Posted on 04/18/2006 8:09:46 AM PDT by ex-Texan
WASHINGTON (Reuters) - President George W. Bush said on Tuesday he is "concerned" about high gasoline prices, and pledged that the U.S. government will keep a close watch out for profiteering.
"I'm concerned about higher gasoline prices," Bush said at a Rose Garden news conference to name new staff appointments.
"The government has the responsibility to make sure that we watch very carefully and investigate possible price-gouging, and we will do just that," Bush said in unprompted remarks about energy prices.
U.S. crude oil futures hit a record of $70.88 a barrel on Tuesday on fears of supply disruptions in Iran stemming from its nuclear standoff with the West, as well as lingering outages in Nigeria.
U.S. retail gasoline prices rose 10 cents last week to average $2.78 a gallon, up 29 cents over the last three weeks and 55 cents higher than a year ago, the government said on Monday.
Bush said high crude oil prices, rising summer driving demand and a switch to new motor gasoline standards is keeping gasoline prices high.
"It's tight supply worldwide and we've got increasing demand from countries like India and China, which means that any disruption of supply ... (is) going to cause the price of crude to go up," Bush said.
More drivers will take to the road this summer, which will also boost demand, he said.
"At this time of year people are beginning to drive more, getting out on the highways, taking a little time off," Bush said. "That increasing demand is also part of the reason the price of gasoline is going up."
You are losing your spot on DU while posting here.
Bingo again. I have made a bundle in the last two days selling stocks held for less than a year. IN fact, I feel comfortable knowing that wherever the price of oil settles, I am still going to be way ahead of the game. I am not an economist, but a scientist that could see the energy crunch coming several years ago and I invested in concert. It wasn't rocket science, just common sense, which really isn't that common.
At least twice.
All im saying is that there needs to be checks and balances. The oil speculators were regulated until 2000 when the reigns came off. Suprise surpise, gas prices went through the roof.
Hedging up barrel prices strictly based on the fear factor is BS. There already WAS a $20 fear factor tag on the barrel. Call it the terrorist surcharge, or what ever.
I don't care what you say, this fear pricing is out of control. It doesn't NOT reflect supply and demand at all. There is plenty of supply, and plenty of reserve. Plus there is plenty of additional capacity.
If you think the oil companies are going to pump out EXCESS, you're nuts. They will keep production as tight as they can to keep prices as high as they can to make as much profit as they can, which they are setting records making.
AND, I'm not afraid to make a bit of money off something I can't change. Besides, higher prices might stimulate some alternative actions, like drilling in ANWAR and off the east coast, as well as building some nuclear generating stations, etc etc.
So, I guess you're saying you agree?
"Short" supply is relative to demand. The price is the proof that demand is greater than supply.
Nothing surpasses price as an indicator of allocation of resources.
Do people think that the US is the only country that consumes oil?
A lot of increased demand is coming from China, to fuel their industries.
You guess wrong,,,,,again.
In fact, maybe it takes a good scare to get Europe off their Butts to take action against Iran. It is after all THEIR oil supplies that will be effected MUCH worse than ours. We might hurt, but they will hurt more.
So anyone who disagrees with the absolute free traders is a dumbocrat?? There are alot of people in the Constitution Party that would disagree with you.
The price is going up and peope are paying it.
So what kind of government program to you propose to regulate the price of gasoline?
Anyone who doesn't support free market capitalism is an imbecile. You can call them Democrats if you wish.
You bet!
Who the hell said we were free? Certainly not me.
So were down to name calling. Well I fell that people like you would sell the Declaration of Independence for a price. Your nothing but a whore for money.
The difference is I HAVE TO BUY THE STUFF!
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