NPR: McCain Says Stop Adding to Strategic Oil Reserves

McCain Says Stop Adding to Strategic Oil Reserves

Republican presidential hopeful John McCain called on the federal government to stop adding to the Strategic Petroleum Reserve, in an effort to curb record high oil and gas prices.

McCain spoke at a small business roundtable in Brooklyn and said with oil selling for over 100-dollars a barrel, the federal government should stop buying oil for its emergency stockpile. He said if the classic laws of supply and demand hold, that should lower the price of oil. The government has been adding to the reserve at a rate of about 300-thousand barrels a week. That's about 3-tenths of one percent of total US consumption.

McCain also outlined his plan to help stuggling but well-meaning homeowners refinance into cheaper mortgages. He also reiterated his opinion, though, that it's not the government's job to spare people from the consequences of their own bad judgement.

McCain's Democratic rivals have been proposing more aggressive government action to address the mortgage crisis. The Arizona Senator is expected to deliver a more wide-ranging speech on the economy next week.

-- Scott Horsley

4:14 PM ET | 04-10-2008 | permalink

Comments

This is junk, and reveals either an ignorance, or willful cruelty in mccain's heart.

We should have price caps on oil. These companies are exploiting our dependency on oil for fuel to make profit. That is wrong, and unhealthy for the economy.

Second, how dare mccain suggest that the homeowners are at fault. The banks are the ones who granted unsustainable loans, THEY are the NEGLIGENT ones.

This man is obviously unfit for office, let alone the presidency.

I used to have some measure of respect for mccain, but he's revealed himself.

Sent by Jody Sol | 6:47 PM ET | 04-10-2008

Wow, have you got it wrong on all counts.

Sent by deek | 4:54 PM ET | 04-11-2008

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