Magic Wand Economics (or John McCain, Comedian?)

John McCain’s claim that recent oil price declines are due to Bush’s countermanding his father’s executive order against offshore drilling is risible.

George Bush has repeatedly said he has no magic wand to lower oil prices, but it turns out that John McCain believes he has already waved it. McCain believes that Bush’s countermanding his father’s executive order restricting offshore drilling is responsible for the decline in crude oil prices over the last week, even though it has absolutely no effect on opening up drilling given the Congressional ban that is still in place.

It’s really bad when George W. Bush has more apparent economic sense than the presumptive Republican nominee.