McCain credits Bush for drop in Oil prices.

[RobMoney$]

http://www.msnbc.msn.com/id/25816555/


McCain credits Bush for drop in oil price
Criticizes Obama for opposing offshore drilling

MSNBC
John McCain
AP

WILKES-BARRE, Pa. - Republican John McCain on Wednesday credited the recent $10-a-barrel drop in the price of oil to President George W. Bush's lifting of a presidential ban on offshore drilling, an action he has been advocating in his presidential campaign.

The cost of oil and gasoline is "on everybody's mind in this room," McCain told a town-hall meeting in Wilkes-Barre, Pennsylvania.

He criticized Democratic rival Barack Obama for opposing drilling on the Outer Continental Shelf.

Ten days ago, Bush lifted a 1990 presidential ban on offshore drilling and urged Congress to do likewise. "The price of oil dropped $10 a barrel," said McCain, who argued that the psychology of lifting the ban has affected world markets.

A barrel of light, sweet crude fell $1.86 to $126.56 on the New York Mercantile Exchange. That is down from more than $140 a barrel earlier in the summer.



While he's at it, maybe he can also credit Bush for the DOUBLING of gas prices since Jan 2007.

The way I see it there's two reasons McCain would say something like this,


1) McCain doesn't really believe what he's saying, he's just pandering
- I'm ok with this option, since politicians do this stuff all the time

2) McCain really believes that the drop in oil price is due to Bush lifting the offshore drilling ban
- If this is true, then McCain is a moron who should never be allowed to speak publicly about economics again

[D_Raay]

And the result of this, at least in my area, has been the prices going down by .02 to .03. YIPPPPPEEEE

[RobMoney$]

You know if Bush actually did have the power to singlehandedly affect the price of Oil, why hasn't he done so sooner?


The real kicker here is that Congress has a ban on off shore drilling too (which hasn't been lifted), so Bush lifting the ban is merely symbolic and in reality absolutely nothing has changed.

I for one am against Off-shore drilling and believe that in the long run high oil prices are a good thing for the US and the world. It's pushing us to find cleaner energy alternatives, a drop in price would only slow that progress.

[QueenAdrock]

Exactly. Bush's lifting of the ban doesn't do anything. Congress has to pass it first. So he just said, "Yeah, I think we should allow off-shore drilling," and then oil goes down $10. Oooh, he must be Jesus. He thinks so at least, and apparently so does McCain.

Off-shore drilling won't help. It's not going to give us any oil in the close, foreseeable future. If they start drilling tomorrow, we wouldn't see any of that oil for years. It's a process, and people advocating for it seem to think that if you snap your fingers, BAM! There's oil. Problem solved.

...and what happens when that oil runs out? Oh! Well, we'll think of a solution THEN.


In other news, McCain was in Wilkes-Barre? My mom was born & grew up there. I tease her that it's a backwards redneck town where everyone's named Joan, Bob, or Joanie-Bob. She seemed to like it, though.

[saz]

2) McCain really believes that the drop in oil price is due to Bush lifting the offshore drilling ban
- If this is true, then McCain is a moron who should never be allowed to speak publicly about economics again

mccain doesn't know anything about the economy, or iraq
(http://www.youtube.com/watch?v=_1X3efvVTLA)