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