The President’s call for investigation into possible oil price gouging

Posted by: ST on April 25, 2006 at 3:37 pm

Here’s the story, via AP:

WASHINGTON – President Bush, under pressure to do something about gasoline prices that are expected to stay high through the summer, 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.

It’s unclear what impact, if any, Bush’s investigation would have on prices that are near $3 a gallon. Asked if 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.”

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-Ill., and Senate Majority Leader Bill Frist, R-Tenn., urged Bush in a letter Monday to order a federal investigation into any gasoline price gouging or market speculation.

“There is no silver bullet,” Frist said Tuesday on ABC’s “Good Morning America,” but “we need to make sure that any efforts at price-gouging be addressed and addressed aggressively.” Meanwhile, Frist said, consumers should take steps to conserve gasoline — drive at slower speeds, tune up car engines for maximum efficiency and carpool.

McClellan said Bush had already ordered investigations into market pricing.

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

I’m with Tigerhawk on this one.

Read more via Jason Smith, Anchoress, Moderate Voice, Cold Fury

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  • 60 Responses to “The President’s call for investigation into possible oil price gouging”

    Comments

    1. forest hunter says:

      PCD, I was just jerkin’ your chain. Your love for Harkin runs about as deep as mine for the nimrods out here, like big D two tt’s.

    2. Baklava says:

      This was part of a Yahoo News story on this topic TODAY:

      WASHINGTON – Senate Republicans advocate sending $100 rebate checks to millions of taxpayers, and a Democrat is leading the campaign for a 60-day gasoline tax holiday.

      Either way, it seems no one in Congress wants to be without a plan, however symbolic, to attack the election-year spike in gasoline prices.

      A vote is possible as early as this week on the Senate GOP approach, which calls for $100 rebate checks for taxpayers to cushion the impact of higher gasoline prices. The measure seems unlikely to prevail, at least initially, since it includes a highly controversial proposal to open a portion of Alaska’s Arctic National Wildlife Refuge to oil drilling.

      Senate Republicans also favor extending a tax break that manufacturers receive for each hybrid vehicle they make, and want
      President Bush to suspend deliveries to the nation’s strategic petroleum reserve for six months.

      Democrats seemed caught off guard by the GOP maneuvering, but a spokesman said they would have a plan of their own.

      Sen. Bob Menendez, D-N.J., has proposed a 60-day suspension in the federal tax on gasoline and diesel, a holiday that he says would cut the cost of gasoline by more than 18 cents a gallon and reduce the price of diesel fuel by more than 24 cents a gallon.

    3. - Of course we’re all going to take that C note and march down to our local car dealers and order a $45,000 hybrid, most of which will probably shoot up to $65,000, as soon as demand starts to rise.

      - Course what the “other” 260 million Americans that have to work for a living are going to do is still a little up in the air, but we can all rest easy with our elected officials on the job. We citizens just have to be patient and wait till all the partisan opportunism and political jockeying is finished.

      - After all, thats what we send them to Washington to do right?

      - Bang **==

    4. - FOX just did a report that makes the whole oil fiasco even worse if thats possible. Turns out that several countries, France, China, Spain, and Cuba are already drilling off the florida coast. In other words taking our oil that we’re not allowed to drill for.

      - Does this idiocy in Washington never end?

      - Bang **==

    5. Baklava says:

      Outside of 12 miles or inside?

    6. - Its right on the 50 mile line Bak, but the industry guy being interviewed said that they could easily “slant” drill right into the heart of the Florida “straights”, which is apparently the massive deposite between there and the Florida shoreline.

      - In any event if we don’t stop being hussled by the greenpeacers, pretty soon you’re going to have a crisus on your hands if we don’t already.

      - BTW in another piece today a Cal legislator went on FOX and talked about something I mentioned in an earlier post last week concerning the real “problems” behind the immigration mess. He said everyone is pretending the financial burden caused by the large number of illegals doesn’t exist, when in fact its already bancrupted the state twice to the point of requiring long term bond loans in massive amounts with interest.

      - I know this is true, Arnold is going to float yet another record multi billions bond this fall, which is the direct result of undocumented aliens on the public health, welfare, housing, and school systems.

      - Bang **==

    7. Baklava says:

      Yeppers. Yet taxes are high here (for the legal citizens) to the point of driving businesses away to booming economically neighboring states.

    8. I did not realize there had ensued such a lively discussion, led mostly by Big Bang Hunter. #1. This is Eddie’s Computer, not Eddie, so please reserve your attacks for me. #2. Bush’s poor job performance? Don’t less than 40% of the American public now approve of President Bush’s job performance? Big Bang Hunter must ally himself with that minority.