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. Jeff, South Bend, IN

    Thanks McBush – you idiot. I was paying $2.05 a gallon when Bush took office 8 years ago, now you want me to give him credit because you think he caused gas to drop from $4.29 a gallon in my area to $4.21?

    **** you, you senile old man. You have no clue what the real world is like, in your wife's private jets and mansions.

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

    Correlation is NOT the same as causation.

    July 23, 2008 04:24 pm at 4:24 pm |
  3. Recovering Republican

    tony, your post makes no sense. According to economists, its congresses' research into limiting oil speculation combined with a variety of other factors that caused the oil to drop.

    McCain's claim that Bush caused the oil price to drop just shows his lack of understanding of the political issue and securities. All economists and oil speculators know that Bush's removal of the executive branch's ban on offshore drilling means nothing without Congress removing their ban as well, which, according to political analysts, is extremely unlikely given the current political climate.

    So, let all the republican sheep eat up any unsubstantiated claim McCain spouts...

    July 23, 2008 04:24 pm at 4:24 pm |
  4. John McShame, Obama Is Going to Tax You & Cindy, but Not Me & 95% Americans Making < $250,000/Yr

    this is very telling...that every day McSame is disconnected from reality. LOST HIS BEARINGs is an understatement.

    this man is TOAST!!!!!

    July 23, 2008 04:24 pm at 4:24 pm |
  5. Dick in Sioux Falls

    This comment by McCain is a further illustration of his lack of intelligence, and a lack of understanding about how this economy works. It is right in tune with the comments by former Sen. Gramm that we are in a "mental recession"; that we are a nation of whiners.

    That's not far from suggesting that there's nothing really wrong with our economy. Remember McCain offering the sage observation that "I think things are going pretty well, economically."

    If this nation rejects the Presidency of Obama for another mentally challenged Republican candidate, we will once again see European newspaper headlines: "How can 59 Million people be so stupid?"

    July 23, 2008 04:25 pm at 4:25 pm |
  6. Idiots

    So Bush can wave a magic wand and make prices drop?!
    A little agreement w his oil buddies? I'll drop the presidential ban and you can drop prices? Does this make anyone else say she-it?!

    July 23, 2008 04:25 pm at 4:25 pm |
  7. Nate- Minneapolis

    It's foolish to believe that Bush's symbolic gesture effected oil prices at all. The reason oil is actually dropping is because the economy has slowed and people can' t afford to drive so the demand for oil has decreased. Simple economics McCain- decrease demand or increase the supply and the price will decrease. If McCain is crediting Bush for the faltering economy and it's impact on demand for oil, i'd agree. Bush does then in an indirect way get credit for reducing the price of oil.

    Really though, what idiot would believe Bush's gesture has any impact on oil and who would try to sell that to people? It's quite ridiculous.

    July 23, 2008 04:25 pm at 4:25 pm |
  8. Vigla

    If Bush had such power, then why did he wait 3 years to do something? Oh, that's right, he had to wait until hs oil budddies said it was OK.

    I work for an oil company. 5 years ago the executives were all driving reasonably nice cars. Today, they are all driving Maseratis and Ferraris. Me, I'm still driving my 4 year old Saturn and struggling to make ends meet. Boy, those stock options are something else!

    I'm disgusted. Anyone who votes for McBush is a complete idiot. I have NO respect for you.

    July 23, 2008 04:25 pm at 4:25 pm |
  9. Joseph, Los Angeles

    The lower price has nothing to do with Bush. The price per barrel is less because the speculators were silenced.

    July 23, 2008 04:25 pm at 4:25 pm |
  10. Toyin, Atlanta.

    Give credit where it is due people. Bush deserves credit for the $10 decrease per barrel, however oil companies shoud give him that credit because prices have not fallen in my city of Atlanta. Bush should also be credited for record deficit, Iraq distabilization, record profit by oil companies, Haliburtons fat belly, Housing crisis, disregard for human life after Katrina and so much more.

    July 23, 2008 04:26 pm at 4:26 pm |
  11. Nick

    How does lifting the executive order on the moretorium affect prices? It is a simbolic effort. Bush began preasuring the congress to lift the real ban weeks before lifting the executive order, and prices went up. Correlation doesn't prove causation. Supply went up because the mideast increased output, Hugo Chavez crushed some rebels, the dollar recovered against the euro, and because demand decreased after the early summer holidays. Bush making a symbolic gesture dosen't cause the prices to go down.
    Furthermore I am trying to fully understand the Republicans notion that drilling here will make us energy independent. I think that it would be posible to use our oil and be energy independent but you would need to violate one of the Republicans fundimental ideals and socialize the oil industry. If we allow drilling and protect the free market, that oil will go to the highest bidder. Indian, and China's demand is quickly increasing and thier governments subsidize gas, which further inflates demand. OUR OIL would go to China. It's pretty simple.
    The energy debate is more then just gas prices, it should be a complete economic strategy. America needs to do something to keep from being unseated as the worlds superpower, by China. We need another industrial revolution. We missed the boat with stem cell research. American healthcare could have been the envy of the world, but republicans feel it is immoral. Now our option is alternative energy. Make a gas free car, alternative energy power plants, etc. Keep these industries here and let the world beg us to help them out.

    July 23, 2008 04:26 pm at 4:26 pm |
  12. Donna

    Well Bush and his policies drove up the prices, it's only right that he does something to lower them...not good enough McOld....I noticed a 2 cent drop at the station...YEA BUSH!!!!

    July 23, 2008 04:26 pm at 4:26 pm |
  13. Montana is Obama Country

    Well, it isn't any cheaper at the pumps yet.. McBush..

    And... why would I give credit to an OIL man for causing a huge expense in my household which limits my ability to get groceries or medication or even going to the movies....

    I'll give credit "when" credit is do.. and it sure ain't with Bush..

    BTW – John ... where is your FLAG PIN...????

    July 23, 2008 04:27 pm at 4:27 pm |
  14. Steve/Houston,TX for Obama

    Spoken like a true idiot! I think the choir has sang this song before. McCain is just more of Bush!!!

    OBAMA '08

    July 23, 2008 04:27 pm at 4:27 pm |
  15. Jim

    John McCain is a tool. He is Bush's lapdog. He doesn't know how to use the internet or email. He finished 894/899 (only 5 students were more pathetic) at Annapolis in 1954. He was a member of KEATING FIVE and was bribed into illegal dealings with financial institutions. He's a hack. He consistently has voted against veterans benefits packages. He claims to be qualified for the highest office because, in his own words, he "intercepted a surface to air missile with (his) plane..." A vote for McCain is a vote for Bush's third term of inept backwards buffoon leadership. Haven't we had enough with our current idiot leader? Can we finally vote someone into office who can string a sentence together without sounding like some complete idiot? Bushisms... do we really need McCainisms? He calls Czech Republic and Slovakia one nation still? Does he even understand global current events? I tell you, we need new leadership to change this current "stay the course" mentality. VOTE OBAMA.

    July 23, 2008 04:28 pm at 4:28 pm |
  16. Shirley S, Bethlehem, PA

    Watching the cost of gas go down....savings of $1 a week

    Watching McCain in the first stages of dementia....priceless

    July 23, 2008 04:28 pm at 4:28 pm |
  17. Damian Salter

    Oh dear, words escape me.

    It's time McCain, just pop the pills and ease your pain.
    There is a rocking chair on a shady balcony in a lovely nursing home, waiting, just for you. So relaxing, you'll love it there.

    July 23, 2008 04:28 pm at 4:28 pm |
  18. independent

    didn't you all know that john mccain is an economic genius?

    oh wait....

    July 23, 2008 04:28 pm at 4:28 pm |
  19. Johnboy

    "Hey, if I think of an insulting word and put "Mc" in front of it, it would be like a play on words where people know I am talking about McCain but I am insulting him at the same time! That is SO witty and clever! I should take over for Conan O'Brien! Think about it! McShame, McBush, McDummy…..the list is neverending!"

    *Yawn* This just shows the immaturity od most Democrats.

    So, it will take 10 years before we see the effects of more off-shore drilling. The longer we wait to start drilling, the longer it will take for 10 years to get here. What are we waiting for?!

    July 23, 2008 04:28 pm at 4:28 pm |
  20. Erika, KS

    Let me get this straight: the price of oil goes sky high under the "leadership" of the Bush administration. Record breaking prices abound. Now, for a few short days the prices fall and you want to praise Bush for that? Why did it get so high to begin with? Did you condemn Bush when that happened?
    Tired of the idiots.

    July 23, 2008 04:28 pm at 4:28 pm |
  21. Donna from Colorado Springs

    Of all the insane,ignorant statements that have come out of McCains mouth, this one takes the cake! Does he think that the mere sound of Bushs voice make the price of oil drop!!!!!!!!!!! Le't's see. In the past few days he has blamed Obama for the rise in gas prices, and then today praises Bush for the drop in the price of oil simply because he mentioned off-shore drilling! I really thought that George W, Bush was just about the dumbest person I have ever seen. Well,John McCain has certainly dethroned him this week, Where does he come up with this stuff. His handlers should be fired because it's quite evident that noone is taking the time or effort to proof read what he is going to say in his speeches. It's sad, in a way, that a supposedly smart man could say some very incredibly dumb things.

    July 23, 2008 04:29 pm at 4:29 pm |
  22. Dick in Sioux Falls

    Why doesn't the so-called Liberal Press not headline the fact that Big Oil has over 69 Million Acres on which they have the right to drill for oil, but have put off while begging for additional drilling offshore and in the Anwar?

    The Oil Spill in the Mississippi River should stop the campaign to drill off the tourist beaches of Florida, Texas, California, etc.

    July 23, 2008 04:29 pm at 4:29 pm |
  23. Elaine B

    If you want to look at why oil prices suddenly went down, consider that one of the world's biggest cities, Beijing, shut down on July 20. No industry, no cars, nothing that would pollute. Watch how, after the olympics, the prices start climbing again.

    July 23, 2008 04:29 pm at 4:29 pm |
  24. eric

    How can Republicans be so ignorant as to ignore the huge drop in demand from the high prices? The fact that our surpluses of crude and gas unexpectantly rose sharply from Wall Street estimates is what drove the drops. It was explained simply for every moron out there to read on CNNMoney.com. This is just another example of them blatantly lying to idiots who don't know the difference.

    July 23, 2008 04:31 pm at 4:31 pm |
  25. Valerie in Florida

    I guess we get no credit for all of our conservation over these last few months. That has had more of an impact in my opinion. Besides a $10 decrease with the $120 increase, still leaves Bush $110 in the hole. Does he take credit for that?

    July 23, 2008 04:31 pm at 4:31 pm |
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