McCain Credits Bush With $10 Per Barrel Oil Price Drop

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TOM RAUM | July 23, 2008 09:09 PM EST | AP

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Republican presidential candidate Sen. John McCain, R-Ariz., waves to the audience during a campaign stop at the F.M. Kirby Center in Wilkes-Barre, Pa., Wednesday, July 23, 2008. (AP Photo/Carolyn Kaster)

BETHLEHEM, Pa. — Republican John McCain pushed back on Wednesday against Democratic criticism that he misstated when the troop buildup ordered by President Bush began, saying elements were put in place before Bush announced the strategy in early 2007.

He told reporters during an unscheduled stop in a super market that, what the Bush administration calls "the surge" was actually "made up of a number of components," some of which began before the president's order for more troops.

It's all a matter of semantics, he suggested.

McCain said Army Col. Sean MacFarland started carrying out elements of a new counterinsurgency strategy as early as December 2006.

At issue are McCain's comments in a Tuesday interview with CBS. The Arizona senator disputed Democrat Barack Obama's contention that a Sunni revolt against al-Qaida combined with the dispatch of thousands more U.S. combat troops to Iraq to produce the improved security situation there. McCain called that a "false depiction."

Democrats jumped on his comments. They said McCain's remarks showed he was out of touch, because the rebellion of U.S.-backed Sunni sheiks against al-Qaida terrorists in Iraq's Anbar province was under way well before Bush announced in January 2007 his decision to send 30,000 additional U.S. troops to Iraq.

McCain asserted he knew that and didn't commit a gaffe. "A surge is really a counterinsurgency made up of a number of components. ... I'm not sure people understand that `surge' is part of a counterinsurgency."

Speaking on CBS Tuesday of a Sunni sheik who approached Col. MacFarland, McCain said, "Because of the surge, we were able to go out and protect that sheik and others. And it began the Anbar awakening."

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On Wednesday McCain continued to try to portray his opponent as naive on Iraq while the Illinois Democrat is visiting the war zone, the Middle East and Europe.

"I am again deeply disappointed that Sen. Obama will not recognize that the surge has succeeded," McCain said. He said that "no rational person" could think otherwise.

McCain said he had been briefed by Col. MacFarland, commander of 1st Brigade, 1st Armored Division, in December 2006 to discuss the strategy that remains in force today. Bush announced the surge in January 2007 and the first of the new troops began operations in Iraq in early February 2007.

McCain made an unscheduled stop at "Kings Supermarket" in a shopping mall here, and greeted shoppers and commiserated with them on the soaring costs of both food and fuel.

"Among other challenges, Americans face the price of milk at over $4 a gallon," McCain told reporters as he stood in front of a dairy case.

But questions quickly turned to other subjects.

McCain brushed aside a question on a running mate when asked whether Minnesota's Republican governor, Tim Pawlenty, was now at the top of his list.

"I can't mention names," he said. But asked what he thought of Pawlenty, McCain said, "He's a great, fine person."

"He, and (Louisiana Gov.) Bobby Jindal and a number of other governors are the future of the Republican party," McCain said.

McCain had been headed to Louisiana later Wednesday, but bad weather generated by Hurricane Dolly, forced a last minute postponement of the trip. He was going to Ohio instead.

Earlier, campaigning in Wilkes-Barre, Pa., McCain credited the recent $10-a-barrel drop in the price of oil to President 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.

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

Bush recently lifted the executive order banning offshore drilling that his father put in place in 1990. He also asked Congress to lift its own moratorium on oil exploration on the outer continental shelf which includes coastal waters as close as three miles from shore.

"The price of oil dropped $10 a barrel," said McCain, who argued that the psychology of lifting the ban has affected world markets.

The White House didn't go that far. Presidential spokeswoman Dana Perino said the price drop also could reflect diminished demand.

"I don't know if we fully deserve the credit," Perino said.

"We don't predict what happens in the market," she said. "We can't really tell. Certainly, taking that action would send a signal that at least the executive branch is serious about moving forward and increasing the supply we have in America."

A barrel of light, sweet crude fell $1.86 to $126.56 on the New York Mercantile Exchange. That's down from more than $140 a barrel earlier in the summer. There are 42 gallons in each barrel.

BETHLEHEM, Pa. — Republican John McCain pushed back on Wednesday against Democratic criticism that he misstated when the troop buildup ordered by President Bush began, saying elements were put i...
BETHLEHEM, Pa. — Republican John McCain pushed back on Wednesday against Democratic criticism that he misstated when the troop buildup ordered by President Bush began, saying elements were put i...
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- MajorKong I'm a Fan of MajorKong 393 fans permalink
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I can remember when $125/barrel was crazy talk.

    Favorite    Flag as abusive Posted 09:49 PM on 07/23/2008
- UnbiasView I'm a Fan of UnbiasView 20 fans permalink

I would hope so, it was only like 2 years ago wan't it?

    Favorite    Flag as abusive Posted 09:50 PM on 07/23/2008
- UnbiasView I'm a Fan of UnbiasView 20 fans permalink

Let me get this straight . . . I have seen 9,000 post on this board that blame Cheney and Bush for oil prices going up but if they go down they have nothing to do with it?

Can someone explain this?

    Favorite    Flag as abusive Posted 08:50 PM on 07/23/2008

Sure. as I went over (with grammatical errors) in my post:

The cost of crude oil started to drop on July 8th.
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/08/AR2008070802801.html

Bush lifted his "executive ban" on July 14th.
http://www.cnn.com/2008/POLITICS/07/14/bush.offshore/index.html

The executive ban does nothing to allow people to drill offshore if Congress still upholds their ban.

Ergo: Anything Bush did could not have had any effect on the price of gas going down.

    Favorite    Flag as abusive Posted 10:01 PM on 07/23/2008
- NL207 I'm a Fan of NL207 8 fans permalink

Speculators are edgy folks. Buying oil futures at $140 / bbl is not my idea of a secure investment there were some possibility of another 1 Million bbls a day coming onto the market.

When the President of the Unbited States says he is going to drop a government prohibition on oil exploration and production, such speculators will be VERY nervous and a certain few of them will lose their cool and sell. What Congress may or may not do is irrelevant. The flighty folks won't stop to consider that.

Of course Bush made the price drop. His executive order shook "investor confidence".
Maybe you need to study the suppply-demand equation for inelestic commodities.
http://www.nationmaster.com/encyclopedia/Supply-and-demand

Shake up a few speculators, and prices will move, but only temporarily. It takes actual increases in supply or reduction in demand to move price points for good.

    Favorite    Flag as abusive Posted 04:01 AM on 07/24/2008
- toby25 I'm a Fan of toby25 3 fans permalink

Nobody here will give Bush credit for doing anything right. It is only the bad things they pin on him. The price of a barrel of oil did indeed drop substantially right after Bush lifted the presidential ban on off shore drilling. Just imagine what would happen if this do nothing congress would lift the ban...we would see a HUGE drop.

    Favorite    Flag as abusive Posted 10:18 PM on 07/23/2008
- egal I'm a Fan of egal 13 fans permalink
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Correlation does not equal causation.

But things like decreasing the military's troops, de-regulating contractors, and letting speculators run wild while oil execs gained windfall profits at the cost of the consumer IS clearly his fault.

It would be pretty asinine to praise Bush for FINALLY doing what the military and political experts have been saying was best for our country all along, and even dumber to give his worthless drilling ban removal the credit when the numbers and the experts (and the timing, and the people doling out the oil) are all in accord that his sudden willingness to consider diplomacy is the real reason for the precipitous price drop.

    Favorite    Flag as abusive Posted 03:17 AM on 07/24/2008
- maddie0001 I'm a Fan of maddie0001 2 fans permalink

Same way Obama's responsible for the price going up but not when it goes down.
Crazy, ain't it?

    Favorite    Flag as abusive Posted 10:20 PM on 07/23/2008
- UnbiasView I'm a Fan of UnbiasView 20 fans permalink

What? Who is saying Obama has anything to do with anything?

    Favorite    Flag as abusive Posted 11:06 PM on 07/24/2008

Let me try. What in the hell have they done? Nothing. When people are pushed to decide between driving to work, and driving to Vegas, of course they are naturally going to cut out the Vegas trip. Did Bush or Dick, advocate less driving? No, they haven't.

    Favorite    Flag as abusive Posted 10:30 PM on 07/23/2008
- UnbiasView I'm a Fan of UnbiasView 20 fans permalink

Why should they? I don't want someone telling me how to live my life or how much I should drive.

    Favorite    Flag as abusive Posted 11:08 PM on 07/24/2008
- ccpostman I'm a Fan of ccpostman 22 fans permalink
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Cheney and Bush get NO credit for oil prices going down.
Because I'm still waiting for the gas prices to go down at my pump!

But actually you can give them the credit. They destroyed the US economy with their fed rates and collapsed scamming housing market. Since we have a horrid economy now, there is less demand for gas.

"Falling prices at the filling station reflect the concern of many energy traders that the weakening U.S. economy is hurting demand. Analysts say that is helping keep oil prices from racing back higher."
http://www.msnbc.msn.com/id/12400801/

I guess you are right.

    Favorite    Flag as abusive Posted 08:30 PM on 07/24/2008
- Ozy I'm a Fan of Ozy 3 fans permalink
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Mc Cains labotomy has been a success. Every time he opens his rusty PIE-Hole it proves it!

    Favorite    Flag as abusive Posted 08:05 PM on 07/23/2008

So if you can credit Bush with the price drop, you can also credit him with the spike in prices, too, since he apaprently didn't do all in his power to prevent it.

G.W. Bush and the Republicans: forever a day late and a dollar short.

    Favorite    Flag as abusive Posted 07:42 PM on 07/23/2008
- SCG I'm a Fan of SCG 110 fans permalink
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I guess Mc Cain is operating on the theory of one born every minute?

    Favorite    Flag as abusive Posted 07:35 PM on 07/23/2008

And he is right!

    Favorite    Flag as abusive Posted 08:28 PM on 07/23/2008
- noneIn2008 I'm a Fan of noneIn2008 27 fans permalink

Amazing double talk. Increased costs are the fault of Bush and Congress printing money and decreasing the value of the dollar. Increased energy costs are part of the plan to reduce energy consumption.

    Favorite    Flag as abusive Posted 06:54 PM on 07/23/2008
- Paul I'm a Fan of Paul 32 fans permalink

Bush deserves a lot of credit for forcing up the price of oil.

He correctly stated that we are addicted to energy and now the free market is causing a change in our behavior that is long overdue.

Look at Ford and GM - they are finally turning the ship around and will stop building SUVs. No one in government could have done that. Congress has not even attempted to enforce any kind of meaningful upgrade to car mpg.

I say "Stay the Free-Market Course". We need gasoline at $8/gal and then we will finally get a mass transit system worthy of the name.

    Favorite    Flag as abusive Posted 06:23 PM on 07/23/2008
- toby25 I'm a Fan of toby25 3 fans permalink

Wow, that is a scary thought. That is what some people want on the far left....$8­-10 a gallon gasoline. That would CRIPPLE the economy and raise prices on everything.

    Favorite    Flag as abusive Posted 10:24 PM on 07/23/2008
- Paul I'm a Fan of Paul 32 fans permalink

The European economy is robust at $8/gallon.

We need to catch up to them in mass transit and housing patterns.

Goodbye energy-inefficient suburbs, hello city living.

There is a lot of opportunity in $8/gal gasoline - new mass transit construction, city re-development.

Just like the 50s and 60s, only with people moving in the other direction - back into the cities
.

    Favorite    Flag as abusive Posted 11:45 PM on 07/23/2008
- pizzmoe I'm a Fan of pizzmoe 20 fans permalink

There is no far left in America, Mr. O'Reilly

    Favorite    Flag as abusive Posted 02:10 AM on 07/25/2008

This all sounds well and good, unless anyone remembers that as of July 8th, the Washington Post was reporting that we were seeing significant drops in the price of crude.

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/08/AR2008070802801.html

Mind you this was 6 days before President Bush lifted the executive ban (not the legislative ban that actually allows people to drill). [source cnn.com]

http://www.cnn.com/2008/POLITICS/07/14/bush.offshore/index.html

In short: McCain is once again grossly misleading the American people yet again with a complete lack (or contempt) of the actual historical facts. How much do you want to bet no one in the media calls him out on this?

    Favorite    Flag as abusive Posted 06:20 PM on 07/23/2008

Why is anyone so quick to congratulate anyone on the drop in the oil prices? Oil prices may have dropped $10, but gas prices in my area haven't gone down a penny yet! Funny how someone sneezes and gas prices shoot up, but when the price plummets, there is still no relief at the pump.

    Favorite    Flag as abusive Posted 06:15 PM on 07/23/2008

I agree. The prices are quick to go up but they don't seem to go down as easily.

    Favorite    Flag as abusive Posted 09:36 PM on 07/23/2008
- toby25 I'm a Fan of toby25 3 fans permalink

They always go down slower than they go up. It is all based on inventory currently held in gas stations and the futures market. You will see a drop within 1-2 weeks.

    Favorite    Flag as abusive Posted 10:25 PM on 07/23/2008
- MajorKong I'm a Fan of MajorKong 393 fans permalink
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So if Bush is responsible for the price coming down, does that mean he was responsible for the price going up?

    Favorite    Flag as abusive Posted 06:05 PM on 07/23/2008
- mamacat I'm a Fan of mamacat 140 fans permalink

John should stand next to a ticker tape, and every time the price goes down he can yell out "Thanks, George Bush!", and every time the price goes up, he can yell out "It's the Dems' fault!"

He might even believe it, but who cares?

    Favorite    Flag as abusive Posted 06:25 AM on 07/26/2008

It must be fun to drink your own.

:-)

    Favorite    Flag as abusive Posted 05:03 PM on 07/23/2008
- mamacat I'm a Fan of mamacat 140 fans permalink

Pathetic.
I can't believe I was prepared to vote for this idjut back in 2000.

    Favorite    Flag as abusive Posted 04:16 PM on 07/23/2008
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We suggest that McCain submit regularly for questioning by a group of psychiatrists to check for evidence of senile psychosis or other forms of dementia creeping in at his age.

I mean it is all well and good that he spent some time in the military, but, based on some of the things he says I chink that we can al agree that he is either not the sharpest tool in the shed, or has some other issues going on.

We can't afford a POTUS that is slipping psychologically.

    Favorite    Flag as abusive Posted 04:16 PM on 07/23/2008
- BBackSoon I'm a Fan of BBackSoon 39 fans permalink
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WHEN BUSH TOOK OFFICE GAS WAS $1.46.
WHEN BUSH TOOK OFFICE GAS WAS $1.46.
WHEN BUSH TOOK OFFICE GAS WAS $1.46.
WHEN BUSH TOOK OFFICE GAS WAS $1.46.
WHEN BUSH TOOK OFFICE GAS WAS $1.46.
WHEN BUSH TOOK OFFICE GAS WAS $1.46.
WHEN BUSH TOOK OFFICE GAS WAS $1.46.
WHEN BUSH TOOK OFFICE GAS WAS $1.46.
WHEN BUSH TOOK OFFICE GAS WAS $1.46.
WHEN BUSH TOOK OFFICE GAS WAS $1.46.

    Favorite    Flag as abusive Posted 04:11 PM on 07/23/2008
- DallasMike I'm a Fan of DallasMike 11 fans permalink

WHEN THE DEMS TOOK OFFICE GAS WAS $2.30
WHEN THE DEMS TOOK OFFICE GAS WAS $2.30
WHEN THE DEMS TOOK OFFICE GAS WAS $2.30
WHEN THE DEMS TOOK OFFICE GAS WAS $2.30
WHEN THE DEMS TOOK OFFICE GAS WAS $2.30
WHEN THE DEMS TOOK OFFICE GAS WAS $2.30
WHEN THE DEMS TOOK OFFICE GAS WAS $2.30
WHEN THE DEMS TOOK OFFICE GAS WAS $2.30
WHEN THE DEMS TOOK OFFICE GAS WAS $2.30
WHEN THE DEMS TOOK OFFICE GAS WAS $2.30

    Favorite    Flag as abusive Posted 04:53 PM on 07/23/2008

And Mike,
exactly when was it the dems took office? We have an outrageously obstructionist republican party that stops everything! So, nice try but that won't work.

    Favorite    Flag as abusive Posted 05:01 PM on 07/23/2008
- HeIsTheOne I'm a Fan of HeIsTheOne 206 fans permalink
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And $20 a barrel.

    Favorite    Flag as abusive Posted 10:20 PM on 07/23/2008
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Moderator's Pick

HuffPost's Pick

I hate to say it, but the Bush administration did send an envoy to meet with Iran over the weekend. This certainly was a factor in oils slight price drop.

    Favorite    Flag as abusive Posted 04:07 PM on 07/23/2008
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NO, just NO.

- Oil was over bought. And 12 % off of an overbought all time high is small money.
- All commodities went down the last couple days. Did copper come down because Bush sent an envoy to Iran?
- The markets have lower expectations for the future, both the US and abroad. Lower expectations mean less demand for oil. Less demand means lower prices.

HuffPo pick? HuffPo knows about as much about the economy as McSame

    Favorite    Flag as abusive Posted 09:50 PM on 07/23/2008
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