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. Karl

    So how about those Convention Democrats in Denver who were avoiding the Federal AND State Gas Taxes by fueling up at the city fuel stations... you know, the ones where the police and fire dept. and snow plows fill up... I thought most democrats were against a gas tax holiday? But that is exactly what the Democrat Party was taking when they decided to cheat the system.

    After the story broke, they imediately accused the Republicans for doing the same thing... the republican party was able to prove this false with wel kept records on fuel consumption and fuel receipts.

    I thought you Democrats were also about saving the environment... But instead of saving money and the environment by conserving fuel, you are supporting a huge environmental disaster event at your own convention!

    If you really cared about Global warming wouldn't it make more sense to have your convention on the internet or teleconference rather that fill up an entire football stadium and fly thousands of Obama fans into the city, and have them drive to the stadium, sit in traffic, light up the stadium lights, blast off fireworks, and have a huge superbowl like event? Technology is amazing, Conservative talk show host glenn beck recently did the first ever live movie theater broadcast to hundreds of movie theaters across the country in high definition, so I know it would be cost effective and realistic to do something like that.

    What a bunch of hypocrites. But hey, I don't believe in global warming anyways so more power to ya.

    July 23, 2008 04:57 pm at 4:57 pm |
  2. Julie

    This is so sad. The man is not even thinking logically. He wants to be President when he makes statements like this one??? He has not really said what he would do, what he thinks, just what Obama is doing wrong....it is reaching a bit to say Obama is the cause of gas prices going up. To hear McCain speak Obama is too inexperienced on everything to do anything right!!!!

    July 23, 2008 04:57 pm at 4:57 pm |
  3. ron

    I dont think they had any correlation???

    July 23, 2008 04:57 pm at 4:57 pm |
  4. Ben in San Diego

    A shaky old dog… following Obama around… snapping and snarling at gnats and ghosts…

    July 23, 2008 04:57 pm at 4:57 pm |
  5. Obvious

    McOld doing nothing but criticizing his opponent, rather than discussing his plan for anything....When will America learn?

    July 23, 2008 04:58 pm at 4:58 pm |
  6. Matthew, Houston, TX

    I'd try to comment on the idiocy but I can't stop laughing!!!!!!

    Ohhhhhh, my stomach hurts.

    July 23, 2008 04:58 pm at 4:58 pm |
  7. Eric in Ca

    Drilling for oil is not the answer: What the McCain's of the world aren't telling you is... if they could pump oil out the ground tomorrow that oil would got to the world market...where China & India would buy it at it's highest cost! Not 1 drop of domestic oil would be used here or lower gas prices. The other contributor is the weak dollar! Have you notice McCain never says offshore drilling to coastal states!

    July 23, 2008 04:58 pm at 4:58 pm |
  8. Desmond Sequeira

    Oh, P -L-E-A-S-E, Mr Mccain!

    July 23, 2008 04:59 pm at 4:59 pm |
  9. malik

    one advice for McCain stop doing town hall meeting where few people clap on everything you say and you think whatever you are saying make sense. "NO IT DOESN'T" talk about solving issues hold on i am sorry you have no plans for anything from healthcare to economy or even war in Iraq and stop blaming everything to Obama.

    July 23, 2008 05:00 pm at 5:00 pm |
  10. Mike - Texas

    McCain is right !!

    The oil prices dropped right after Bush lifted the presidential ban on offshore drilling and showed that we might be serious.

    I'll bet it will drop again if congress lifts the ban.

    But they won't, they want tokeep high gas prices.

    The democRATs are at this moment floating a bill to increase the gasoline TAX by another 18 cents.

    July 23, 2008 05:00 pm at 5:00 pm |
  11. Bulldog

    Right now, today, Congress is arguing over a bill to get speculation in the oil and gas market under control. The Republicans want to add 28 amendments to it even though most also agree with the speculation aspect. But just like children, if they don't get their way they are going to vote against this very important bill, not because they disagree with it, but because they are being childishly stubborn. People need to wake up and see what's really going on. They are playing child games in Washington at the expense of average Americans hard earned money.

    McCain of course won't be there to show up to vote increasing his WORST voting record in the Senate. Obama is overseas so it would be kind of hard for him to be there.

    July 23, 2008 05:01 pm at 5:01 pm |
  12. Theresa

    He gets credit for the decrease only if he takes responsibility for the crazy increases. What a joke. Oh, all is good now. Gas dropped to $3.87 a gallon rather than $4. Yah....we'll be saving money now.

    July 23, 2008 05:01 pm at 5:01 pm |
  13. Enlightened Voter

    That's about as true as your delusional claim that the rise in oil prices is because of Obama. Keep talking buddy, Obama may not even need to campaign if you keep this up. You have made some critical errors in this campaign and you keep making them and yet people want you to run their country. Incredible!

    July 23, 2008 05:02 pm at 5:02 pm |
  14. Puzzled


    Do you really think that the people that have the oil today is scared of you saying you are going to do something that won't affect them for 7 to 10 years? Even if you did do something its not enough to last you more than 3 years if you kept all of it in the US? Also, do you not think that the oil companies would put that oil on the global market as well. Think about it people. I am sad to say, your plan does not make much sense. You better list to T. Boon Pickens and figure something else out.

    July 23, 2008 05:02 pm at 5:02 pm |
  15. bern

    I would like to see that dead wood in Washington get sent OUT OF TOWN

    July 23, 2008 05:02 pm at 5:02 pm |
  16. Kian

    Credit? I wouldn't exactly say this is an improvement. While on the topic of being hypocritical, how about failing to mention how the DNC is also proudly responsible of the small increase we had in oil prices since Bush took office?

    July 23, 2008 05:04 pm at 5:04 pm |
  17. Tbone

    It's about time someone gave President Bush credit for the drop in oil. After all, we can't blame him for the record price surge. But let's credit him with this decline that leaves us paying more than 5x more for oil than the month he took office!

    What's next, credit Bush with inventing the internet?

    July 23, 2008 05:06 pm at 5:06 pm |
  18. Bulldog

    The price of oil is up to 50% pure speculation. Oil excetutives recently said oil should be half the price it is today. But sure, Bush should be given credit for the recent decrease. Are you kidding me? Bush and Cheney and McCains own economic advisor Gramm are responsible for the outrageous prices but McCain says these same guys should get credit for a small correction. It has alot further to go before prices are fundamentally sound based on supply and demand, $65 dollars a barrel per the big oil CEOs. To get there we still need to see a further $70 drop but McCain doesn't understand. He even admitted it. That is why he sounds so stupid, because he is.

    July 23, 2008 05:06 pm at 5:06 pm |
  19. bridgette

    Bush just like McCain and Obama can't make the oil go up or down. So why would anyone give Bush credit for that.

    July 23, 2008 05:08 pm at 5:08 pm |
  20. Monica for Obama in Indiana

    mccain must have had some of the same stuff to drink that bush had.

    mccain you are so sad, I really feel sorry for you.

    This is a plea to the republican party. Please stop mccain, he is making you all look like fools.

    July 23, 2008 05:08 pm at 5:08 pm |
  21. Oregon calling

    Why give him credit, doesn't he own enough oil stock?!?!?
    McCain is very laughable.
    Obama 08

    July 23, 2008 05:09 pm at 5:09 pm |
  22. joel

    Why don't you take credit for Christmas while your at it. The drop in oil is tied directly to the potential for a more peaceful middle east. Something I believe a Mr. Obama is talking about. I don't think Bush even knows what the word peace means.

    July 23, 2008 05:10 pm at 5:10 pm |
  23. Danel

    Give credit where credit is due. I think Obama deserves credit for the drop of oil prices, WHY you'd ask? Think about it: Obama went to the ME for a tour the price went down..coincidence? Hold ON.. I was just kidding. I think the price went down due to speculators got caught with their pants down. They're being watch now and may get investigated and that's scared the bejeebees out of them. Lighten up!!

    July 23, 2008 05:10 pm at 5:10 pm |
  24. rhoward

    Won't somebody please get the "Straight Talk Express" a tune up?

    July 23, 2008 05:11 pm at 5:11 pm |
  25. JPM

    Yep, I'll give him credit for the increase too – and Cheney. THanks guys! Glad to know you were all – American guys I could drink a beer with. It sure payed off!

    July 23, 2008 05:15 pm at 5:15 pm |
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