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  1. #1
    Atomic Punk ZeoBandit's Avatar
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    Default Bush orders gasoline price probe

    Bush orders gasoline price probe
    Spokesman: 'We're acting to ensure there's no price gouging'

    Tuesday, April 25, 2006; Posted: 7:44 a.m. EDT (11:44 GMT)

    WASHINGTON (AP) -- President Bush, under pressure about high gasoline prices, has ordered an investigation into possible cheating in the markets.

    During the last few days, Bush asked his Energy and Justice departments to open inquiries into whether the price of gasoline has been illegally manipulated, said White House press secretary Scott McClellan. Bush planned to announce the action Tuesday during a speech in Washington at 10:05 a.m. ET.

    It's unclear what impact, if any, Bush's investigation would have on prices that are near $3 a gallon. Asked whether Bush had any reason to suspect market manipulation, McClellan responded, "Well, gas prices are high right now, and that's why you want to make sure there's not." (Watch why some pumps shut down as prices go up -- 2:51)

    Republicans who control Congress have become concerned that the high cost of filling up could become a problem for them in the November elections. Polls suggest that voters favor Democrats over Republicans on the issue, and Bush gets low marks for handling gasoline prices.

    House Speaker Dennis Hastert, R-Illinois, and Senate Majority Leader Bill Frist, R-Tennessee, urged Bush in a letter Monday to order a federal investigation into any gasoline price gouging or market speculation. McClellan said Bush had already done so, but had not revealed it publicly.

    "We share a commitment with congressional leaders to make sure that we're acting to ensure that there is no price gouging," McClellan said.

    Senate Democratic leader Harry Reid of Nevada dispatched his own letter, calling for a multi-pronged approach to restrain gas prices. Among the steps were swift enactment of anti-price gouging legislation, an appeal to oil companies to refrain from further price increases, use of more alternative fuels and increased attention to existing fuel-saving laws and regulations.

    Bush also planned to announce that his attorney general and Federal Trade Commission will send a letter to all 50 state attorneys general, who have primary authority over price gouging, to remind them to stay on top of the issue and offer federal help to do so. And he planned to call on energy companies to reinvest their profits into expanding refining capacity, developing new technologies and researching alternative energy sources, McClellan said.

    "I think you'll hear the president say very clearly that he will not tolerate price gouging," McClellan said.

    Bush has said consistently that gas prices are high because global demand is rising faster than global supply and that the problem cannot be solved overnight. McClellan said Bush planned to talk about how experts predict the price will increase this summer and how the switch to a summer fuel mix is contributing to the problem.

    Bush's actions are part of a four-part plan to address gas prices in the short- and long-term, McClellan said. The steps are:

    Making sure consumers and taxpayers are treated fairly.

    Promoting greater fuel efficiency.

    Boosting gasoline supply at home.

    Aggressive long-term investment in alternative fuels.
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  2. #2
    Atomic Punk Viking's Avatar
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    Bush or any other politician for that matter, checking into why the price of gas is going up, is like having a fox investigate who attacked the hen house.
    "Viking - last to sleep, first to rise, last to leave, that's how the Nords of old rocked the house." ~ timmac in the 'Texas Linkers' thread talking about yours truly. :-)

  3. #3
    Baluchitherium loveevhsince79's Avatar
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    Too little too late as far as Bush's four step plan. This is something that all politicians should be promoting at all times, not just when the prices jump to $3 and higher. We have to get smart and look at solutions rather than the problem itself.

    The comment that really irritates me is saying the only reason they are pushing for this now is the Republicans have concerns about getting reelected in the fall. This is the reason no matter who it is in office come November, I'm voting for the new guy. Can't be any worse than what we have in office now.

  4. #4
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    Quote Originally Posted by loveevhsince79
    This is the reason no matter who it is in office come November, I'm voting for the new guy. Can't be any worse than what we have in office now.
    I totally agree....the insane cost of oil is going to be the #1 factor in driving the next mid elections and the big one for Pres in '08. This is hitting people in the wallet, and that affects us all. I do not see the cost going back down.....
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  5. #5
    Atomic Punk Viking's Avatar
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    I know a lot of people like to blame Bush and the Republicans on the price of oil, but I'm trying to think logically here,...why would they do things to bring the price of oil up in the first place if they thought it would hurt their party in the elections? Money is my guess, and I'm sure that plenty of Republicans pockets got deeper due to the rise in gas prices, but I'm also confident that plenty of Democrats pockets got deeper as well. IMO, they're all in this together and to sit back and blame it on one party or the other is asinine. Politicians and Prostitutes all have one thing in common, they sell out for the money. As far as politicians, oil is where the money is.

    Just my $.02.
    Last edited by Viking; 04.25.06 at 07:45 AM.
    "Viking - last to sleep, first to rise, last to leave, that's how the Nords of old rocked the house." ~ timmac in the 'Texas Linkers' thread talking about yours truly. :-)

  6. #6
    Atomic Punk MikeL's Avatar
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    Quote Originally Posted by Viking
    I know a lot of people like to blame Bush and the Republicans on the price of oil, but I'm trying to think logically here,...why would they do things to bring the price of oil up in the first place if they thought it would hurt their party in the elections?
    Not that I necessarily think this is the case, but... Deep connections to the oil industry (not just the President and VP--I don't think we've ever had a Secretary of State who had a supertanker named after her!) and relationships that will continue long after political careers are over. The question is about loyalty. Where is it, and what are the priorities? To the oil companies that have made their status possible, the political party that has provided the vehicle for their influence (and our largest sustained jump in energy prices), or their nation?

    My opinion of Bush's priorities stem from his ANG service. He put his political career above his service to the nation by working on political campaigns instead of showing up for drill weekends. That tells me everything I need to know about his character and priorities. I served with a silver-spooner and some other slackers--I had nothing but disdain for all of them.

    I'm not much on conspiracies. I much prefer logical connections and the simplest explanation possible. Viking, if you want to think logically, ask yourself about the historical ties our leaders have to oil companies, the significance of those ties, what we've seen in terms of prices and events, and how all of that fits together.

    The kicker for me is that while the large oil companies run record profits, their taxes have been decreased by the people that have strong ties with them while our nation (meaning you and I) runs record deficits and debt. Once again, are the priorities unclear? I don't think they are.
    Last edited by MikeL; 04.25.06 at 07:59 AM.

  7. #7
    Baluchitherium loveevhsince79's Avatar
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    Quote Originally Posted by Viking
    I know a lot of people like to blame Bush and the Republicans on the price of oil, but I'm trying to think logically here,...why would they do things to bring the price of oil up in the first place if they thought it would hurt their party in the elections? Money is my guess, and I'm sure that plenty of Republicans pockets got deeper due to the rise in gas prices, but I'm also confident that plenty of Democrats pockets got deeper as well. IMO, they're all in this together and to sit back and blame it on one party or the other is asinine. Politicians and Prostitutes all have one thing in common, they sell out for the money. As far as politicians, oil is where the money is.

    Just my $.02.
    I don't blame one party or the other either but I'm wanting both parties to do more in efficiency and research. I understand nothing we buy will continue at the same cost forever, you know, supply and demand and all that good stuff. That's why we need more alternatives now instead of tomorrow.

  8. #8
    Baluchitherium Guitar Shark's Avatar
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    Quote Originally Posted by MikeL
    The kicker for me is that while the large oil companies run record profits, their taxes have been decreased by the people that have strong ties with them while our nation (meaning you and I) runs record deficits and debt. Once again, are the priorities unclear? I don't think they are.
    How interesting that Bush's proposed solution to the problem includes temporary suspension of some environmental rules for gasoline production. The lack of foresight from top to bottom on this issue is just incredible.

  9. #9
    The Joker BradS's Avatar
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    Quote Originally Posted by Guitar Shark
    temporary suspension of some environmental rules for gasoline production.
    This is just another shinning example of the way Bush thinks.

  10. #10
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    He's just making a showing for the party.

    Nothing will come of it.
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  11. #11
    Good Enough Balanced Rock's Avatar
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    Damned if he doesn't, then damned when he does.

    You want gas prices to go down? Do your part and conserve!

    Less demand = Lower prices

    global demand is rising faster than global supply

  12. #12
    Atomic Punk MikeL's Avatar
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    BR, do you have any idea as to which component price of a gallon of gas is responsible for most of the price increases? In other words, do you know where the bottleneck is?
    Last edited by MikeL; 04.25.06 at 03:51 PM.

  13. #13
    Good Enough Balanced Rock's Avatar
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    Quote Originally Posted by MikeL
    BR, do you have any idea as to which component price of a gallon of gas is responsible for most of the price increases? In other words, do you know where the bottleneck is?
    The cost of crude oil has the most impact on the price of gas, which in turn is decided by worlwide supply and demand. What are you getting at, taxes?

  14. #14
    Atomic Punk MikeL's Avatar
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    I'm curious to know if you know the component price of the refining. It's always nice to know if people actually have a clue about what they're talking about. You say that the crude price is the biggest part? By how much?

  15. #15
    Good Enough Balanced Rock's Avatar
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    Quote Originally Posted by MikeL
    I'm curious to know if you know the component price of the refining. It's always nice to know if people actually have a clue about what they're talking about. You say that the crude price is the biggest part? By how much?
    I don't know at the moment because it fluctuates. On average it is about 40% if i had to guess. Then taxes(roughly 25%). Then refining costs and so on.

    Do i pass?

 

 

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