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. Ex-Republican for Obama

    The credit is two fold:

    1) The 'psycho(logical)' impact of lifting a veto that in fact does nothing, because we do not have refineries and all it freed up is less land then is already available to drill on but not being drilled on for all these years (thanks to people like Bush and McCain) and....

    2) Democrats bringing to the table the real solution: Controlling the speculators.

    McCain, you don't get it, nor anything else. Your party does nothing, and has not for over 8 years now. You are a joke in the twilight of your life, give it up.

    Obama '08

    July 23, 2008 03:29 pm at 3:29 pm |
  2. An American

    Welcome to LaLa Land!

    July 23, 2008 03:29 pm at 3:29 pm |
  3. demwit

    $30 drop in one week. Yep, it has to be Dolly..

    July 23, 2008 03:29 pm at 3:29 pm |
  4. smile!!!!

    mc c, it will only lower the price of gas about $0.02/gal, however, what do you have to say about the 9 trillion dollars we owe to some foreign countries?.......not your bag?,,,,I thought so

    July 23, 2008 03:30 pm at 3:30 pm |
  5. Janey/Michigan

    In case you left-wing bikers do not know, the price of oil is sky-high because of your beloved Bill Clinton, Pelosi, Gore, Kerry and the rest of the democratic congress. Please stop blaming Bush for things that are your fault for voting these airheads in. You will be begging Bush to return if your Messiah wins and your taxes are increased. You will not be able to buy gas because you can't afford a car due to your paltry take-home paycheck. Ask any Canadian or citizen of Europe how the taxes work when you are socialized.

    July 23, 2008 03:30 pm at 3:30 pm |
  6. D&D

    Honestly folks, whoever wants McOld as President doesn't love the country strong enough...please, act and vote responsibly.

    July 23, 2008 03:31 pm at 3:31 pm |
  7. Ken

    Notice how Enlightened Voter does not want to save our economy. He/she wants to save our "oil based economy". So you see the real motives on the right: not to move our economy forward, not to ween our economy from foreign influence, but to just keep the status quo. These mindless neo-puppies don't even realize they are being to led to vote against their own self-interest. Yeah I'm whining alright, whining about all the morons I have to share this country with.

    July 23, 2008 03:31 pm at 3:31 pm |
  8. gvc

    I'm prepared to give Bush credit for talking to Iran. That is way more likely to have had an effect than his pronouncements on oil drilling.

    Imagine if he announced that an attack on Iran was "off the table."

    July 23, 2008 03:31 pm at 3:31 pm |
  9. Bill S., Commack, New York

    Great. Now can he say something to make gasoline prices go down?

    July 23, 2008 03:32 pm at 3:32 pm |
  10. Roxanne

    I'm starting to feel 'sorry' for him. To whom does that make sense? I'd really like to know what idiots feed him this crap??? I think most Americans are more engaged in the politicial process (just a MObama said) and we've become a more informed, knowledgable nation. In my case, I KNOW my family won't survive another 4 yrs of similiar issues from the past 7+. As Americans, we just have to hope for something different. Something better!

    Obama 08 & 12 (too bad it's not possible for 16 & 20)

    July 23, 2008 03:32 pm at 3:32 pm |
  11. Tim, Seattle

    Thanks, McLAme!! The more you tie yourself to Bush the more we like it. Keep it going!!

    July 23, 2008 03:32 pm at 3:32 pm |

    I will give BUSH the same credit that I will PUMA members at this point!!!!! Nada, Zilche, zero, less of a hero, nothing,

    Both have the brain knoledge of their shoe sizes.

    July 23, 2008 03:33 pm at 3:33 pm |
  13. Obamacan

    I'm a republican voting for Obama. Period!

    July 23, 2008 03:33 pm at 3:33 pm |
  14. Les

    Let me get this talk straight – we are supposed to be thankful for OIL priced at $130 per barrel.....when it was $40 a barrel before BUSH got into office......Not this guy....independents such as me....are not thankful to someone who has us at $130 per barrel.

    July 23, 2008 03:33 pm at 3:33 pm |
  15. MikeH

    McCain, you boot-licking sycophantic toadie! But, you know, McCain is actually right. The American economy is declining, people have less money to spend, the demand for products using oil is declining, reducing demand for oil, and the Oil Speculators have responded by selling off some of their interests causing the market price of oil to fail.

    It's just a blip though, increase in oil demand by China and declining value of the US dollar as we go deeper into debt becaues of George Bush's Iraq war will push oil prices back up.

    Enlightened voter, your title is an oxymoron based on your post content.

    July 23, 2008 03:34 pm at 3:34 pm |
  16. Justin (ny)

    Couldn't have anything to do with the fact that gas prices on july 4th were higher than they've ever been any previous july 4th, and thus less people then EVER were driving as part of their july 4th plans, eh?

    if these imbeciles (read: republicans) get elected I'm moving to canada....

    July 23, 2008 03:34 pm at 3:34 pm |
  17. Steve

    More proof that he know NOTHING about ANYTHING...And who does he blame for when the price was going through the roof????? Obama. How the hell this man even manage to be within 10 points in the most recent CNN poles of poles is a mystery to me and many other people with a useful brain. He has voted with Bush on just about every thing that's wrong with the USA. He and his wife who spends $800,000 last month on her credit card are so far out of reach and touch with his so call "My Friends".

    And if only he would only tell the truth about the so call surge that would not have been necessary had Bush with his pat on the back support not Invaded Iraq. The surge is working because everyone is on the US payroll banked by China. God forbid he gets into the White House anytime soon or ever.

    July 23, 2008 03:34 pm at 3:34 pm |
  18. Dan

    Ignorance is bliss

    July 23, 2008 03:34 pm at 3:34 pm |
  19. tony

    I think Obama should make more of these trips, because it puts McLalaland in a very stringent situation.

    Wow all his talks since Obama travelled has been horrible. Its like when daddy travels, the kids turn the house upside down organizing house parties.

    McLala, daddy is coming home soon, so don't you worry, but get ready for some whooping or should i say flogging.

    July 23, 2008 03:34 pm at 3:34 pm |
  20. Abby

    To clean up the air for the athletes and visitors in the Olympics, China has taken millions off cars off their roads, thereby decreasing demand my millions of barrels. Look for the price of oil to go back up after the Olympics..Of course no one expects Mr. McCain to understand world economics so the gaffe is forgiven. .

    July 23, 2008 03:34 pm at 3:34 pm |
  21. Les

    Does Mr. McCain actually believe what he just said...we can thank George Bush for the drop in oil prices....where the heck has he been....

    July 23, 2008 03:35 pm at 3:35 pm |
  22. Olive Oil (a-guhg-guhg-gugh)

    The rational part of me would like to believe that the market is based on solid fundamentals, and any movement of such would be based on those fundamentals... but the fact remains that much of what accounts for major market movement today is based (at least in part) to the latest "up-to-the-minute" emotions and news-hysteria coming out of our "go-go-go" non-stop 24/7 cable and internet news media.

    Here's but one example... the price of oil slid a bit this week after investors learned "Hurricane" Dolly's trajectory would NOT impact oil operations in the Gulf. There hadn't actually BEEN a shortage or interruption, but there was the fear of a POTENTIAL interruption. Again, emotion, emotion, emotion.

    If the federal government actually got serious about energy in this country and made a public proclamation that any and all moratoriums to drilling and exploration were now null and void, the bottom would fall out of the oil futures market and the price of a barrel of crude would fall to half of what it is now. The government has created this artificial shortage, they could solve it by getting the hell out of the way.

    July 23, 2008 03:35 pm at 3:35 pm |
  23. Hussein

    Wow...McComa is losing his mind..

    and this is who you guys see as a better candidate than Obama? Experience or Not...Common SENSE supercedes experience ANYDAY...

    McComa...go Home

    Obama '08

    July 23, 2008 03:35 pm at 3:35 pm |
  24. insanity

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

    July 23, 2008 03:36 pm at 3:36 pm |
  25. Adrian Veidt

    Yes, John. Keep it up, by all means. The more buddy-buddy you are with Bush, the less likely you are to win. So get as close as possible!

    Seriously though... if you never thought the "McSame" nickname fit, then think about John singing praises here.

    July 23, 2008 03:36 pm at 3:36 pm |
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