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. Jason

    While there are severe mistakes made during seven years of Bush policy, it is true that his lifting of the executive ban on off-shore drilling was a major factor to bring the price of oil down last week. His easing rhetoric towards Iran certainly helped, too. At least on the speculative side of the market.

    It is simply ridiculous to see so many Obama supporters with their fingers lodged deep within their ears and wailing loudly so that they won't hear anything contrary to their messianic delusions about their propped-up democratic stooge of a candidate.

    July 23, 2008 03:45 pm at 3:45 pm |
  2. mrmustard

    They say the legs are the first to go, but in McCain's case I think it's the marbles.

    He previously stated that Bush was not to blame for the increases in oil prices. Perhaps, if we could see the minutes from the Secret Energy Task Force meeting, we could get some clarification on that point.

    And, was it not Mr. Bush who wanted to continue shipments to the Strategic Oil Reserve? If Congress has not overruled him, would that not have led to even less available supply and raised prices even more?

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

    Mr Magoo is at it again. First he blames Obama for high gas prices, then he praises Bush for the oil price drop. Old man yells at clouds!!! This is beyond funny, it's down right scary.

    July 23, 2008 03:45 pm at 3:45 pm |
  4. Ian

    Apparently you get to make up whatever stories you want when you're running for president.

    I've said all along that pixies were responsible for the whole thing. Do I get a job in the senate now?

    July 23, 2008 03:45 pm at 3:45 pm |
  5. Richard, St. Paul, MN

    McClone's alzheimers must be acting up again. Sure, gas went down by about 20 cents, but it's TRIPLED while Bush has been in office. Whatever happened to 'Bandar Bush,' the Saudi bobo that used to be the Oil lapdog at the White House? McClone needs to pull his head out of his Depends undergarments and smell the real world!

    July 23, 2008 03:46 pm at 3:46 pm |
  6. Gigantus

    Why is it all Obama supporters on this site? Oh, that's right, CNN is in the tank for him.

    July 23, 2008 03:46 pm at 3:46 pm |
  7. Ex-Republican for Obama


    Want to know the saddest realization of all?

    I firmly believe that if there were no term limit, Bush would beat McCain hands down, so he could run his own third term.

    Think about it, I really do think the repugs would dump this moron in a heartbeat for Bush Jr. And that is SCARY AS HELL!!

    July 23, 2008 03:46 pm at 3:46 pm |
  8. Tammy - KCMO

    If Bush is responsible for making the prices go down, why didn't he do it sooner. McCain I don't have hip waders high enough to wear for the BS you are spewing lately.

    July 23, 2008 03:46 pm at 3:46 pm |
  9. Truth

    McCain's ole chum, ole pale Mr. Bush. God bless them both.

    July 23, 2008 03:46 pm at 3:46 pm |
  10. Evan

    John McCain really is ignorant about all things economic. First off, traders are smart enough to know that Congress needs to lift the moratorium, not the President. Bush's actions are empty as usual. The reason oil is down is on comments by Bernanke who said that the slowing economic conditions worldwide would reduce demand for oil for the forseeable future. And there's also legislation to reduce speculation in the oil market. McCain's comments are quite funny actually.

    July 23, 2008 03:47 pm at 3:47 pm |
  11. Sue

    Drilling for oil that may produce in 7 to 10 years lowered the price in a market that never looks ahead 3 months; let alone 10 years.
    How about we are driving less?
    How about we are talking to Iran instead of bombing?
    How about we are threatening to rein in the spectulators?

    July 23, 2008 03:48 pm at 3:48 pm |
  12. Obama Supporter from FL

    That is some FUNNY stuff...

    July 23, 2008 03:48 pm at 3:48 pm |
  13. B

    Wow you people really are missing the point. McCain stated that its people like Obama, not him directly. If you people are too dumb to learn how to look at something and not understand it you really should not be allowed to vote. Oh and to the genius who said that Bush is profiting from high oil maybe you should know that when a person becomes president they must give up all other income and business ownership. Also, they cannot ever get the earnings and income that they gave up when taking the oath of office. You people really should educate yourselves ann not just listen to what the news tells you. Can't wait for Obama to get in so I will have to learn a different language to keep my job and when I call a place by the end of his term i will have to push 9 for english because 1 through 8 will be some other BS languages.

    July 23, 2008 03:48 pm at 3:48 pm |
  14. James Hussein, SC

    I think that it is very interesting that NO BODY ever mentions the fact that the war in Iraq and Afghanistan are sucking up a lot of oil.

    July 23, 2008 03:48 pm at 3:48 pm |
  15. Piero

    So when the prices rise, it's due to everyone else but not Bush?

    And when the prices fall, it's because of Bush's involvement?

    Good to know, I love that kind of accountability.

    July 23, 2008 03:48 pm at 3:48 pm |
  16. Chuck, Euigene Oregon.

    Give me a break, prices are down because the demand is down. Give the American people credit for not taking those vacations and staying home; for parking their cars and riding a bicycle, bus or walking, and for planning their shopping trips to include the weekly laundry, groceries ect to once a week instead of as they occur. Also give the senate credit for seriously looking into price speculators, that Mr McCain is what brought prices down. Talking the possibility of off shore drilling and drilling in Anwar had nothing to do with nothing other than a political game so the republicans could blame the democratic controlled Senate.

    July 23, 2008 03:50 pm at 3:50 pm |
  17. Straight Talk Distress

    A one trick Pony.... 🙂

    July 23, 2008 03:51 pm at 3:51 pm |
  18. Chris

    McCain lied in his regarding the oil prices were Obama fault and now he wants to give Bush credit for the drop!!! I can't believe folks really want this man as President!!! We can clearly see he is a liar just like Bush!!

    July 23, 2008 03:51 pm at 3:51 pm |
  19. Shannon Shiflett

    Sorry, McBush, we're smarter than that.

    July 23, 2008 03:51 pm at 3:51 pm |
  20. JJ

    Ok maybe I am becoming senile like McCain but the last time I checked, I was still paying over $4 for gas! How is the $10 decrease helping? It isn't so I don't and won't give you or Bush credit. The decrease did nothing for us so stick that where the sun doesn't shine!

    July 23, 2008 03:51 pm at 3:51 pm |
  21. Andrew D

    Thank you Bush now make it drop again like a 100$ and that should cover part of your fail mistake as president.

    July 23, 2008 03:52 pm at 3:52 pm |
  22. Lorraine

    So why is the price of gas still high?

    July 23, 2008 03:53 pm at 3:53 pm |
  23. Mike, TX

    McCain is right. Oil is sold on replacement costs and the potential for increased supply sources is driving the price down. Now wait for the democrats to limit drilling and the price will go back up.

    July 23, 2008 03:53 pm at 3:53 pm |
  24. Steve

    President Bush withdrew the Executive Order that bans offshore drilling. There is still a Legislative outlaw against offshore drilling. So therefore McCain has nothing to crow about!

    July 23, 2008 03:53 pm at 3:53 pm |
  25. Hispanos para Obama

    i hope he also credits him for the trillion dollar war, the katrina debacle that miss and la are still dealing with.the high gas prices,
    the highest debt in history. the weakest dollar. the highest unemployment. rate.
    should we go on.

    Obama 08

    July 23, 2008 03:53 pm at 3:53 pm |
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