McCain says when people know there will be more oil prices will go down. Brazil discovered what are believed to be the world's third biggest reserves of oil undersea in April. Oil prices only climbed in the wake of that discovery.

UPDATE: With regard to the eventual price effect when that oil does hit the market, our Richard Harris adds:

Offshore oil drilling would take many years to develop and would ultimately add less than 2 percent to the global oil supply. So it's a stretch to assert, as Sen. McCain did, that drilling will drive down the price of oil.