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. Gary of El Centro, Ca

    Once again, NcCain takes a complicated issue and breaks it down to a "caveman" level of reasoning. We're not that dumb John, so you'd better start talking to us like adults or you are toast in November.

    July 23, 2008 04:14 pm at 4:14 pm |
  2. from the desk of, DM of Texas

    From a fools ear, John McCain will give the devil credit if it would improve this chances....

    July 23, 2008 04:15 pm at 4:15 pm |
  3. Travis

    There may be something to Bush 41's quote about "voodoo economics" if McCain is to be taken seriously. What kind of fetish does Dubya use to make his magic, Big Mac, and why hasn't his Obama stickpin doll worked yet?

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

    If he gets credit for the $10.00 drop he should be blamed for the $100.00 raise.

    July 23, 2008 04:16 pm at 4:16 pm |
  5. AoA - Seattle

    How STUPID can one grown man be?!?!?!?!?!?!?!?! GOD!!! I remember paying $1.20 a gallon for gas before these senile old repugnants took office 7 years ago. At 4 times more a gallon today, you think any of you morons deserve any credit? I swear one of the qualifications for being a republican politician has to be an EXTREMELY LOW IQ!

    First it's a mental recession, now we need to thank Bush for prices dropping from $4.20 to $4.19 a gallon. We have truly become a country of morons! What more proof do we need?


    July 23, 2008 04:16 pm at 4:16 pm |
  6. KRIS


    July 23, 2008 04:17 pm at 4:17 pm |
  7. lady in michigan

    wow... McCain's certainly been going after the too-stupid-to-breathe crowd... speechless in Michigan.....

    July 23, 2008 04:17 pm at 4:17 pm |
  8. Rick FL

    The reason the price of oil is down is due to lower demand.

    This perhaps confims why McCain said, "The issue of economics is not something I've understood as well as I should."

    July 23, 2008 04:17 pm at 4:17 pm |
  9. Matthew

    He's absolutely right.

    As the democrats work to raise gas taxes, Bush and the Republicans are actually putting plans together to lower gas prices to the consumer.

    The democrats want America to cut back on their consumption so China can have more oil.

    Gotta help the poor Chinese, ya know.

    July 23, 2008 04:19 pm at 4:19 pm |
  10. PaulC

    Bush cannot take credit for the small price drop but he surely can take credit for the subprime fiasco, Katrina, Iraq, as well as ignoring our dependence on imported oil.

    July 23, 2008 04:19 pm at 4:19 pm |
  11. DJ, LA, CA

    Oh please...that is the most pathetic comment I have heard from McSame. He keeps barking about drilling for oil in the ocean...yet Pickens the oil billionaire says we can't meet the needs. McCain must be getting bankrolled by the same Big Oil monopoly that financed Bush/Cheney.

    July 23, 2008 04:19 pm at 4:19 pm |
  12. Uncle Sam

    Quincy Magoo is a wealthy, short-statured retiree who gets into a series of sticky situations as a result of his nearsightedness, or latent myopia, compounded by his stubborn refusal to admit the problem.

    If that doesn't describe John McSame to a tee!!!! LOL!!!!

    July 23, 2008 04:19 pm at 4:19 pm |
  13. Kris

    I think I'm starting to get it. So, we should blame Obama for the fact that oil has gone up 250% during the Bush administration (the first 6 years of which, there was also a Republican majority in congress), but now we can thank Bush for this momentary and miniscule decrease. Thanks Bush!

    July 23, 2008 04:19 pm at 4:19 pm |
  14. Tito

    Prices go up, prices go down... Bush has very very little to do with it.

    July 23, 2008 04:20 pm at 4:20 pm |
  15. John

    Careful... I suspect the Republicans will make the price of oil drop to more affordable rates before November to make us think there isn't a problem. They did it once and they'd do it again.

    July 23, 2008 04:21 pm at 4:21 pm |
  16. karen-phoenix

    Bush will NEVER give anything to the average American. He and McCain do NOT even know we are here!!!! Out with the old, and I mean the very old!!!! AND in with the new!!!! Peace is patriotic and prosperous for the average American. NO MORE OIL MEN in Washington! NO lobbiests. No old rich men!!! And I'm in my 60's. Oh, and NO MORE republicans and I was a republican! Go Obama!!

    July 23, 2008 04:21 pm at 4:21 pm |
  17. insanity

    hahahahah !!..
    I mean.. how else can you respond to this kind of idiotic statements without laughing?

    July 23, 2008 04:21 pm at 4:21 pm |
  18. peakarach,des moines,IA


    MCCAIN 08!
    HILLARY 12!

    July 23, 2008 04:21 pm at 4:21 pm |
  19. sherry



    July 23, 2008 04:22 pm at 4:22 pm |
  20. Phil, San Jose, CA

    Lets see here, since 2000 (the start of Bush's reign of terror), gas has risen $2.75/gallon. In the past 7 days since the price started to drop, gas has only decreased by $.07/gallon. I'll start congratulating people when it gets back down to $3.00/gallon and this won't happen on this administration's watch.

    July 23, 2008 04:22 pm at 4:22 pm |
  21. Lance

    Senator McCain thought Americans are dumb.
    Imagine a bad CEO caused company stock to drop 90%, then the stock went backup by 1% one day. The CEO then said he is right leader for the company, bragged about it. Guess what the stockholders will do: kick him out of the door.

    July 23, 2008 04:22 pm at 4:22 pm |
  22. peakarach,des moines,IA


    MCCAIN 08!
    HILLARY 12!

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


    July 23, 2008 04:23 pm at 4:23 pm |
  24. Chris

    McCain must have memory loss...or dementia or something...

    Because he has just gone off his rocker this last week...

    Oil prices went down...because demand went down....not because Bush did anything.

    Looks like McCain is following Hillary's example....hes already at the "kitchen sink" phase of his campaign...

    July 23, 2008 04:23 pm at 4:23 pm |
  25. Lone McCain Blogger

    This guy has no idea how stuff works

    July 23, 2008 04:24 pm at 4:24 pm |
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