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. “The price of oil dropped $10 a barrel,” said McCain, who argued that the psychology of lifting the ban has affected world markets. But the White House didn’t go quite that far.
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.
Related Posts:
- “Bush Administration Proposes ‘Fire Sale’ of Rocky Mtns. For Oil Shale Development”
- “Bush Lifts Executive Ban on Offshore Drilling – Why it Matters and Why it Doesn’t”
- “McCain Calls for More Offshore Drilling – What Else Would he Say in Houston?”
Photo Credit: jurvetson via flickr under a Creative Commons License
About Timothy B. Hurst
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