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. Veteran in Kansas

    PLEASEEEEEEEEEE, give me and the American people a break.

    Congress is investigating speculators, they have raked the Oil Exec's over the coals, Bush has less than 6 months in office, his word is not worth the breath it takes to speak. His removal of his father's executive order does nothing. Even if Congress would say go ahead, it would be 10-15 years before a barrel of oil is produced.

    Obama says he will talk with everyone, and right now it appears the Republicans are clueless as to how to stop him. Hand writing might be on the wall, but it not Bush's words that have lowered the proce of oil.

    July 23, 2008 04:43 pm at 4:43 pm |
  2. ChicagoJosh

    This might have an ounce of truth if Congress lifted the moratorium at the same time?? McCain is admitting that oil prices are controlled by unregulated speculators. This is a joke. W did nothing but talk. There was no action. No additional oil was drawn. NOT ONE DRIP. In the economics of supply and demand, how does that make the price decrease???

    McCain, stop pandering and offer a real plan. I'm sure your smarter than this. All that experience had to mean something.

    July 23, 2008 04:43 pm at 4:43 pm |
  3. Brian MacDougall

    Paging Mr. McCain's bearings… paging Mr. McCain's bearings…

    July 23, 2008 04:44 pm at 4:44 pm |
  4. don Edwards

    Lifting the executive ban on off shore drilling doesn't change the congresses ban. So tell me again what difference it made?
    Ignorance is bliss.

    July 23, 2008 04:44 pm at 4:44 pm |
  5. Independent

    What a bunch of bs!!!! Bush didn't make the price drop.....my gas price dropped 1 cent....Oooohhhh, I might have to go around the block a couple more times, so I can rush back to the station and put more in.....Give me a break!!!!! People are cutting back, that could be the reason.....

    The American people aren't that dumb.....Mcwhatever!!!

    July 23, 2008 04:45 pm at 4:45 pm |
  6. Rocky Michigan

    It's the simple law of supply and demand and anyone who doesn't understand this is even simpler.

    July 23, 2008 04:46 pm at 4:46 pm |
  7. Tyler in Raleigh

    I guess Bush watched "THE SECRET" and used his strong mental powers to drop the price.

    Wow.... that makes Bush WORSE!!! He could have used "words" all this time to reduce the price of oil and insread he let it go from $30-40/barrel to $140. He needs to put those psychic abilities to better use.

    Why doen't Bush just stand in front of a "MISSION ACCOMPLISHED" banner and then his powerful mind will cause the war to end. Oh wait..... we tried that strategy already!

    July 23, 2008 04:46 pm at 4:46 pm |
  8. DJ in TX

    Well let's see, the price of oil is "rebounding" according to one report I saw today meaning its on the way back up.

    Even the White House Press secretary won't even go as far as McCain went. She acknowledged that the supply is larger than expected and at least American demand is down.

    BTW – I thought he didn't want to be aligned with President Bush. lol

    July 23, 2008 04:46 pm at 4:46 pm |
  9. Mark

    So its Bush's fault that gas has increased during his time as President but there is no way possible that he could have had a part in the reverse? This seems to be a bit of ignorant thinking. He gets blamed for taking credit for something he very well may have done, but is blamed for not "taking credit" for something he had no control over? It really seems to make no sense to blame anyone but ourselves for this problem. Over-consumption and wastefulness is a staple in American society and no where does it hit harder than gasoline. Usage is down 2.2% from last year. But prices are up 80%. There seems to be a fairly weak correlation between these two. And saying Obama will solve our problems with alternative energy is a joke. It will take 10 years to support ourselves on American oil. It will take at least 30 to develop a battery that will be able to get 1/8th the efficiency as gasoline. We are 50 years away from dependable alternative energy transportation. Be realistic. Oil is the solution for the immediate future. If Obama changed his mind on this one thing alone I would consider voting for him.

    Anyone up for Parliamentary government until we can find a worthy candidate???

    July 23, 2008 04:47 pm at 4:47 pm |
  10. Ronnie, Atlanta, GA

    Wow "tony"!! Read some and do your homework before you speak. You came across as completely ignorant there. How is moving away from using Oil going to cause higher prices exactly? Also, this Oil that noone know if it exists or not and has at this time no way of getting out of the ground going to change anything for us within the next 10-15 years. The fear of more oil pouring into the market 10 years down the line will not lower prices.

    Changing to using alternative fuels and make what oil is used more conservative is the plan that the "Dems" have. What is McCain selling that you want so badly to buy??

    July 23, 2008 04:47 pm at 4:47 pm |
  11. MikeInTheMiddle

    YES it's true but it has nothing to do with off shore drilling. He called in some favors. Get

    Did ya see that the Republicans voted down a Bill in the house to force Oil companies to drill in the 30 million acres they are ALREADY leasing ( some even being off shore areas) before Congress would consider openning more land for drilling.

    I guess the oil companies need that money to purchase oil fields in Iraq. ( they go up for bid in a couple of weeks) So now we can be MORE dependent on the Middle East. ( THAT'S WHY THE REPUBLICANS WANT TO KEEP OUR TROOPS THIER. THE OIL COMPANIES WILL NEED OUR TROOPS TO PROTECT THIER NEW OIL FIELDS.. DO YA GET IT YET. THATS WHY WE ARE CURRENTLY IN TALKS WITH THE IRAQIES FOR A PERMINATE BASES.
    Bush the OIL Man got his oil war and now he'll get his oil fields.
    We will be more dependent on the middle east. Tht's the bottom line isn't it?

    July 23, 2008 04:47 pm at 4:47 pm |
  12. Loretta from California

    well, the oil companies already have 33 million acres off shore available to them, and 68 million acres available in the lower 48, so I suggest that they start drilling.

    July 23, 2008 04:48 pm at 4:48 pm |
  13. David

    How is this contest even close?!? This guy is an idiot!

    July 23, 2008 04:48 pm at 4:48 pm |
  14. Willy

    Nancy Pelosi said vote us democrat in back in 2006 and oil price will be lowered. Well nancy the only thing lowered is my food bill because I have to buy liquid gold to drive my car to work to pay for the LOW gas prices you promised!

    July 23, 2008 04:49 pm at 4:49 pm |
  15. Leon

    And this is the person who is going to fix our economy. Yeah right. Let's continue to spend $10 billion a month on the Iraq war for the next hundred years and we will be better off. Americans are going to see right through this one John. Vote for Obama '08...

    July 23, 2008 04:49 pm at 4:49 pm |
  16. Jennifer

    Thank you John McCain... for being a clear idiot and making it easier for any sane American to vote for anyone but you! You ROCK!!!

    July 23, 2008 04:49 pm at 4:49 pm |
  17. James - Alpharetta GA

    I will definitely give Bush credit for the price of oil. No problem or argument there!

    And McCain sat back and let it all happen.

    Time for a change in November... Voting Obama!

    July 23, 2008 04:50 pm at 4:50 pm |
  18. MMN-Milwaukee WI

    No credit here wall street is drunk

    July 23, 2008 04:50 pm at 4:50 pm |
  19. eD

    Bush only increases the price of gas, when it goes down what do you say? Oh, it's the speculators.

    July 23, 2008 04:50 pm at 4:50 pm |
  20. Steve

    I think the straight talk express need a new driver it's been off course for a while now, any further and i think they'll drive into the Atlantic ocean.

    July 23, 2008 04:52 pm at 4:52 pm |
  21. linda from South Dakota

    this as nuthung to do with the oil prices goin down,, and mccain credits bush??lol,, i laffin my head off here,, this is obsurd,,, it just goes to show that mccain and bush ARE workin together and bush wants mccain to becaome persiednt so he can caryy on bushes dirty work,, no way,, my vote still goes to obama,,,

    July 23, 2008 04:53 pm at 4:53 pm |
  22. Rosa Birmingham, AL

    Is this some kind of a joke? McCain can't actually be out of it enough to believe that Bush could do anything about anything.

    July 23, 2008 04:54 pm at 4:54 pm |
  23. White/female/age 55/Texan

    "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,"

    We don't miss much McCain, we pay attention (you see the rest of us are living in a digital world) and we are noting all of your meaness and silliness. And BTW, the president doesn't get to just announce that the moratorium will be ended. That is a big "we". I pray that Congress doesn't some how lose their mind and lift it.

    July 23, 2008 04:55 pm at 4:55 pm |
  24. Tzigan

    Umm that's total BS. It's Bush's fault we're paying over $4 a gallon, any minor improvement is simply not good enough and I certainly don't thank Bush for it anyway.

    July 23, 2008 04:55 pm at 4:55 pm |
  25. no McCain!

    He's joking, right? What happened to peaking past $140 a barrel?

    Why the HELL DID HE DO THAT?

    Obama '08

    July 23, 2008 04:56 pm at 4:56 pm |
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