Posted on 04/23/2006 6:29:49 PM PDT by Paleo Conservative
US President George W. Bush has warned rising oil prices will mean a "tough summer" for US consumers as the high cost of gasoline (petrol) showed signs of becoming a big political issue.
But even as more Americans expressed discontent over the price of filling up their gas tanks, Bush suggested there was little his government could do in the short term about the problem.
"We're going to have a tough summer because people are beginning to drive now during tight supply," Bush said as he toured a California facility developing hydrogen-powered vehicles.
"The American people have got to understand what happens elsewhere in the world affects the price of gasoline you pay here."
Bush spoke after a week of unremitting rises in prices in global crude oil markets and at gasoline (petrol) pumps across the country. Crude topped a record 75 dollars per barrel in New York trading Friday, five dollars up from a week earlier.
At the same time, US retail pump prices were topping an average three dollars a gallon (3.8 liters) in many places in the country, up 60 cents -- 33 percent -- from a year ago.
The sharp rises on the eve of the US summer, during which millions of people fly or drive on holiday, showed signs of becoming a major political issue for the struggling Bush administration ahead of November mid-term elections.
But even as the president stressed Saturday that the government was making efforts to protect consumers from price-gouging, he said there was little he could do in the short term to alleviate the impact of higher oil prices.
"We've got a real problem when it comes to oil. We're addicted, and it's harmful for the economy, and it's harmful for our national security," he said.
"I understand the folks here, as well as other places in the country, are paying high gas prices.
"The American people have got to understand what happens elsewhere in the world affects the price of gasoline you pay here," he said, referring to skyrocketing oil demand in the booming economies of India and China.
Bush also blamed the higher prices on a shortage of refinery capacity in the United States, and also on an ongoing shift in fuel additives and mixes that has caused supply hiccups in certain areas.
"When that price of gasoline goes up, it hurts working people. It hurts our small businesses. And it's a serious problem we've got to do something about. The federal government has a responsibility, by the way, to make sure ... there is no price gouging," he added.
The political importance of gasoline prices before the summer break was clear as both opposition Democrat and Republican lawmakers spent the week taking the administration to task over the issue and asking if oil companies were exploiting the situation.
Senator Bill Nelson called Friday for "more dramatic steps" to lessen US dependence on foreign oil.
Dennis Hastert, the Republican head of the House of Representatives, and Senate Republican majority chief Bill Frist said they planned to write Bush a letter calling for an investigation into possibly price manipulation by oil companies.
While the oil companies deny any manipulation, public confidence was eroded at the recent report that exiting Exxon Mobil executive Lee Raymond was getting a 400 million dollar retirement package.
I "tanked up" over Easter weekend. I should be good until after the 4th of July. Three months of NO visits to the gas/Diesel station. Easy Street.
I can drive 55.
Who is the Secy of Energy? Is there one?
Well the old one was a RINO Senator who was shown the door.
whoever he is, he's got an approval rating of 10%, so what difference does it make.
lift the blended fuels mandate now, open the SPR - DO SOMETHING MR PRESIDENT.
There is. He is a boring white male.
Samuel W. Bodman
Secretary of Energy
www.energy.gov
Samuel Wright Bodman was sworn in as the 11th Secretary of Energy on February 1, 2005 after the United States Senate unanimously confirmed him on January 31, 2005. He leads the Department of Energy with a budget in excess of $23 billion and over 100,000 federal and contractor employees.
Whoever it is he needs to start getting some series face time, including finding Krushchev's UN shoe.
Shave off the rest of his hair and hand him a shoe. What is the Dept doing with $23 billion? It was overfunded at $5 billion.
January 2, 2001 President-elect Bush nominates outgoing Senator Spencer Abraham (R-Michigan) as Secretary of Energy.
Whoever he is, we don't need a kindly grandfather right now. We need a tough uncle who doesn't pull his punches.
I too doubt that Bush said: "Petrol", but he probably did say: "Addicted", and my opinion is that he has made a poor choice by using that word. A very poor choice.
"Addicted" raises the image of a drug addict, and I think that many Americans will not like to be placed in that category.
The President can say we should get ready for a tough summer, but his approval rating will (rightfully) go down if he doesn't do something. He can easily help lower the gasoline price burden by mandating one gasoline blend for the country instead of these boutique blends. He can also release some oil from the SPR, and push harder for domestic drilling. He's done none of these- and until he does, his statements on energy and gasoline are just full of hot air.
Bush, I like you, but get off your ass.
We will lose this election if you do not do what you do not take at least some action here.
You may say there isn't much you can do, but TRY. You will at least get some brownie points there that may rub off on the GOP.
Yeah, they're making oil sound like crack or something. Next thing you know, some idiot in Congress will now propose a "war on oil."
The West has already spent $2.3 trillion on foreign aid to the third world over the last 5 decades. I suspect if that money had been thrown at alternative energy research, importing oil from angry Islamic Republics would not be a problem today.
Get off his ass and do what? The market works. Politically motivated interference creates worse disruptions. Back in the 1970's we had price controls. We also had long lines for gasoline.
What if Bush appointed a flamethrower as Secy of Energy and let him loose? Could even lead to a Presidential candidacy in '08 for the here-to-fore unknown.
Sounds good to me.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
