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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: TigerPaw who wrote (129678)7/23/2008 1:38:51 PM
From: Skywatcher  Read Replies (2) of 173976
 
McBush with another JOKE!...what a clown
McCain credits Bush for drop in oil price
By TOM RAUM (Associated Press Writer)
From Associated Press
July 23, 2008 12:08 PM EDT

WILKES-BARRE, Pa. - 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.

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."

There are 42 gallons in each barrel.

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.
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