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Monday, June 23, 2008

Another Big Oil President?

John McCain has raised over $1 million from his Big Oil friends. And now he's returning the favor.
Standing before a room of oil company executives, McCain reversed his position and called for coastal oil drilling.

The Sierra Club is sounding the alarm--they've asked MoveOn members to sign this petition against drilling.
Last week, Sen. John McCain reversed his longstanding opposition to offshore drilling. The Arizona Senator and his campaign surrogates framed the move as a much-needed effort to combat energy costs in the wake of record high gas prices - political action to Sen. Barack Obama's inaction.
"Floridians are suffering, and when you're paying over $4 a gallon for gas, you have to wonder whether there might be additional resources that we might be able to utilize to bring that price down," said Florida Gov. Charlie Crist, who also changed his stance on the policy.
But is there one credible economist or energy analyst who actually believes that offshore drilling could have a short-term impact on the market dynamics?

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