View Full Version : Oil is the focus of McCain’s bid to capture Pennsylvania

10-27-2008, 12:37 AM
MOON TOWNSHIP, Pa. — Seconds after Sen. John McCain mentioned reopening America’s coasts to oil and gas drilling, the shouts from the crowd erupted.

“Drill, baby, drill!” the voters in this Pittsburgh suburb cried.

Even though the price of gasoline has dropped like a Rob Johnson pass in recent weeks, the summertime price spike is still one of McCain’s signature issues — especially in this Democrat-leaning state where McCain is drilling harder for votes than he is anywhere else.

If you believe the polls, he’s digging a lot of dry holes. The RealClearPolitics average of polls shows Democrat Barack Obama with an 11-point lead in the Keystone State.

But with his campaign flagging in smaller onetime GOP strongholds such as Virginia and Colorado, McCain keeps plugging away in his fight for Pennsylvania’s 21 electoral votes, hoping the state’s big rural population will counter Obama’s strength in the state’s heavily populated southeast corner.

“He’s clearly making a stand in an environment that doesn’t seem all that welcoming for a Republican presidential candidate,” said Christopher

P. Borick, a political scientist at Muhlenberg College in Allentown, Pa. “But he needs a win in a big state. It’s big risk, big reward.”

Last week showed McCain taking that big risk in a big way, investing a full day in three Pennsylvania campaign stops and then sending his running mate, Alaska Gov. Sarah Palin, to the Pittsburgh area on Thursday.

At each stop, the GOP candidates ripped into Obama as they have been doing for weeks — while touting their energy plans as the centerpiece of their effort to rebuild the American economy.

“When I’m president, we’ll drill offshore and we’ll drill now,” McCain said at his rally in Moon Township. “We’ll invest in clean coal technology . . . We’ll lower the cost of energy in months and create millions of new jobs. America, I promise you that.”

The promise of new offshore oil drilling is a new one for McCain, who opposed drilling until this year’s run-up in gas prices.

Obama, too, has flip-flopped on the issue, going along this fall as Congress let a long-standing ban on new drilling in the Atlantic and Pacific expire.

That ban is expected to resurface in the new Congress, though, and Obama has warned that offshore drilling is no answer for America’s energy needs.

“We’re going to have to explore new ways to get more oil, and that includes offshore drilling,” Obama said

during the presidential debate Oct. 7. “But we have 3 percent of the world’s oil reserves and we use 25 percent of the world’s oil. So what that means is that we can’t simply drill our way out of the problem.”

10-27-2008, 12:11 PM
Good move John:

Oil prices fall as investors eye weak demand

Monday October 27, 11:57 am ET
By John Porretto, AP Business Writer

Oil prices pull back as investors eye falling demand, ignore OPEC move

HOUSTON (AP) -- Oil prices fell to their lowest level in more than a year Monday before rebounding to just above $63 a barrel as growing evidence of a global economic slowdown had investors betting on a further drop in energy demand.


10-27-2008, 12:45 PM
Oil price dives to $59 in London

3 hours ago

LONDON (AFP) — Oil prices sank to 59 dollars on Monday, hitting 17-month lows on worries that a global recession will sap energy demand and as the US currency strengthened against the euro.

In early Monday trade, Brent North Sea crude for December delivery plummeted to 59.02 dollars per barrel, its lowest point since February 2007.

New York's main contract, light sweet crude for December delivery, tumbled to 61.30 dollars a barrel, a level last seen in May 2007.

"Crude prices have continued to slide as global recessionary concerns intensified after dramatic falls in Asian financial markets which saw Tokyo's Nikkei index fall to its lowest level since 1982," said Sucden analyst Nimit Khamar.