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07-23-2008, 07:37 PM #1OPSenior Member
McCain credits Bush for drop in oil price
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.
McCain credits Bush for drop in oil price - Yahoo! News
I agree with McCain on this one. As soon as Bush made the announcement the prices fell. Imagine what the price would drop to if congress were to make the same obligation? :thumbsup:
Mark my words....the reason McCain will win in November will be based on the price of fuel and the position that Obama takes on drilling for oil and nuclear power.
Have a good one!:s4:Psycho4Bud Reviewed by Psycho4Bud on . McCain credits Bush for drop in oil price 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 Rating: 5
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07-23-2008, 07:59 PM #2Member
McCain credits Bush for drop in oil price
Magoo is a knobend (evidently, it has more to do with Bush's numerous recent conjugal visits to the gimp lair of one King Abdullah bin Abdul Aziz Al Saud, Custodian of the Two Holy Mosques and Big Boss of Leathersex Central, High Street, Riyadh).
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07-23-2008, 09:33 PM #3Senior Member
McCain credits Bush for drop in oil price
Originally Posted by ralphbuick
Well, said! I wasn't going to give Bush any credit at all for the drop in oil prices based on his push for raping our coasts, but if he's managed to swing a deal by peddling his tail in the Arabian luv harems, then I'll give him his props! Heckuva job Georgie! Shake yer money maker!
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07-24-2008, 10:47 AM #4OPSenior Member
McCain credits Bush for drop in oil price
Saudi officials have consistently said the country would provide enough oil to supply the market. The kingdom announced a 300,000 barrel per day production increase in May and said before the start of the Jiddah meeting that it would add another 200,000 barrels per day in July, raising total daily output to 9.7 million barrels.
Saudi Arabia said it will boost oil production, but experts say it falls short of lower US gas prices
Oil shale in Colorado, Utah and Wyoming could yield 800 billion barrels of oil for the global market. That is more than the proven reserves of Saudi Arabia and certainly enough to help drive down gas prices in America. But political posturing has prevented us from even beginning to plan how we can utilize this resource.
Skewed logic over oil shale - The Denver Post
The federal government estimates the nation's outer continental shelf might hold 85.9 billion barrels of crude, including 10.13 billion barrels off California. For comparison, the United States consumes about 7.56 billion barrels of oil per year. The nation's sea floor also could hold 419.9 trillion cubic feet of natural gas, equal to U.S. consumption for 14 1/2 years. But the federal estimates are just that - estimates.
The lowdown on offshore oil reserves
What more can be said? The numbers speak for themselves......
Have a good one!:s4:
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07-24-2008, 12:20 PM #5Senior Member
McCain credits Bush for drop in oil price
I thought it would take us at least 7 to 10 years before we could even start using that oil?
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07-24-2008, 01:04 PM #6Member
McCain credits Bush for drop in oil price
This pullback in oil is just a breather. By the end of the year we will see 200 a barrel.
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07-24-2008, 02:06 PM #7Senior Member
McCain credits Bush for drop in oil price
Originally Posted by epxroot
Hopefully we will be able to curb the inflated rates of oil while seeking to become independant of oil all together.
I do believe Bush deserves some credit, but I think it's marginal. If congress does their part then we'll see how much offshore drilling would help drive the prices down.
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07-24-2008, 06:52 PM #8Senior Member
McCain credits Bush for drop in oil price
this is just disgusting. Am I the only one to see what happened to the Mississippi River? These are the risks intrinsic to oil drilling, and one of the main reasons more drilling is not the answer. Anyone that would sacrifice our planet (or even our country) for the sake of lower gas prices needs to have their Humanity Card revoked. Drilling is not the answer.
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07-24-2008, 07:17 PM #9Senior Member
McCain credits Bush for drop in oil price
Originally Posted by LegalizeTheGreen
Spill could close part of Mississippi River for days - CNN.com
This actually has nothing to do with drilling, but it does have to do with oil.
Or are you talking about the flooding.. which also has nothing to do with drilling or oil?
If we had a knee jerk reaction everytime something bad happened in the name of society and progress then we would never have any advancement.
If your argument is that drilling is damaging the mississippi river then I would have to argue that drilling was not the cause of the spill. If your argument is that drilling for oil is dangerous because it could risk spilling oil and harming the environment then I would have to say you're right, except you need to be realistic and reference how many times Oil has been safely transported compared to how many times we've actually had an Oil Spill. You can't deny the world energy because you're scared of a spill that may or may not happen. It may not be the most idealistic thing to do in terms of our home, the earth, but it's a need that we have and will need to be weened off of.
Energy/oil is a need of the world. This is not something that any politician can make up or refute. This is also not just a problem for the United States but rather a GLOBAL problem.
Drilling may not be the end solution but neither is alternative Energy. Currently technology is not where we need it to be to ween us off oil. Even when all of our automobiles are electric or hydrogen or whatever technology they decide to use becomes availale.. there will still be a large need for oil. Alternative energy is not cheap and it does not come quickly either. It takes time to build hydrogen filling stations or electric charging stations for vehicles. There is much more logistical problems when you start to think about how do you transition from oil to alternative energy.
It's not just a light switch that you can flip on and off. We need to aid the world oil market while at the same time researching alternative energies to relieve of us from our dependance from oil.
I am pro alternative energy but I am also realistic in how long it would take to get all of America on the same page. Unfortunatley because of the time table I would have to say we have no choice but to use a combination of drilling and heavy funding into research. Something we should have done during the first oil crisis in the 70's.
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07-25-2008, 01:42 AM #10OPSenior Member
McCain credits Bush for drop in oil price
Originally Posted by daihashi
Have a good one!:s4:
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