US to Watch for Gas Price-gouging: Bush

Reuters ^ | 4/18/2006 | Staff Writers

[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."

[CollegeRepublican]

The surf generator actually looks pretty cool. However, it probably would not work on the East Coast because we do not get consistent swell throughout the year. The ocean can be pretty flat for the summer months. And of course you would have a hard time getting people on the West coast to allow a hydrogen generator along their precious coastline. Think of the seals! :)

[HamiltonJay]

Little DAMNED LATE NOW!!!!


Jeez, futures market manipulation and profiteering for nearly two years, and NOW you are going to look for it???

[FreeInWV]

Too bad he's not "concerned" enough to author a real energy plan!

[verity]

You are telling me that ex-Texan is not the final arbiter on this matter?

[HarleyLady27]

Your right, unfortunately some people just don't get the message.....

[Texas Federalist]

Build more refineries, build nuclear power plants, drill ANWAR, kill the mullahs = lower oil prices.

This wouldn't be a difficult problem if the Republican Copngress and President hadn't been poisoned by Washington.

[OKIEDOC]

I would go for that.

I need cheap gasoline to run my SUV's, motor home, cabin generator,400 horse power jet boat and my twin engine plane.

You should have said the speculators in the futures market set the price.

Most of the stations with 3.00 dollar gasoline are still working on supplies that were refined from 52.00 dollar not 70.00 dollar a barrel oil.

[quantim]

There was an effort here last year to put a 'cap,' not a reduction or a cut, just a limit on the state tax and our Canadian, socialist gubner Granholm shot it down immediately because that 'revenue' needs to be replaced somewhere else.

The good news we are going to pick up a republican governor this fall in a marginally blue state.

[ex-Texan]

The first example is from a Bayside, New York CITGO gas station. Complain the the FTC about Hugo Chavez controlled CITGO.

[globalheater]

until now killing mullahs only raised the price ... where's the break even ?

[j_k_l]

"The good news we are going to pick up a republican governor this fall in a marginally blue state."

If only there were Republicans in control of the House and Senate and one in the White House. They believe in cutting taxes and smaller government at least so I have been told.

[staytrue]

the only price gouging going on is the price of an NBA ticket, about 50 dollars for the nose bleed seats and more for everything else.

[NCC-1701]

I feel that we are being gouged. Two or three weeks ago, there was an article about the oil problem that said the huge increases now being foistered upon us are done on the assumption that the gulf area will be hit by one or more Katrinas. Prices are rising so fast that it would be easy for those involved to slip in a few extra pennies and no one would be the wiser. My question is this: what if we escape a replay of last year's hurricane season? Will the price at the pump be reflective of that? Something tells me the prices will fall MUCH slower than the current shuttle launch type increases. Time will tell

[garyhope]

" where's the break even ?"

Well, it would give me a warm and fuzzy feeling.

[Nathan Zachary]

""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."

The Government has the responsibility to protect our borders too. I guess we can expect about the same effort towards price gouging.

[DustyMoment]

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.

Yeah. That'll fix the problem.

[santorumlite]

The speculators have taken over this market.

The speculators are out of control.

We had the same supply and demand issues three years ago when crude was trading at 30.

They aren't trading on anything fundamental.

They are trading on a Sy Hersh article which defies reality.


Anyone with any brain cells wouldn't give credence to a nut job like Sy Hersh.

There is always some crazy non substance reason for this wild speculation. The system is broken and needs to be fixed or else they will ruin this country.

[kinghorse]

ditto