by vcalzone, Wed Jul 23, 2008 at 08:58:58 AM EDT
Republican John McCain on Wednesday 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 Democratic rival Barack 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.
Y'know, I'm starting to think McCain believes this crap. Smooth move, too, because if oil prices rise before the election, which is entirely possible, if not probable, then his whole argument about drilling is pretty much moot.
But then again, maybe this is something else. Bush gives his speech and lifts the ban on offshore drilling at the same time as Bernanke delivers a message that the economy is heading down the turlet. The oil price drops because of Bernanke's sobering statements and other fairly positive news, all of which cause oil buyers to sell some of their positions and lock in profits. Not even FOX Business News gave Bush credit, even though it mentioned him lifting the ban. But now McCain gives credit to Bush for circumstance, and perhaps that was the idea all along.
McCain either thinks we're all stupid or he's pretty stupid about how things work, and I'd be willing to bet it's a bit of both. Can't wait till Obama gets home and can give these two the verbal hammering they need.