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Sen. John McCain on Tuesday proposed lifting the ban on offshore drilling as part of his plan to reduce dependence on foreign oil and help combat rising gas prices.
In light of oil's phenomenal climb from under $50 a barrel to nearly $140 in less than 18 months - and the public belief that Wall Street traders were behind the rise - Congress is awash in bills that attempt to limit the role of speculators. Several have bipartisan support and could soon become law.
McCain risks ‘flip-flop’ jibes by voters
By Edward Luce and Andrew Ward in Washington
Published: June 17 2008
Nobody is yet calling John McCain a “flip-flopper”. But the Republican nominee’s increasingly finely balanced efforts to shore up his support among the shrinking Republican base while reaching out to independents is starting to fire up the critics.
Mr McCain’s shift on offshore drilling – which contrasts with his strong support for upholding the moratorium in his 2000 bid for the Republican nomination – could further chip away at his reputation for being a “straight talker”. FT.com