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."
The "little people" are only going to want more to pay for their increased costs, as will the not so little people.
I guess if you are doing the speculating,,, it's reasonable? :-)
BTW, don't be too quick to sell that too far out, you might have to pay $90 bbl to deliver to me. lol
it was done after Katrina, its a no-brainer to do it now.
Its a hell of alot more substantive then asking americans to turn in gas station gougers to the FTC.
what are you worried about, the ethanol lobby is going to get upset that they can't get top dollar for their product? too damn bad.
Inflation is everywhere and always a monetary phenomenon.
LOL. Houston is home, O&G is my business, and I've lived through quite a few booms and busts. And it's not economic nearsightedness. It's reality.
It takes years to bring new oil production online, and by the time it comes online it takes years to slow it down.
So your contention is that there is an actual supply shortage at the wellhead? Perhaps you could provide evidence of this (I mean, other than "prices are high because supply is short, and we know supply is short because prices are high").
It's just a matter of time before the market is glutted, just as has happened innumerable times in the past.
Again, where on earth are you getting the notion that there is a supply shortage?
So these current gasoline prices will be good for the economy?
That may be. Let's see what happens in June. Speculation is there isn't going to be much of a "valley" as in previous seasonal trends. We could very well see $90.
Did I say that? Or you just made that up? Hmmmmmmmmm,,,,
I don't know you tell me..............
Like he cares...
Why not go find it since you made the goofy insinuation?
I was just asking if that was what you were saying, no need to get hateful.
Are you all forehead too?
The Paul Begala "Government by Executive Order" plan: "Stroke of the pen, law of the land. Cool."
What a genius! Who needs to be bothered with Congress and elections and all that hooey?
There are no shortages currently, because the price has gone up!
And the gas station is just the micro that rather represents the macro, does it not? Who sets the price that puts the entire economic juggernaut in motion? The guy who gets the actual oil from its source. He may or may not be gouging, but at the very least he has to consider how much demand there will be.
In that case, you could speak that China and India - huge countries anyway - have reduced the *available* supply (not the earth supply) by getting into the market more. Same basic earth supply, but *less* available to the humans all around the globe because more in the world want it.
You make a good point about the d@mn credit cards/ATMs - I still don't pay that way. I'm old-fashioned, and this is another good reason why! ;-) I believe in real money.
And I'm not in the least hateful. Amused is more like it.
Later.
Well I didn't mean to insinuate anything. But it would sound like you are saying that high prices if they come as the result of a free and unfettered market are good for the economy.
I doubt that the baroque complexity of our current gasoline formula rules was written into law by Congress in so many words. It's very likely based on departmental regulations, which are entirely within the scope of amendment by executive order.
Disinflation is not the same as deflation.
That's about to end.
Is that a speculation? If so, is it unreasonable? LOL
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