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. Chuck

    McCain is lost.

    July 23, 2008 03:36 pm at 3:36 pm |
  2. Mary E. Dunlap

    The prices rose because of expected heavy driving for July. It fell because the July driving season is over. It will rise again near Labor Day and fall again in October.

    The housing mess is an oval office closed door deal with subprime
    lenders to expedite Bush's campaign promise "that every income level
    can buy a home in america." Thus opening the door to a housing bubble without the means to pay the cost.............."

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

    If you had half a brain you would realize that the world thinks Obama could very well be the next president-
    His failure to understand that the threat of offshore drilling has brought the price of a barrell down and because he could very well be the next President and his total opposition to drilling along with Nancy Pelosi not even bringing it to a vote tells those nations that we will be reliant on their oil for many years to come-
    THe plan to bring those prices has to come from Drilling for Oil and working hard to get those alternative energy sources going before 2030 like Mr. Obama said and more in line with ( believe it or not , Al Gore )who said 2018 but that everyone agrees is aggressive-
    So Dems what is your plan for the next 15 Years or so to slow our dependence ( Maybe $5.00or $6.00 a gallon or more ) a DEM Presidency will show how foolish and naive you are–
    I doubt this will get publish because it makes to much sense and CNN is a Barack Backer-Will See

    July 23, 2008 03:37 pm at 3:37 pm |
  4. NELSON Colorado Springs, Co

    What in the world Sen McCain been smoking? Blaming Barack Obama for high prices at the pump. Bush and congress need to close to loop-hole on speculator. The price of a barrel of oil went down $10," but not at the gas station still $4.45at the pump GO OBAMA

    July 23, 2008 03:38 pm at 3:38 pm |
  5. Economist from FL

    This guy and his advisors are clue-less. Price of oil dropped after we figured out the Hurricane was not going to damage oil rigs, it went up a bit because there was a Hurricane in the area. Price of oil will never go up or down when a person talks about something that is not impacting it at that particular point in time. If you want to use his reasoning, it would make sense the price of oil will go down as people talk about going green, right? How come it hasnt yet General McCain? Reason is the going green has not turned into something big enough to impact the oil market, due to it being just talk. Price of oil went down mostly because people are driving slow. Write that down General!!

    July 23, 2008 03:38 pm at 3:38 pm |
  6. California Gold

    What does that mean "serious about moving forward" The $20 drop is nothing. Let's start talking about serious turnaround when the reduction equals the rate of increase.

    I credit consumers and businesses, such as airlines, and Congress with whatever drop in price we experience.

    July 23, 2008 03:39 pm at 3:39 pm |
  7. Jo Ann

    Bush has nothing to do with the drop in oil prices. McCain need to go to sleep until after november. He is as insane as Bush. Guess he would have to say something positive about Bush if he want him to continue raising money for him.

    July 23, 2008 03:39 pm at 3:39 pm |
  8. Mirko

    Simply ridiculous. So the price of August 2008 oil contracts dropped because Bush lifted a ban that could possibly yield some unknown quantity of oil in 2015? Bush's act had no impact on supply and demand. From the perspective of an energy consultant, McCain's take makes no sense.

    The drop in the energy complex is much more likely the result of an over-bought market taking profit in the wake of lower than expected domestic demand as well as profit taking while the govermment mulls speculatory regulations.

    July 23, 2008 03:39 pm at 3:39 pm |
  9. Unbelievable

    Bush and his counterparts (McCain) think that we are so stupid. This entire oil rise and fall etc is a conspiracy. They make me sick!

    July 23, 2008 03:40 pm at 3:40 pm |
  10. Steve

    Yeah, I'm sure all the speculators when 'Uh oh, the U.S. is going to add 2 million barrels a day in 10 years, we'd better sell NOW.'

    Simply put, crude stockpiles have been dropping less than expected, while distillates and petroleum supplies have increased, mostly due to the fact that Americans woke up and usage has gone down.

    It's funny, but I think the Republicans are going to get more desperate over the next couple months as they learn that every scare tactic that used to work has no effect anymore.

    July 23, 2008 03:40 pm at 3:40 pm |
  11. Mark Webb

    Simply pathetical!!!!

    July 23, 2008 03:40 pm at 3:40 pm |
  12. Joe in NJ

    Bush may not have been responsible for the decline in oil prices but he certainly wasn't responsible for the increase either. And for everyone who says there's no point in new drilling because it will take 7 to 10 years for the oil to hit the market, I hope that 7 to 10 years from now you're not scratching your heads wondering why gas is $8 or $9 a gallon.

    July 23, 2008 03:40 pm at 3:40 pm |
  13. CWW, Phoenix, AZ

    This one is funny. The man that didn't know the prices of gas a few months ago is now responsible for the drop in the price of oil? Yeah that's sound logic...

    July 23, 2008 03:41 pm at 3:41 pm |
  14. Terry, Dallas Texas

    That's funny. When gas and oil prices started to climb last year Bush said he understood the pain it was causing Americans but that there was nothing he or Congress could do about it because this is a free market world. So now he wants credit for them going down because he is pushing for offshore drilling? So to recap...

    Blame = Not my fault
    Credit= My plan is working

    July 23, 2008 03:42 pm at 3:42 pm |
  15. Obama-Junkie, IL


    If Bush is getting credit for lowering crude oil prices by just talking about ending offshore drilling ban, then Obama should get credit for lowering crude oil prices by visiting the Middle East and calming the fears of an US occupied Iraq and Iran.

    July 23, 2008 03:42 pm at 3:42 pm |
  16. John McCain't- New Leader of the DECEPTAcons

    It is just the old man returning the favor from Bush lying about John McCain't Supporting the new GI Bill. Which Ole Man River Opposed!!!

    John McCain't – New Leader of the DeceptaCONS (Repubican'ts)

    When you have nothing to offer the country – Do what the DeceptaCONS do best...blame the media and lie!!!

    Vote Obama 08

    July 23, 2008 03:42 pm at 3:42 pm |
  17. Michael

    But wait...if the oil price went down why are the prices at the pump not going down? Why is it when the price goes up you can guarantee that the next day the price will show an increase, yet if this is correct they've since gone down and the prices remain the same???? Why is that?

    July 23, 2008 03:42 pm at 3:42 pm |
  18. Tim, Seattle

    @ enlightened voter who said "get back on your bicycles and let us save our oil based economy."

    Dump your Hummer or SUV, riding a bike is good for you and saves fuel. I ride it to work everyday. I also use the train. I now save over $120/month not to mention no more commuter gridlock and stress
    What are you doing to help the country conserve? What are you doing to help get us off of oil?

    You are missing the change happening underneath you. The goal is not to save the 'oil based' economy, its to eradictae it over time.

    You need to think outside 'oil' and work for a future and not think of just yourself. The Oil economy can and will be replaced by a Green energy economy. Get on the train before you get left behind holding an oil can.

    If America's top grade Oilman T. Boone Pickens says we have to get out of oil and that we CANT DRILL OUR WAY out of the problem, then the oil based economy's days are numbered. Count on it.

    July 23, 2008 03:43 pm at 3:43 pm |
  19. boered1

    So let me get this straight his failed policies in Iraq caused oil prices ot double in less than a year and now, because he says we can drill , (which Mr. Obama has already said he will again prevent when (if) he is elected) and oil prices fell $10 we should all jump up and praise him for his fine judgement.. nope McCain it is kinda like your surge, we got into the war for the wrong reasons, we executed it porrly and now that we are driving our enlisted military to the edge we ahve managed to cut violence to levels we have not seen since the third year of this failed war we should all be happy and say how wonderful the surge is working.... morons one and all who believe either

    July 23, 2008 03:43 pm at 3:43 pm |
  20. Peter (CA)

    Is McCain drinking some strange Kool-Aid? I thought he knew enough to DISTANCE himself from Bush. At the very least, give him credit for something he actually did.

    Prices went down because consumption is down. It's the "free market" McCain, you might want to look into it.

    July 23, 2008 03:43 pm at 3:43 pm |
  21. Praetorian, Fort Myers

    Everyone knows that Bush only gets credit when things go WRONG.

    July 23, 2008 03:43 pm at 3:43 pm |
  22. Bob Indianapolis, IN

    Way to separate yourself from Dumbya, pal!

    July 23, 2008 03:43 pm at 3:43 pm |
  23. terry maine

    to quote cafferty

    the level of intellect at the top is staggering

    July 23, 2008 03:44 pm at 3:44 pm |
  24. Anita from Arizona

    McCain is losing his electability and Obama is gaining it. If all you have are lies to pitch to the American people, you are really in trouble. Stick to issues and your solutions and ideas for them. I feel a little insulted by McCain's statement on the price of crude dropping. Does he think we voters are that stupid?

    July 23, 2008 03:44 pm at 3:44 pm |
  25. Glyde Miller May

    I find it outrageous when the Republic party tries to say that drilling more oil will bring gas prices down. We here in Canada have off-shore oil drilling, polluting Alberta tar sands and we are one of the main producers of oil in the world. Our gas pump prices are higher than in the US. We are paying $1.50 a liter. Do the math! If anything brought prices down is that B. Obama is not backing down on withdrawal from Iraq. The Arabs wanted S. Hussien gone so they would not have competition to bring prices down. Once the Iraquis have control of their oil again we will see prices plummet. Saddam Hussein was funneling cheap gas out to the world. George Bush should not have taken out the competition for Arabia's dictators.

    July 23, 2008 03:45 pm at 3:45 pm |
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