US probing higher gas prices
US President Bush’s call for price-fixing investigations and other measures aimed at holding down the cost of fast-rising fuel costs were generally derided by critics.
“The first thing to do is to make sure Americans are treated fairly at the gas pump,” he said, calling for a probe by the Justice and Energy Departments, as well as the Federal Trade Commission, into alleged price-fixing by retailers and distributors.
He also proposed postponing the summer’s restocking of 12 million barrels of oil to the Strategic Petroleum Reserve and asked for another $2 billion in exploration tax breaks for the oil companies.
Democrats and the environmental lobby quickly blasted his plans as cosmetic rather than a real fix.
“To listen to the president, you’d think that it’s the local gas stations that’s the problem,” said Sen. Chuck Schumer of New York. He urged consideration of a breakup of the big oil companies.
Industry experts said Bush’s efforts at best are likely to shave only a few cents per gallon off the cost of gasoline.
The president rejected one change that some experts said would reduce oil consumption, tougher federally mandated fuel-economy standards for cars and trucks, said the Washington Post.
“The American people have got to understand what happens elsewhere in the world affects the price of gasoline you pay here,” the president said.
With an approval rating of a new low, 33%, the New York Daily Post said Bush was telling Americans there was nothing that could be done about higher gas prices.
Report by David Wilkening
David
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