Although much attention has been paid to John McCain’s manufacturing a new surge timeline in Iraq, let us not forget that he’s also manufacturing the psychology of the oil market.
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.
There is a reason that Perino is loath to take full credit for the price drop – it’s not deserved. The falling prices have more to do with the fact that American gas use is falling about as sharply as American gas use can fall, dropping 2.4% year-over-year.
It really does leave you to wonder if McCain’s policy briefings consist of tossing darts at a wall, one area with problems and one area with explanations. “Okay, so the…housing crisis, yes! We haven’t talked about that one in a while. Is actually caused by…Moqtada al-Sadr? Ah, fuck it, run with it. Call up Romney and let him know.”