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. Rob

    the reason the price decreased was because we are consuming less because of the high price. the oil price has probably found it's ceiling.

    'old man yells at cloud' McCain needs to take a nap

    July 23, 2008 03:53 pm at 3:53 pm |
  2. prefer koolaid than your arsenic

    me thinks McCain missed his true calling....stand up comedian

    July 23, 2008 03:56 pm at 3:56 pm |
  3. Derek in Seattle

    Obama is to blame for high oil prices, and Bush is to thank for a drop in oil prices?

    Somebody get a straight jacket!

    We've got a live one! ...well sort of....

    Grab a diaper while you're at it!

    July 23, 2008 03:56 pm at 3:56 pm |
  4. Canadian for OBAMA

    I thought he was trying to distance himself from Bush?? The name McSame is well deserved!!

    July 23, 2008 03:57 pm at 3:57 pm |
  5. Bill

    Any doubt that John McCain is just plain stupid?

    July 23, 2008 03:57 pm at 3:57 pm |
  6. proud army and navy mom

    so when george w became president, gas was $1.72 cents a gallon. seven and a half years in gas is $4.08 a gallon. roughly $29 a barrel, seven years ago, $147 a barrel this week, maybe higher.

    So we should thank george w for the prices sliding by $20 to a paltry $127 a barrel.

    Of course, This has nothing to do with talk of closing the enron loophole or people driving less because they have to pay for groceries which have skyrocketed under the great leadership of the repugs.

    MCCAIN is an blabbering idiot.

    July 23, 2008 03:57 pm at 3:57 pm |
  7. John, Catholic

    Speculators need a justifiable reason to make speculations about the decrease in availability of a product. Without this their speculations have no grounds and thus will not be believed.

    So what is the main cause for the raise in oil prices??

    Why the probability of an Isreali/Iranian war. Speculators used that scenario to raise the price of oil through the roof!!!

    What brought the price of oil down??

    Why the possibility of reaching a diplomatic agreement with Iran.

    To paraphrase Adam Smith in the Wealth of Nations, "War is nothing but a burden upon an economy. It consumes natural resources, time, and personnel that could be better applied to more economic ventures. Similarly war or even the speculation of war provides an excuse for over speculation in markets concerning the scarcity of resources; thus increasing the cost of things without increasing the value of them at the same rate."

    July 23, 2008 03:58 pm at 3:58 pm |
  8. Swanaay!

    It's called a price ceiling idiot. Oil couldn't go up forever. Really pandering to the morons of the country the Repug-licans are.

    July 23, 2008 03:58 pm at 3:58 pm |
  9. indiePA

    Are you kidding me????? If Bush is taking credit for the drop in the cost of oil, whatever he did must have been totally accidental!!!!!!!

    July 23, 2008 03:59 pm at 3:59 pm |
  10. bob in L.A.

    McCain is as out of touch as people that think drilling off the coasts will solve our problems.
    The industry analysts and the oil companies have said the reason for the price decrease is less demand. That has nothing to do with Bush or anybody but Americas wallets talking.
    With a 10 year window before drilling will be beneficial, prices would have stayed up until that first drop of oil spilled into the ocean.
    Have you seen those penquins in Bazil covered with oil form their off shore drilling?

    July 23, 2008 03:59 pm at 3:59 pm |
  11. Doug, New Jersey

    Liberal Democrats have time and time again stopped us from drilling here at home and yet they think they get the right to complain about gas prices?

    If one is a loyal Democrat they must either be dishonest or ignorant, the facts on every issue and the lies they buy into and spew make this undeniable.

    Yeah, I'm holding back on saying and thinking that they want to destroy America, I don't want to think that about my fellow citizens, although it is becoming almost impossible to counter the message of those who say this is so. Seems every day those who say libs want to destroy America get more and more facts to make their case, I pray to god they are not right.

    July 23, 2008 03:59 pm at 3:59 pm |
  12. Who 2 Vote 4???

    Demonstrating his economic intellect, huh?

    July 23, 2008 04:00 pm at 4:00 pm |
  13. Jason, OH

    LOL...that's all I have to say...LOL.


    July 23, 2008 04:00 pm at 4:00 pm |
  14. Tully

    McCain is right. Thank you president bush. There are still people who support you!!

    July 23, 2008 04:01 pm at 4:01 pm |
  15. wolfsbane

    Are we sure McCain isn't related to Bush?

    July 23, 2008 04:01 pm at 4:01 pm |
  16. judy, Wisconsin

    Wouldn't you just love to know what really went on at Cheney's SECRET energy meeting with the oil barrons when they 1st took office-let me see, find a way into the Middle East (Iraq), line the pockets of the big oil companies with record profits, gouge Americans. Way to go Bush and Cheney!

    July 23, 2008 04:01 pm at 4:01 pm |
  17. Anonymous



    These people are morons. They must be into some really heavy drugs!!!!!

    Do they think the American people are THAT stupid???!!!!!

    Give me a freakin' break!!!!

    GO AWAY YOU MORON!!!!!!!!!!!!!!!!!!!!!

    July 23, 2008 04:02 pm at 4:02 pm |
  18. Antonio

    McCain should know that a weak dollar causes oil prices to go up. Now that the dollar is strengthening more, the price of oil goes down: simple economics. If the Feds do their job and strengthen the dollar, then oil prices would go down and finally stabilize to a reasonable level.

    Also, at the same time, Inbev would have not bought Anheuser-Busch because a strong dollar would make it too expensive to buy.

    I guess his economic adviser, Phil "Whiner" Gramm, didn't explain it well to McCain.

    July 23, 2008 04:02 pm at 4:02 pm |
  19. noMcSame

    If he has that kind of power, then why just $10.00? How stipid of McSame to make such a claim.

    July 23, 2008 04:02 pm at 4:02 pm |
  20. Will in Richmond, VA


    Doesn't it have more to do with the speculation bubble bursting a bit? I tell you what, I'll let bush take some credit when the price is down to about $75 a barrel. How about that?

    July 23, 2008 04:02 pm at 4:02 pm |
  21. Straight Talk Distress

    Many years of bad experience are worth less than no experience at all...

    July 23, 2008 04:02 pm at 4:02 pm |
  22. dave g, minneapolis

    The democrats don't have an energy plan. They have stopped nuclear power, coal power, natural gas power and oil exploration. What's left?
    Wind and Solar!? EVERYONE agrees that this is not sufficient, or if they don't agree, they don't understand physics, semiconductors, meteorology, or that the earth turns and the sun is down for half a day. (hey, just don't use electricity at night).

    The Republicans are just as bad! Drill, drill, drill. There are many known reserves that won't be exhausted and are not being used for production. But, what would we even do with more oil if the refineries are at capacity and no new ones have been built in 30 years.

    No energy policy from these two....

    I'm for Barr '08!!

    July 23, 2008 04:02 pm at 4:02 pm |
  23. jimmy velman


    July 23, 2008 04:03 pm at 4:03 pm |
  24. Phil from Indiana

    McCain – make up your mind. First you say that offshore drilling will not have an immediate impact, but rather take years to affect prices.

    Now you're alleging that opposition to this plan, which will in your words take years to unfold, is why gas is so high?

    And even though according to your prior comments, the ACTUAL drilling offshore will take years to bear fruit, we are now to give credit to Bush for saying "Git R Dun"??

    You must really be desperate Sen. McCain – and you WILL remain a Senator, make no mistake.

    You are grappling for anything you can. Flopping, flip flopping, flip-flip flopping....Maybe you can have a 'senior moment' as you like to call them and forget how to get to the White House because you don't belong there.

    July 23, 2008 04:03 pm at 4:03 pm |
  25. Mike from Westchester

    Can we also give him credit for the run-up from $30 to $147 a barrel?

    How about for the 4,200 dead U.S. servicemen?
    How about for the $3.8 trillion (66%) increase in our national debt?
    How about for our "psychological" recession?
    How about for stagnant real wages?
    How about for the housing market fiasco?
    How about for the Katrina mess?
    How about for the Halliburton/Blackwater no bid scandal mess?
    How about for shredding the U.S. Constitution?
    How about for not getting Bin Laden?
    How about for "Mission Accomplished"?
    How about for not being welcomed as liberators?
    How about for our 8 year international humiliation?

    There so much for being thankful for, I think we should make 1/20/09 a day of celebration.

    July 23, 2008 04:04 pm at 4:04 pm |
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