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McCain’s instant payback from big oil

Last month, candidate McCain did a complete flip-flop and is now supporting expanding offshore oil drilling in the US, even though he used to oppose it. He claims that his change of heart is because of the high price of oil. He even has a TV ad attacking Obama for opposing the expansion of offshore oil drilling. But even the government says that expanding offshore oil drilling would not decrease the price of gas for at least 20 years, if at all.

So what is the real reason for his change of heart.  As they say, follow the money. McCain just reported that last month, the oil industry contributed $1.1 million to his campaign, which is four times what they contributed the month before that, before he changed his mind. In fact three-quarters of that $1.1 million came after he gave his June 16 speech announcing his change.

Besides, the oil companies are not drilling on 80% of their current offshore oil leases. Why would they, when today’s supply crunch is resulting in the highest oil company profits in history?