Politics

Top McCain adviser: offshore drilling will have ‘no immediate effect’ on gas prices.

CREDIT:

In a speech that pleased oil executives yesterday, Sen. John McCain (R-AZ) explained his flip-flop in favor of ending the federal ban on offshore oil drilling by saying he was trying to “address the concerns of Americans who are struggling right now to pay for gasoline.” But McCain’s message was contradicted yesterday by his top economic adviser, Douglas Holtz-Eakin, who told reporters that new offshore drilling wouldn’t help lower current gas prices:

Douglas Holtz-Eakin, a senior advisor to McCain’s campaign, acknowledged in a conference call to reporters that new offshore drilling would have no immediate effect on supplies or prices.

The Energy Information Administration says that new offshore drilling wouldn’t have “a significant impact” on gas prices until 2030.