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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I do hope that all those that post to this are aware that the oil potential of this plan will not do what its proponents claim. As with most projections, the devil is in the details. Offshore oil is very energy expensive to extract, more than 20 miles below the surface, and the technology to bring it to market is not without hitches. Does anyone really think if it were as easy as Bush saying "yes" to the oil industry, it would not have happened long ago? Mccain is again weighing in on something he knows little about in order to get some headline. Ask Al Gore for the details. I am sure he knows much more of the truth. Let's make sure we know the truth behind the headlines!

    Favorite    Flag as abusive Posted 03:57 PM on 07/23/2008
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I do hope that all those that post to this are aware that the oil potential of this plan will not do what its proponents claim. As with most projections, the devil is in the details. Offshore oil is very energy expensive to extract, more than 20 miles below the surface, and the technology to bring it to market is not without hitches. Does anyone really think if it were as easy as Bush saying "yes" to the oil industry, it would not have happened long ago? Mccain is again weighing in on something he knows little about in order to get some headline. Ask Al Gore for the details. I am sure he knows much more of the truth. Let's make sure we keep track of the truth behind these headlines!

    Favorite    Flag as abusive Posted 03:52 PM on 07/23/2008
- SirReal1 I'm a Fan of SirReal1 64 fans permalink

From the story:

"McCain also said that, if elected, he'd have a news conference once a week."

Week 24:

Hi there America, It's your President, John McCain, again, bringing you your weekly news conference. heh-heh!

Well, pretty much the same as last week, I still haven't had any new ideas, haven't decided to do anything new about any of the stuff going on in the world, tho' I do think about it a lot of the time.

But, I can't say that I know how to change any of it, so, we're still hated by the world, still hung up in 3 different wars, young men and women are dying in huge numbers over there, we're still short on gas, for those who can afford the $10 a gallon cost, I'm still without a clue and you are still screwed, for another 3 and a half years.

Good night, and god bless!

    Favorite    Flag as abusive Posted 03:31 PM on 07/23/2008
- HeIsTheOne I'm a Fan of HeIsTheOne 206 fans permalink
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Anyone want to pull my finger?

    Favorite    Flag as abusive Posted 10:22 PM on 07/23/2008
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You could also attribute it to a bill currently circulating in Congress that reins in oil market speculators. I hear that one is in the Senate right now; which candidate supports this and which one thinks the market is doing a helluva job controlling oil prices?

    Favorite    Flag as abusive Posted 03:25 PM on 07/23/2008
- Liam I'm a Fan of Liam 5 fans permalink
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Very good point.

    Favorite    Flag as abusive Posted 03:29 PM on 07/23/2008
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Your attribution would be correct, and conceding that Bush's lifting of the offshore drilling ban played any role in lowered oil prices proves this!! Neither supply nor demand changed one iota as a result of the announcement, only speculation changed, yet the price dropped without a single new drilling site.

Urge your congressmen and senators to close the Enron loophole!!

See http://www.texasobserver.org/article.php?aid=2767 for the history of the Enron loophole.

    Favorite    Flag as abusive Posted 04:59 PM on 07/23/2008
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So you think the price of copper dropped, too, because of this?

ALL commodities are taking hits, not just oil.

    Favorite    Flag as abusive Posted 09:56 PM on 07/23/2008
- truthyguy I'm a Fan of truthyguy 42 fans permalink

Which goes to prove McCain was correct when he said he knows nothing about finances.

    Favorite    Flag as abusive Posted 03:23 PM on 07/23/2008
- TJC I'm a Fan of TJC 5 fans permalink

What an economist you are Mr McCain! blah blah blah blah. I don't suppose that full tankers backed up in the gulf because demand is down 5% has anything to do with it. How about the threat that controls will be issued against market hedgers? America needs to crack open this secret energy policy egg and fry it up good.

    Favorite    Flag as abusive Posted 03:07 PM on 07/23/2008
- Moxo I'm a Fan of Moxo 11 fans permalink

So, McCain is also confirming that the high cost of oil is ALSO Mr. Bush's?
After all, Dubya took years before he negated his father's directive.

    Favorite    Flag as abusive Posted 03:03 PM on 07/23/2008
- Luv2Purple I'm a Fan of Luv2Purple 26 fans permalink

Did Mr. "Straight Talk" also credit W for the price of OIL GOING UP FROM $45 to $145 a barrel with the STUPID POLICIES of the administration? When can we IMPEACH this WAR CRIMINAL? this is the most corrupt administration in our lifetimes!!! IMPEACH the whole bunch!

    Favorite    Flag as abusive Posted 02:58 PM on 07/23/2008
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Impeach Bush?

Well, I guess I am allowed to dream.

    Favorite    Flag as abusive Posted 09:59 PM on 07/23/2008
- nogimmicks I'm a Fan of nogimmicks 28 fans permalink

Milking the Americans and the world by the oil companies and the Wallstreet speculators can not go on forever. At some point the cow starts jittering and giving blood-diluted suspension instead of milk. Then they temporarily slow down the process.

    Favorite    Flag as abusive Posted 02:56 PM on 07/23/2008
- wolf58 I'm a Fan of wolf58 35 fans permalink

Lets see oil started drop last week when the FTC said they were going after naked shorters and the congress started with its investigation on speculators with a bill planed to be signed soon on that issue. People have reduced their driving, China going to odd even days so demand for now is down. No McCain once again you are so wrong. Bush had nothing to do with the drop but in fact had everything to do with the price run up for not having a real energy policy and also by being an oil slut to those in the industry.

    Favorite    Flag as abusive Posted 02:54 PM on 07/23/2008

Wolf58

you can't naked short in the Futures market. Please don't verify everything you hear in the Mainstream Media.

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

I never thought I'd see a candidate dumber than Bush, but I stand corrected.

    Favorite    Flag as abusive Posted 02:30 PM on 07/23/2008
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As a progressive, I also credit Bush with the drop in the price of oil.

First, by ravaging the dollar, the price went up so high, so fast, it became over-bought.

Secondly, because the dollar is devalued so much, food and energy became expensive, so people drove less and spent on consumer discretionary items less. That is, they went shopping and eating out less.

Third, businesses saw this, and cut back on virtually everything, from orders to employees.

Fourth, investors see the economy is tanking, normal people (not the Bush-McCain uber-rich) are broke and doing what they can to cut back. If that happens, businesses will suffer. Everybody is cutting back, demand for oil drops, price drops.

So, Bush helped drive the price of oil down by shafting the economy.

Also, notice how $125 / bbl oil looks really great next to $140 /bbl oil.
Who would have thought that eight years ago, or four years ago, or one year ago the GOP would be TOUTING $125 bbl oil?

Great job, GOP!

    Favorite    Flag as abusive Posted 02:28 PM on 07/23/2008

Oil was 20 dollars a barrel when Bush took office, and it went up to 147 dollars a gallon before Bush uttered one word about Drilling. What about when Oil was I don't know 80 dollars a barrel maybe a 10 dollar drop would have been good there too.

The American Public is that stupid and when they vote for McCain I'm liquidating everything I have and buying Oil Contracts, because these Republicans, will attack Iran.

    Favorite    Flag as abusive Posted 02:12 PM on 07/23/2008
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Bush lowered oil prices, Reagan defeated the Soviet Union. Hmm, I guess this qualifies Penn and Teller to be Pres. and VP since they are master illusionists

    Favorite    Flag as abusive Posted 01:55 PM on 07/23/2008
- drumz I'm a Fan of drumz 59 fans permalink
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He's a delusional lying POS you know, like all repukelicans.

    Favorite    Flag as abusive Posted 01:48 PM on 07/23/2008
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