“The price of oil dropped $10 a barrel,” said McCain, who argued that the psychology of lifting the ban has affected world markets. But the White House didn’t go quite that far.
When asked about the McCain statement, presidential spokeswoman Dana Perino said the recent drop in price could also be a product of diminished demand.
In a largely symbolic move, President George W. Bush ordered to lift the Executive Order banning the drilling of offshore oil wells in the U.S.. However, the move will have no effect on the current regulations on offshore drilling because there are two prohibitions on offshore drilling, one imposed by Congress and another by executive order signed by Bush the elder in 1990.
