McCain Credits Bush for Drop in Crude Oil Prices, White House Basically Replies: ‘It wasn’t us.’ : Red, Green, and Blue

McCain Credits Bush for Drop in Crude Oil Prices, White House Basically Replies: ‘It wasn’t us.’

Published on July 23rd, 2008

Posted in Center, Editor's Choice, Energy, US Election

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.

Photo Credit: jurvetson via flickr under a Creative Commons License

Tags: bush administration, gas prices, McCain, oil prices

You might also like:

Add a comment or question

Recommend this post (4)

Other Views from Red, Green, and Blue

Incoming Interior Chief Salazar Says He Still Has Environmental Work to Do as Senator

Sporting his trademark cowboy hat, the denim-clad Salazar held a press conference in Denver before leaving for Washington on Sunday, saying he’d like to pass eight bills dealing mainly with wilderness and conservation issues, as soon as possible.

U.S. to Resume Filling Strategic Petroleum Reserve

The U.S. Department of Energy today announced that it plans to take advantage of the recent decline in crude oil prices, and has issued a solicitation to purchase approximately 12 million barrels of crude oil for the nation’s Strategic Petroleum Reserve (SPR) to replenish supplies sold following hurricanes Katrina and Rita in 2005.

4 Comments

1
Poll: Americans Don’t Think More Drilling Will Lower Gas Prices : Red, Green, and Blue said on July 25th, 2008 at 11:48 am

[...] “McCain Credits Bush for Drop in Crude Oil Prices, White House Basically Replies: ‘Wasn&… [...]
2
Matt Goes Green » Blog Archive » Poll: Americans Don’t Think More Drilling Will Lower Gas Prices said on July 29th, 2008 at 10:01 pm

[...] “McCain Credits Bush for Drop in Crude Oil Prices, White House Basically Replies: ‘Wasn&… [...]
3
Hugh Magbie said on July 30th, 2008 at 12:20 pm

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.
4
Hugh Magbie said on July 30th, 2008 at 12:21 pm

By the way after the goverment report the price rose by $5. http://www.snoilnow.com

Red, Green, and Blue