Wednesday, July 23, 2008

Well YEA! All it took was President Bush lifting the executive order...

Just think how much MORE the prices would drop if the lame duck Congress actually did the same thing???

Didn't we learn all this back in 1982 when President Reagan lifted the price controls and regulations on petroleum? If we demonstrate that we are going to increase our domestic supply...the price indeed will drop, even if it takes us 10 or more years to actually GET the oil out! sick of Dem's and that fourth branch of government, the enviroMENTAL wacos!

By the way, did you know that the state of California uses up MORE gasoline than ANY ONE NATION in the world?

WILKES-BARRE, Pa. (AP) - 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 also said Obama's Iraq policies amount to "unconditional withdrawal." His criticism of his Democratic rival has heated up as Obama has drawn the lion's share of attention over the past few days for his visit to Afghanistan, Iraq, Israel and other destinations.

McCain said Obama's plan to withdraw U.S. troops over a 16-month period "could lead to a resurgence in our enemies, and we would have to come back."

Under a McCain presidency, the Arizona senator said, "we will never have to go back. We will have won this conflict."

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