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US to Watch for Gas Price-gouging: Bush
Reuters ^ | 4/18/2006 | Staff Writers

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."


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; Foreign Affairs; Front Page News; Government
KEYWORDS: bush; fuelgouging; fuelprice; fuelpricing; gasolineprices; gasprices; gouge; pricefix; pricefixing; pricegouging
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To: Major_Risktaker
OK, If I don't buy into your argument.

Just for the sake of argument.

For years I have heard tax and spend liberals, environmentalist, loons,anti-Americans,smug elitists and others (Democrats now Communists) who consider themselves to be above the average American say "the price of gas should be closer to that of Europe than what we have to pay".

This would in their eyes cause instant euphoria and save all the endangered species known to human kind.

It would even make the French like us better. sarc alert

These are the same people who by their incompetence of inane ideas have hindered not helped in Americas hunt for energy independence.

The American people have been sold down the proverbial drain by this bunch of intellectual morons.

Why in heavens name have we not drilled in every nook and cranny in America.

America still has lots of oil.

The problem is the oil is either located in a liberals backyard or it may endanger or inconvenience some lonesome Caribou.

I say the mergers of the oil companies was a real problem.

Over the years of history it has been the little independent operator who took the greatest risks.

The majors such as Exxon could care less about investing in small fields or old wells with low profit margins.

I believe the biggest oil companies have become monopolies in the likeness of the old Standard Oil of John D. Rockefeller.

One could make a case that some of these companies are in violation of various Acts such as Sherman, Robinson-Patman, Clayton.................

Well that is my lowly opinion.
361 posted on 04/18/2006 4:19:31 PM PDT by OKIEDOC (There's nothing like hearing someone say thank you for your help.)
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To: garyhope
As long as Mexico is coming here anyway...lets take over Mexico and adopt them as our 52 state...

We can launch strikes on Chavez from there...and pump all the oil we like...

362 posted on 04/18/2006 4:43:17 PM PDT by joesnuffy
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To: ThinkDifferent

OK, let's see what happens when the gasoline consumption numbers are published.


363 posted on 04/18/2006 5:25:35 PM PDT by oceanview
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To: RandallFlagg

Enough with surf generator...

The one and only true solution is orbital solar power satellites beaming their power down to earth via microwave transmission.

:-)


364 posted on 04/18/2006 7:30:43 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: LIConFem

Yes, there are many here that consider themselves 'experts' in free market economics... yet completely ignore the teachings of Adam Smith.

It's funny that the most strident 'free marketeers' are the one's who usually state that it's perfectly okay for oil companies to charge whatever the market can bear.

Which contradicts Adam Smith, the father of the modern capitalism.

Contradicting his statements such as...

"The monopolists, by keeping the market constantly understocked, by never fully supplying the effectual demand, sell their commodities much above the natural price."

The Wealth of Nations, Book I, Chapter VII


"The price of monopoly is upon every occasion the highest which can be got."

The Wealth of Nations, Book I, Chapter VII


"The natural price, or the price of free competition ... is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together...[It] is the lowest which the sellers can commonly afford to take, and at the same time continue their business."

The Wealth of Nations, Book I, Chapter VII


365 posted on 04/18/2006 7:49:12 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: LIConFem

Yes, there are many here that consider themselves 'experts' in free market economics... yet completely ignore the teachings of Adam Smith.

It's funny that the most strident 'free marketeers' are the one's who usually state that it's perfectly okay for oil companies to charge whatever the market can bear.

Which contradicts Adam Smith, the father of the modern capitalism.

Contradicting his statements such as...

"The monopolists, by keeping the market constantly understocked, by never fully supplying the effectual demand, sell their commodities much above the natural price."

The Wealth of Nations, Book I, Chapter VII


"The price of monopoly is upon every occasion the highest which can be got."

The Wealth of Nations, Book I, Chapter VII


"The natural price, or the price of free competition ... is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together...[It] is the lowest which the sellers can commonly afford to take, and at the same time continue their business."

The Wealth of Nations, Book I, Chapter VII


366 posted on 04/18/2006 7:49:12 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: LIConFem

Yes, there are many here that consider themselves 'experts' in free market economics... yet completely ignore the teachings of Adam Smith.

It's funny that the most strident 'free marketeers' are the one's who usually state that it's perfectly okay for oil companies to charge whatever the market can bear.

Which contradicts Adam Smith, the father of the modern capitalism.

Contradicting his statements such as...

"The monopolists, by keeping the market constantly understocked, by never fully supplying the effectual demand, sell their commodities much above the natural price."

The Wealth of Nations, Book I, Chapter VII


"The price of monopoly is upon every occasion the highest which can be got."

The Wealth of Nations, Book I, Chapter VII


"The natural price, or the price of free competition ... is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together...[It] is the lowest which the sellers can commonly afford to take, and at the same time continue their business."

The Wealth of Nations, Book I, Chapter VII


367 posted on 04/18/2006 7:49:16 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: LIConFem

Please disregard the repeated messages. My computer froze up right as I pressed the 'post' button.

My apologies.


368 posted on 04/18/2006 7:50:34 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: gogogodzilla
It's funny that the most strident 'free marketeers' are the one's who usually state that it's perfectly okay for oil companies to charge whatever the market can bear.

So, oil companies are a monopoly now? When did they change the definition?

369 posted on 04/18/2006 7:52:20 PM PDT by Toddsterpatriot (Why are protectionists so bad at math?)
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To: ex-Texan

Oil companies aren't public utilities and are entitled to anything that the market will bear.

If they want to charge $20/gal and can get enough people to pay it, more power to them.


370 posted on 04/18/2006 7:52:42 PM PDT by dalereed
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To: Pessimist

Doesn't matter, as long as they ACT in the manner of a monopolist.

Don't believe me? Maybe you'll believe Adam Smith, the father of modern capitalism.


"The monopolists, by keeping the market constantly understocked, by never fully supplying the effectual demand, sell their commodities much above the natural price."

The Wealth of Nations, Book I, Chapter VII


"The price of monopoly is upon every occasion the highest which can be got."

The Wealth of Nations, Book I, Chapter VII


"The natural price, or the price of free competition ... is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together...[It] is the lowest which the sellers can commonly afford to take, and at the same time continue their business."

The Wealth of Nations, Book I, Chapter VII


371 posted on 04/18/2006 8:00:07 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: gogogodzilla
Doesn't matter, as long as they ACT in the manner of a monopolist.

Senator Schumer?

372 posted on 04/18/2006 8:02:04 PM PDT by Toddsterpatriot (Why are protectionists so bad at math?)
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To: E. Pluribus Unum

Reality is what it is.

Prices go up when demand exceeds supply.

Period.




And in a free market, the additional monies generated from the increased prices lead to increase supply. Thus bringing the market back into equilibrium.

That is NOT happening in the here and now.

Hence the call for some sort of government intervention.

(Personally, I think price controls are idiotic. However, I'd be in favor of having the Federal Government simply ORDER oil companies to build new refineries.)


373 posted on 04/18/2006 8:05:19 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: Protagoras

Then only Standard Oil for you!


374 posted on 04/18/2006 8:10:09 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: Protagoras

I prefer Adam Smith, surely you've heard of him?


375 posted on 04/18/2006 8:11:55 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: garyhope
Why doesn't President Bush and the rest of the spineless Republican leadership use this opportunity to push for increased domestic exploration and point out who is blocking it? And yes, I know the Republican Governors in CA and FL are blocking off shore drilling. Somebody's got to get some balls if you ask me.
At least Alaska and the some Midwest States support drilling. Oh yeah, and somebody should point out that 60 cents of the cost of each gallon of gas goes to TAXES.
Are people really this misinformed? The Rats certainly think so....
376 posted on 04/18/2006 8:13:35 PM PDT by Kickass Conservative (Sarcasm is something a liberal cannot understand. Along with everything else.)
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Time to break out the bicycle. I could stand to lose some weight


377 posted on 04/18/2006 8:14:11 PM PDT by P8riot
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To: Nathan Zachary

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.

----

Which then fulfills the requirements for monopolistic actions. Which is against US law.



--From Adam Smith--

"The monopolists, by keeping the market constantly understocked, by never fully supplying the effectual demand, sell their commodities much above the natural price."

The Wealth of Nations, Book I, Chapter VII


"The price of monopoly is upon every occasion the highest which can be got."

The Wealth of Nations, Book I, Chapter VII


378 posted on 04/18/2006 8:15:44 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: Nathan Zachary

Last Friday, I had to go to three different gas stations to find one that hadn't sold out of gasoline.

This in Columbia, MD.


379 posted on 04/18/2006 8:19:23 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: ThinkDifferent

Do tell, what is a "fair" price for gas? Bear in mind that a barrel of oil contains 42 gallons, so the current price of $70/barrel equates to $1.67/gallon, *before* transportation, refining, taxes, and overhead.




Adam Smith has already defined what a 'fair' price is. See below:

"The natural price, or the price of free competition ... is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together...[It] is the lowest which the sellers can commonly afford to take, and at the same time continue their business."

The Wealth of Nations, Book I, Chapter VII


380 posted on 04/18/2006 8:24:37 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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