04:08 pm at 4:08 pm |
  10. Eugene

    Amazing McCain. One day he says that the problem is all oil supply. The next day the problem is clearly about speculators being less fearful, and McCain wants us to praise the Chief Thief about the oil price declining? Won't be fooled this time.

    July 23, 2008 04:08 pm at 4:08 pm |
  11. Marc from San Diego

    Is this McCain the whiner talking? He needs to think before speaks and stop this foolishness. How stupid does he really think the public is anyway. Insulting. And stop the whining we have heard all week long.

    July 23, 2008 04:08 pm at 4:08 pm |
  12. Mikey, Alpena, Mi

    McCain's polling people called me twice last night. I'm starting to feel like a BFF.

    How disorganized could his campaign be?

    July 23, 2008 04:09 pm at 4:09 pm |
  13. Eric

    anything that gets done with gas prices are just going to straight into the Saudi's pockets. Even if gas was 10 bucks a gallon we'd pay it. You know why? because this country has been asleep at the wheel and has made no effort to move towards domestic renewable energy and we have no choice but to pay. That last thing this country needs is lower gas prices, sustained higher gas prices will help fuel the revolution so we can get out of this mess and get to alternative energies. We could have made HUGE advances in technology if we actually gave a crap in the 90s.

    July 23, 2008 04:09 pm at 4:09 pm |
  14. EDW

    The week that Bush first took office gas was two dollars cheaper than it is now, however we are supposed to be grateful. Down with the Republicans.

    July 23, 2008 04:09 pm at 4:09 pm |
  15. Brad

    First it was Bush and Cheney energy policy is not responsible for the increase because the price is set by the free market rule of supply and demand. Now the idiots are claiming its not a free market but something that can be controlled by our national energy policy. Which is it you old coot?

    July 23, 2008 04:10 pm at 4:10 pm |
  16. Uncle Sam

    Woof, Woof!!! Mr Magoo is at it again. Next, he'll be chasing cars!!! LOL!!! McSenile is a joke that keeps on giving!!!

    July 23, 2008 04:10 pm at 4:10 pm |
  17. M.S. Indiana

    No wonder you lost in the run for president in 2004.... You are making Bush look like a decent guy...

    tony, and what drilling for more oil really do ?? give us a 2% increase in supply.. but there are no place to get it refined.. and who says the oil wont go to highest bidder, we are after all in for free trade and no government regulations..
    And then we will run out of oil in about 14 years.. Yeah McCain lets drill and get out of oil...
    You could drill in your back yard to too, it looks pretty. So what when prices go up again ?? it will be Obama's fault then ??

    July 23, 2008 04:10 pm at 4:10 pm |
  18. pam Eugene OR

    Thank you Bush and McBush. It is still $78 to fill my gas tank.
    Bush got us into this and it does not benefit him, Cheney or McCain to get us out of It.
    We can not drill our way out of this. Americans are doing all they can to bring down the price by lowering consumption. This is bringing down the prise. Bush gets zero credit for the lower cost for crude that has not changed anything at the pump.

    July 23, 2008 04:10 pm at 4:10 pm |
  19. Stop The Madness

    If that's the case let's just "say" we are going to drill the coast mile by mile. We don't have to actually do it.

    A stradegy the Republicans are very good at, I might add.

    July 23, 2008 04:11 pm at 4:11 pm |
  20. Annette

    America please wake up! Please use your common sense in November...this is a complete joke...he's got to be kidding...and we are in Iraq were folks are paying less then us on gas!

    July 23, 2008 04:11 pm at 4:11 pm |
  21. Will-South Dakota

    Wonder what color of lipstick McCain was wearing when he kissed butt on this statement.

    July 23, 2008 04:11 pm at 4:11 pm |

    Is it not surprizing that McCain credits Obama for being influential enough to personall affect the price of gas while claiming he is entirely ineffectual in everything else.

    if just talking of drilling is enough to bring down the price of oil, it only serves to proove that the price IS the result of speculators and has no real connection to reality.

    July 23, 2008 04:13 pm at 4:13 pm |
  23. Sharon

    Wow, my "friend" McSame is really losing it!! Lifting the ban on offshore drilling MAY have an impact on oil prices in say 10 or so years. Nobody has so much as planted a drill bit off the Florida Keys and this guy is already claiming that the problem has been solved!

    If he bothered to read the news, he'd understand that China is keeping people off the roads in order to reduce pollution in time for the Olympics. Because China is a huge consumer, this reduction in driving has resulted in a reduction in the demand for gasoline. Lower demand = lower prices! It's supply/demand "stupid." Once the Olympics are over the demand in China increases and oil prices will spike again.

    July 23, 2008 04:14 pm at 4:14 pm |
  24. Ken Pittsburgh

    We could not afford to drive as much or take take road vacation that we like to take or taken public transit . McCain you maybe right
    Bush has made us all poorer so that we could not buy gas which meant more stockpiles in inventories which mean the suppliers have to get rid of the surplus but the price at the pump a not gone down that much.

    July 23, 2008 04:14 pm at 4:14 pm |
  25. JA Cook

    He forgot that he was trying to distance himself from Bush.

    July 23, 2008 04:14 pm at 4:14 pm |
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