August 27th, 2008
12:10 PM ET
12 years ago

Carter: Oil prices will fall as election gets closer

[cnn-photo-caption image= caption=" Jimmy Carter, a superdelegate, has endorsed Obama ."]
(CNN) - Is there a connection between big oil and Republican politicians?

Former President Jimmy Carter certainly thinks so. In an interview with CBS’s Harry Smith, the former president said the November election is to thank for lower oil prices.

“Between now and November, I predict that the oil companies will hold out on oil prices a little bit,” Carter said with a laugh, “you know, to try to get the Republicans the ticket.”

In July, after the Senate voted to crack down on oil speculators, Republicans vowed to block any further measures until the Senate came to a vote on energy-related issues—in particular, the GOP push to increase oil production.

With the economic outlook dim, and prices at the pump still high, Carter said Wednesday the economy will be the deciding factor for voters come November - just as it was during Bill Clinton’s first campaign for president.

“I’m afraid that by the time January comes along the economy will be the most serious problem in America,” Carter said.

Accusing John McCain of being in the pocket of big oil has been a consistent line of attack from Democrats in the past few months. along with the Obama campaign, have released ads spotlighting what they call the Arizona senator’s “ties” to oil executives.

Filed under: Jimmy Carter
soundoff (106 Responses)
  1. Vegas

    Has Jimmy Carter ever been right about anything?

    ehhhhhh..... NOPE.....

    August 27, 2008 04:20 pm at 4:20 pm |
  2. Rob indetroit

    Jimmy carter is right the oil prices will fall once the Republican convention nears it's because bigoil whether american or middle-east has owned the republican party , it's time for the rest of america to wise up.

    August 27, 2008 04:20 pm at 4:20 pm |
  3. Tony

    Carter might have been the worst president of m lifetime – until we got Bush.

    August 27, 2008 04:22 pm at 4:22 pm |
  4. Bean

    Gas prices will fall after summer... I'm willing to bet the leaves will fall too!

    August 27, 2008 04:22 pm at 4:22 pm |
  5. James L

    Jimmy is correct. ... George Bush will become the wealthiest President in American history when he leaves office because of his connections with the Big Oil companies.

    August 27, 2008 04:25 pm at 4:25 pm |
  6. Obama/Biden

    of Bush liking will bring more threat to our country. Obama/Biden ticket is very strong on national security and Biden as well as Obama is well respected around the world. Obama has better judgment on every single issues that we need on a president than mccain. That is why we must vote Democratic this November to prevent a second 9/11 and have someone who is ready for what ever decission to defend our national security in case of any plot.
    Do not listen to the republican scare tactics and believe anything they have to say. The republican is the party we as voters should stay away from this November. They have done enough to our country and the economy and we cannot afford for more years of economic disasters and begging China to lend us money.

    August 27, 2008 04:25 pm at 4:25 pm |
  7. susan from nebraska

    I remember the gas shortages and increase in interest rates and gas prices when Jimmy Carter was president. He had begun to redeem himself in my eyes when he went to work with Habitat, but then he opened his mouth and started talking again. I say send Jimmy back to the peanut farm.

    August 27, 2008 04:28 pm at 4:28 pm |
  8. Constitutional Lawyer

    And the 10% drop in demand ahs nothing to do with the price going down? Once again Carter is proving he doesn't understand basic supply and demand, Every Econ 101 student understands the concept, but not Carter. Although, we do have to give him credit since he proved how inflationary wind fall profit taxes becomes.

    August 27, 2008 04:28 pm at 4:28 pm |
  9. Justin

    Carter, you've messed up once with your "windfall profits tax". You're a crazy idiot, were a horrible president, and I can careless what you have or will ever have to say. If anyone takes advice from you, history really does repeat itself because nobody listens. We're destined to repeat our major failures of the past because of this.

    August 27, 2008 04:30 pm at 4:30 pm |
  10. Rocco

    There are people who still think Jimmy Carter was the worst president? Can you say 9/11, Iraq, Iran, Patriot Act, warrantless wiretaps, secret torture camps, and attempted sale of US ports to Dubai? Who's the worst? Yeah, that would be George W. Bush.

    August 27, 2008 04:34 pm at 4:34 pm |
  11. BillShneiderDaMan

    Why is Mr. Carter is predicting oil prices? I think his best work has been after his presidency where he was working for charity and humanitarian/ diplomatic efforts. I guess he must have felt that his presidency was a failure.

    August 27, 2008 04:38 pm at 4:38 pm |
  12. The Hanoi Hilton Songbird

    "...said with a laugh..." As in he was joking... Quit turning every little joke into a chance to praise your Songbird war hero

    August 27, 2008 04:38 pm at 4:38 pm |
  13. California Gold

    President Carter is a good guy, well inside the info loop and has insight we lack. When he was Governor of Georgia he was the only elected official with a picture of Martin Luther King, Jr. hanging in his office at a time in our nation's history when MLK was divisive and believe me, Carter endured a huge amount of anger and flack over that but he never backed down. He revealed election corruption and cleaned up the voting scams. He was a good President. I'd take another Carter Administration over George Bush (take your pick) any day, any year, any time.

    August 27, 2008 04:38 pm at 4:38 pm |
  14. mike

    The WTC attack in 93, the USS Cole, (having the opportunity to take out Bin Ladin and choosing not to) Clinton slashing the defense budget over 8 YEARS and Bush being in office for 8 months and 9/11 is his fault? Please.

    August 27, 2008 04:45 pm at 4:45 pm |
  15. Kevin

    Carter-bashing may be fun for some, but please don't discount the work this guy has done for the poor people in the world. Bush may want to do the same type of work.

    August 27, 2008 04:47 pm at 4:47 pm |
  16. Canadian Bacon

    the DNC has done it. they have successfully sucked the brains out out of Democratic voters and filled it with pure unreasonable hatred.
    If you believe the DNC, Bush must be the most powerful and smartest man in the world. he has been able to increase the price of oil for the whole world to make himself rich.

    August 27, 2008 04:47 pm at 4:47 pm |
  17. writeinhillary08

    oil companies wish they could control the price. Price of oil is based on the international oil market. China used to be a nation of bikes, now its a nation of scooters and cars. Same for India. If Jimmy can get them back on bikes, then the price would go down.

    August 27, 2008 04:48 pm at 4:48 pm |
  18. Helene

    He is right. It's the economy stupid ! And McClone is clueless about it.

    August 27, 2008 04:49 pm at 4:49 pm |
  19. Short memories

    People who think Bush is a worse President than Carter either weren't alive then or don't remember Carter. I'll take a guy who stands up to a dictator like Saddam Hussein over one who backed down to the Ayatollah any day. All Carter had to do was merely threaten aggression and the hostages would have been home in a week.

    August 27, 2008 04:50 pm at 4:50 pm |


    Crisis in Georgia and Russia...Oil drops!

    Hurrican Season underway and T.S. Fay sets record landfall
    and Oil Drops!

    Iran supposedly launches Satellite into Space..Oil Continue to drops!

    If these moments happened in 2007 we would be watching oil continue to spike..

    Last week when Oil Reserves were predicted to be low Oil Spike $5..the next day for reasons unknown Oil Dropped $6..

    In America we have reduced our driving in the Billions of Miles driven monthly..and for years we have been told that Oil has risen due to our high demand..

    Each of us have curtailed our consumption and have in many ways helped ourselves, but We Are Told To Believe that since Bush lifted the Executive Ban on offshore drilling that this in MENTALLY scared the Oil Market.


    If you telling me an oil baron such as T. Boone Pickens has no interest in trying to impossibilty of "drilling our way out of this mess."That we need to become independent of foreign oil not just with domestic oil but with alternative energy.

    Jimmy Carter may have missed the boat on the fact that we are conserving more..he is correct that certain conditions that have spiked oil in the past have all but been ignored to keep oil down this election season.

    August 27, 2008 04:51 pm at 4:51 pm |
  21. rice, bryan

    that's been the game of the gop since 9/11. big oil has had one hell of good time for 8 years. and they sure hope the good times will continue if mcbush is elected. they contribute heavily into his campaign run, they will expect to be treated very kindly in return. now for those of you that need a hit in face with an oil barrel. this means they want things as they are now with the criminal bush as president. after november if mcbush wins oil prices are going to jump through the roof.

    August 27, 2008 04:52 pm at 4:52 pm |
  22. JB

    Why did Carter tell Hillary to "give it up" well before the primaries were over. Carter has lost a lot of respect from a lot of people in this election season. It was odvious that he was for OBama but he should have let the people vote before pressuring Hillary to get out of the race. And what what does he know about oil prices? We had the worse oil crisis in history during his presidentcy.

    August 27, 2008 04:56 pm at 4:56 pm |
  23. Carlos, NM

    Carter is the worst president of the modern time, he should not be saying anything

    August 27, 2008 05:04 pm at 5:04 pm |
  24. Sue

    It is simply amazing to me how the democrats despise "big oil". The oil industry is the backbone of modern capitalism. Is that what you want to kill, capitalism, and then install marxism or just a pimple socialism?

    August 27, 2008 05:06 pm at 5:06 pm |
  25. Steve

    A comparison of Jimmy Carter and George W. Bush

    Jimmy Carter–human rights crusader who pressured foreign nations to treat their citizens with dignity.
    George W. Bush–refusies to permit inspectors from the Red Cross to visit our POW camps. Sanctioning the torture of American prisoners. Warrantless wiretaps, libraries compelled to keep lists of who checked out certan books,

    Jimmy Carter–No American lives lost in war overseas.
    George W. Bush–4,000 American lives lost in a war of choice in Iraq.

    Jimmy Carter–Camp David Accords establishes peace between Israel and Egypt
    George W. Bush–with US support, elections in the West Bank bring Hamas to power.

    Jimmy Carter–pardons those who resisted the draft during the Viet Nam War.
    George Bush–extends the tour of duty of Americans in the national guard serving in combat overseas. .

    Jimmy Carter–Boycotts the Soviet Olympics over their invasion of Afghanistan.
    George Bush–personally attends the Chinese Olympics despite their occupation of Tibet and their policy of compelling women who already have one child to undergo an abortion.

    Jimmy Carter–no mention in history books of floods or hurricanes because relief was handled promplty and professionally.
    George Bush–Katrine strands people for days without food or water.

    Jimmy Carter–creates the Department of Education to centralize federal scholarships and grants.
    George Bush–No Child Left Behind which compels useless and invalid testing, testing and more testing and imposes most of the costs on the local school districts.

    Jimmy Carter–warns Americans that we are too dependent on foreign oil and predicts a crisis should we not become energy independent.
    George Bush–His vice president meets oil executives behind closed doors. Whatever occurred remains a secret but oil prices double.

    Jimmy Carter–eventually received the Nobel Peace Prize.
    George Bush–not likely.

    August 27, 2008 05:08 pm at 5:08 pm |
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