McCain Credits Bush for Drop in Crude Oil Prices, White House Basically Replies: ‘It wasn’t us.’
The presumptive Republican presidential nominee John McCain on Wednesday credited the recent drop in the price of oil to President Bush’s lifting of a presidential ban on offshore drilling.
When asked about the McCain statement, presidential spokeswoman Dana Perino said the recent drop in price could also be a product of diminished demand.
“I don’t know if we fully deserve the credit, but I do think that it was important to send a signal to the market that we are serious about moving forward.”
At last check, a barrel of light, sweet crude oil fell to $124.47 on the New York Mercantile Exchange on Wednesday. That’s down from more than $140 a barrel earlier in the summer.
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Photo Credit: jurvetson via flickr under a Creative Commons License
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Of course it went down, 3% less demand as the american drivers drove less. That should of left us with a surplus. The government just announced that supplies are low. How could that be? This is so phoney and manipulated! Throw in the speculators and you have a perfect storm of oil theives, go to http://www.snoilnow.com and see what you can do.
By the way after the goverment report the price rose by $5. http://www.snoilnow.com