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. Kim, Dallas, TX

    McCain is really dillusional, or he is counting on the completely ignorant to carry him in November. Bush is to blame for the EXTREME increase in the cost of oil per barrel. Every time there is chaos in the Middle East, the cost of oil rises. Bush has added to this chaos with his invasion of Iraq-totally unnecessary war. McCain, get the facts straight. I can forgive you for confusing the Iraq and Afghanistan borders, but to spread untruths is too Karl Rovelike. Those who just don't get it, do some research on how much a barrel has increased during Bush's tenure.

    July 23, 2008 05:16 pm at 5:16 pm |
  2. Mason Wayne 14, of NJ

    McCain's lost, decreased usage due to both closed factories in China and less driving back in America has dropped the price of oil. Republicans are lying, clueless, and stubborn. Only the democrats can fix our country. (But probably won't)

    July 23, 2008 05:16 pm at 5:16 pm |
  3. Justin, Ohio

    Actually where I live, we've seen prices go from over 4.10 for a gallon to now around 3.70 a gallon since Bush removed the ban. Ironic that people say they haven't seen any decrease when I've seen at least a .40 cent decrease.

    However the name calling is really getting old. I know you all believe that "McSame, McLame, McBush, McOld, McWar, McWrong, McRacist" and any other names you think are creative and/or brilliant, in reality just show how ignorant, shallow minded, and immature you all really are. This is a Presidential election, not a reality TV show. So please show some respect for a WAR HERO. I've made it a habit to skip any comment that uses any name calling because it's shows lack of credibility. I'm sure I'm not the only one that does this.

    July 23, 2008 05:16 pm at 5:16 pm |
  4. Return to Common Sense

    He really is living in his own world.

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

    That's what I call out of touch with reality! The guy has no clue as to how markets work. He thinks that because we may get oil from off-shore drilling in 5 or 10 years that had an effect on the market today? When he said he didn't know much about the economy he sure got that right.

    July 23, 2008 05:18 pm at 5:18 pm |
  6. Cracka lova

    tony.....you are crying......I wish I couldn't read after looking at your post.........lets talk about the last 8 years and why we should continue with the stupidity of the Bush regime......we have had republican presidents all but 8 years of my life.....this is the first that is getting a sewage plant name after him......need I say more
    Obama 08

    July 23, 2008 05:19 pm at 5:19 pm |
  7. Archer

    That's the silliest thing I've ever heard. GW had nothing to do with gas prices going down.

    July 23, 2008 05:19 pm at 5:19 pm |
  8. Brian Phoenix AZ

    Did I just see a flying pig?

    July 23, 2008 05:19 pm at 5:19 pm |
  9. KM

    I'll give Bush credit for the prices dropping if this administration accepts the price of oil rising in the first place. Let me remind people when the price of gas jumped through the roof and never came back down, it was during the time of Hurrican Katrina. That was the big break that the oil companies needed.

    The other thing that I want to know is when oil prices go up on a daily basis, I see an IMMEDIATE change in the gas prices at the pumps. But when it goes down almost $20, I only get to save $.01 or $.02 per gallon. So who is ripping who off?

    July 23, 2008 05:20 pm at 5:20 pm |
  10. Brennan - Seattle, WA

    This just proves how little McCain knows about the economy. His argument is so illogical.

    Even he states that there would be no oil from increased drilling for 5-7 years. If that is the case then he is saying that oil traders are looking at increased supply in 5-7 years and therefore are dropping the price of oil. I don't know of many traders that are looking 5-7 years down the road let alone 5-7 weeks.

    July 23, 2008 05:23 pm at 5:23 pm |
  11. Biffington, Biff

    this is like taking credit for the sun rising, and blaming your opponent when the suns sets.....

    July 23, 2008 05:23 pm at 5:23 pm |
  12. Marc PDX

    NO! Give credit to Obama! He takes credit for everything that turns out good and blame for whatever turns out bad. Actually he is responsible for neither. He hasn't been involved with anything at all. Now, that's change you can believe in! (If you're a twit!)

    July 23, 2008 05:23 pm at 5:23 pm |
  13. Jon in WA

    Agreed Tito. If Bush controls the fall in gas prices, he also must be credited with the rise of petroleum costs.

    July 23, 2008 05:24 pm at 5:24 pm |
  14. MediaJunkie, Washington, DC

    There is already land leased by companies for offshore drilling that guess what, they haven't done anything with yet. So lifting the entire moratorium won't do anything tony. I honestly would be more supportive of offshore drilling and even into the alaska wildlife reserve if we had an actual plan to get off oil. Obviously we have to remain dependent on oil as we switch to alternatives, but I fear if we open up more areas to drilling without such a plan, we'll just get complacent again.
    Bush deciding to talk with Iran and Iran piping down on the crazy rhetoric helped lower oil prices much more than the president's lifting of the executive order. If you're going to give Bush credit McCain, at least get it right.

    July 23, 2008 05:24 pm at 5:24 pm |
  15. Bob Lo

    Anything between McSame's ears?

    Bush may be has half a loaf, McSame has no loaf.

    July 23, 2008 05:25 pm at 5:25 pm |
  16. Jon in WA

    Tony: my plan would be to take all those billions the Bush administration wants spent on wars and offshore drilling and invest it in the development of new technologies for energy acquisition.

    July 23, 2008 05:26 pm at 5:26 pm |
  17. Maryellen

    The more he opens his mouth, the more nervous I get. He is so out of touch with reality.

    July 23, 2008 05:26 pm at 5:26 pm |
  18. AA

    And he learnt this economic wisdom along with his vast military experience... you know spending 5 yrs in a hole makes you... what?

    The GOP message is so retarded that even if GW could talk and the prices would go down, then why does he not continue to talk?

    Oh yea, because it has nothing to do with reality, a concept they do not seem to grasp real well. Tic toc, tic toc, please let the debates start.


    July 23, 2008 05:27 pm at 5:27 pm |
  19. Frank from Kansas City

    This is absolutely absurd! Did McCain ever stop to think that maybe the drop in the price of a barrel of oil may be due to the fact that Congress (which is in control of the Democrats) was holding hearings on the involvement of the "SPECULATORS" in the price of oil? Of course not. Instead he gives credit solely to Bush, JUST because he lifted the Executive Ban on Offshore Drilling. Well in case McCain doesn't know, there is a Congressional Ban on Offshore Drilling as well! Just because Bush removed half of the Ban, doesn't do squat to the price of oil.

    McCain can't give credit to one person for a mere coincidence, which is exactly what this was. It was a comination of multiple things. Several of which are: T Boone Picken's plan to help us remove ourselves from dependence on oil, Al Gore's plan to help us provide all of our electricity cleanly, and Congress holding the hearings, to name a few. I find it hard to believe that lil ole Bush had anything (especially solely) to do with the drop from his removing the Executive Ban.

    Get a grip with reality McCain

    July 23, 2008 05:27 pm at 5:27 pm |
  20. Teddy California

    McCain may not like it. But his fate is tied with Bush. If Bush's approval rate ocntinues to be below 30s, McCain does not have that much chance. On the other hand, if the Bush's approval rate improves to 40s, then McCain get a chance. Maybe McCain wants Bush to know that Bush should help him more.

    Bush can do something that will help to lower the oil price and raise the stock price.

    July 23, 2008 05:29 pm at 5:29 pm |
  21. tony


    Sorry to burst your bubble, but most people know that the offshore drilling in the US will not provide oil immediately and will not yield enough oil to affect the market anyway. We invaded a country with the world's second largest proven oil reserves in Iraq, according to our Department of Energy, and that did not lower the gas price at all. Iraq is effectively under our control. The oil companies know where the oil fields are. Yet the price of oil is still going up. No, we have to find an alternative to oil. Offshore drilling in the US will not lower the price of oil either in the short term or in the long term.

    July 23, 2008 05:30 pm at 5:30 pm |
  22. Texun

    More voodoo economics from the man who knows less about economics than a pig does about Sunday. Tito and others are on the beam: the only thing Bush can do to impact short-term prices is rattle his dull saber at Iran. That's good for an additional $3-5 per barrel on a slow day. The curious thing about Bush, given his background in oil, is that his administration failed consistently when it was time to produce a comprehensive energy policy, one that would lower demand and increase supply. I guess there was more political mileage in the invasion of Iraq. As Scott McClellan has reminded us, that's W's standard for judging issues and options.

    July 23, 2008 05:33 pm at 5:33 pm |
  23. David Newport, OR

    If a party has no influence when the prices go up...why should it affect the price when it falls? This guy will try to spin anything to make himself look good.

    July 23, 2008 05:36 pm at 5:36 pm |
  24. Tjaye in LA

    Please explain why he gets credit for the drop, but the blame for the rise goes to the Dems in office.

    July 23, 2008 05:37 pm at 5:37 pm |
  25. GERRY


    July 23, 2008 05:37 pm at 5:37 pm |
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