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FOR IMMEDIATE RELEASE: July 24, 2008
Washington, D.C.--During an appearance today in Wilkes-Barre, Pennsylvania, John McCain credited President Bush for the recent drop in oil prices—saying that the President's call for offshore drilling had had a psychological impact on world oil markets. McCain has also similarly claimed that the misguided Bush-McCain call for offshore drilling would offer consumers "psychological relief." Yet, even the Bush Administration's Energy Information Administration acknowledges that offshore drilling will do absolutely nothing to lower prices today, tomorrow, or even a decade from now.
Just today Big Oil started reporting yet another quarter of billions in record profits, with ConocoPhillips alone raking in $5.4 billion. The company’s quarterly revenue went from $47 billion to $71 billion--even as it produced some 200,000 fewer barrels of oil each day.
Statement of Cathy Duvall, Sierra Club Political Director
"John McCain seems to think that we can rely on Jedi mind tricks to get us out of today's energy and economic crises. John McCain's 'psychological' war on high gas prices is likely to work about as well as consumers trying to pay for their gas with smile coupons.
"It's a sad day when we celebrate oil that still costs $130 a barrel. It's even sadder to credit the decrease to President Bush, the man whose two terms of failed policies have caused energy prices to skyrocket and our economy to crumble. Saddest of all would be four more years of these disastrous policies—and that's what John McCain has to offer.
"Instead of the plan for $1,000 in real relief for hardworking Americans that Barack Obama has proposed, John McCain wants to offer Big Oil a Texas-sized tax cut of $3.8 BILLION. And instead of a real plan for energy independence, John McCain and George Bush want to allow the oil companies to begin the 'exploitation' of our coasts. Even the Bush Administration admits that this would do absolutely nothing to lower gas prices today, tomorrow, or even a decade from now.
"Instead of offering real solutions to today's crises, John McCain unfortunately seems more interested in playing mind games with the American public by running attack ads that have been called 'misleading on nearly every substantive point.'"
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