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."
In some states like mine (MI) the state actually taxes other taxes on a percent. So when the price goes up, the taxes go up. That's why libs don't complain much, it goes to suit their fancies.
And where am I supposed to surf?
How does one quantify "price gouging'?
"Not according to the President of the United States. He wants people to report price gouging."
I thought that sort of behavior was considered vigilantism.
Wasn't there a case recently where a State fined a gas station for actually dropping prices below a certain point?
Of course...and the bonus pack for them is that they can then turn and rag on 'big oil'.
Kind of off subject, but I did happen to catch much of O'Reilly's segment with Cavuto last night (discussing the Exxon CEO's retirement package)...I'm surprised Bill-O let it stay in, because Neil bitchslapped him across the studio.
Well said EPU. You are quite correct. I am only sorry it took until your post - number 10 - for someone to give us all an economics lesson.
The only solution to high prices in a scarcity situation is - high prices.
I seem to remember something along those lines, yes. Can't recall specifics, though. I do, however, recall how Elliot Spitzer was going after a gas station (or stations) here in NY for "price gouging" during the transit strike in December. If that wannabe-dictator becomes governor of NY, I'm movin' to Alaska.
Bull Sh*t, George. The government has no such thing. Stand aside and let the free market work; you can only make things worse by meddling.
If I wanted this sort of idiotic kindergarten economics from the mouth of my President, I'd have voted for Kerry.
-ccm
"We're going to watch for price gouging." ....is right up there with "Islam is a religion of peace."
Sadly correct.
I'd be curious to know how many people who demanded George Bush personally stop the Dubai company from completing a private business transaction are now espousing a hands off approach to gas prices.
CONGRESS....SENATE.....
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