How will the falling oil prices effect the election? Who will benefit more?

Question

Crude oil futures are back below $110 a barrel on the expectation that congress will eventually pass legislation for offshore drilling, reduced demand, and in spite of Hurricane Gustov.

I think it helps McCain. Part of Obama's platform is fixing a failing economy. As oil prices come down, pressures on the US economy down as well. Will that part of his message still resonate? Will windfall profits taxes matter when oil company profit margins shrink back up?

Answer 1

It will take a lot more than the current state of fuel price reductions running up to the election in November to resolve the overall economy.

Just ask anyone who lost their home to foreclosure who they're voting for. I really doubt it will be McCain.

Too many people faced life changing disasters this decade thanks to the republicans in charge. And little has been done to help millions of Americans to get them back on their feet.

Just think about the two million who left La. earlier this week, waiting to go home. Do you think the Bush White House sent those folks money to pay for their temporary housing? The gasoline to drive out of state? The disruption of their lives?

We all know that next summer we'll be seeing $4 a gallon gas again. Even if the democrats win everything, the companies will still play their game of gouge the consumer.

Answer 2

It helps McCain- since the Dem. congress has NOTHING to do with the prices falling.  Windfall taxes will help THE GOVERNMENT- not us.  Obama has already told us he was glad that the oil prices were up.  Shows who he cares about!

Answer 3

It will help the Democrats...The people are smart enough to know that Bush and his policies due to his background had a lot to do with it...Domestically, this is why his approval rating is so low...This and the Iraq war...which is also wreaking havoc on OUR energy prices...If it was supply and demand issues, funny...We didn't have that problem when Clinton was president...all of 8 years ago...

Answer 4

the fact of the matter is, economies such as ours have ebbs and flows..  it's able to correct itself as long as we stay true to the capitalistic environment..  and not freak out and start taxing the heck out of people the mid to lower class families WORK for..  the legislation will help, the lower demand will help, and the resurgeance of the dollar helps as well... but, capitalism prevails as it always has done before.. we just gotta ride it out, be smart with our money, and become less dependant on foreign economies and resources..  

Answer 5

OPEC plans to reduce production according to news in USA today

Answer 6

I think it actually helps Democrats, because right or wrong, drilling to reduce prices was a winner for Republicans.

Although Democrats have recently switched their position once it became evident that public opinion could not be swayed to oppose new drilling, the public understood the Democrat's motives.

If energy prices continue to fall, it will become less of a hot button topic come November.

Answer 7

well duh!

Answer 8

Oil is not a renewable resource, and even if they did do more drilling the amount they would get is a spit in the bucket.  If you want to know the truth about oil check out the site Peak Oil, Life After The Crash.  The person who wrote this has done years of research and talked to every major econmist in the world.  The only people who would benefit from falling oil price would be the people around the world who could save money at the pumps.  It will not benefit either political party.

The real issues in this election come down to one thing only, who is going to shake up the government and care about what the people think!

Answer 9

It also hurts McCain's pro-drilling to bring down the price stance.

And I'm not going to hold my breath waiting for the oil company profits to drop below historic levels.

Answer 10

It will redound to the benefit of McCain.

Answer 11

Those prices are going back up right after the election and more companies are going to start laying off workers.

Corporations are just holding out until after the elections because they know nobody would vote Republican.

Answer 12

I agree. It does help McCain.

Answer 13

Good news for America is ALWAYS bad news for Dems!

You see, Democrats are invested in America's failure.

Thats why all they have to sell is doom & gloom.

It's their only real weapon for holding on to power; fear.