$3.07 for Regular.

[K3V]

Bush's solution to high gas prices? Suspending environmental rules for gasoline so it's easier to produce.

http://customwire.ap.org/dynamic/sto...04-25-11-15-50

Bush Eases Environmental Rules on Gasoline

By NEDRA PICKLER
Associated Press Writer

WASHINGTON (AP) -- President Bush on Tuesday ordered a temporary suspension of environmental rules for gasoline, making it easier for refiners to meet demand and possibly dampen prices at the pump. He also halted for the summer the purchase of crude oil for the government's emergency reserve.

Bush also announced steps to ease environmental standards governing fuel grades.

The moves came as political pressure intensified on Bush to do something about gasoline prices that are expected to stay high throughout the summer.

Bush said the nation's strategic petroleum reserve had enough fuel to guard against any major supply disruption over the next few months.

"So, by deferring deposits until the fall, we'll leave a little more oil on the market. Every little bit helps," he said.

Wholesale gasoline futures prices for June delivery dropped 8 cents a gallon to $2.10 on the New York Mercantile Exchange immediately upon Bush's remarks.

Easing the environment rules will allow refiners greater flexibility in providing oil supplies since they will not have to use certain additives such as ethanol to meet clean air standards. The suspension of oil purchases for the federal emergency oil reserve is likely to have only modest impact since relative little extra oil will be involved.

The high cost at the pump has turned into a major political issue, with Democrats and Republicans blaming each other for a problem that is largely out of Congress' control. Republicans are worried that voters paying more than $3 per gallon would punish the party in power. Democrats want to make that happen.

Bush said that high gasoline prices are like a hidden tax on consumers and businesses, although he said the nation's economy was strong. He urged Congress to take back some of the billions of dollars in tax incentives it gave energy companies, saying that with record profits, they don't need the breaks. He urged lawmakers to expand tax breaks for the purchase of fuel-efficient hybrid automobiles.

The president said Democrats in the past have urged higher taxes on fuel and price caps to control fuel expenses, but he said neither approach works. Instead, he called for increased conservation, an expansion of domestic production and increased use of alternative fuels like ethanol.

Bush said high energy prices are disturbing.

"Our addiction to oil is a matter of national security concerns," the president said in a speech to the Renewable Fuels Association, which advocates alternate energy sources. "After all, today we get about 60 percent of our oil from foreign countries. That's up from 20 years ago, where about 25 percent of our oil came from foreign countries."

Bush said gasoline prices are expected to remain high throughout the summer and "that's going to be a continued strain on the American people."

Bush said the Federal Trade Commission, the Justice Department and the Energy Department were investigating whether the price of gasoline has been unfairly manipulated. The administration also contacted all 50 state attorneys general to offer technical assistance to urge them to investigate possible illegal price manipulation within their jurisdictions.

[Fe 26]

So, is that going to make more crap partical clouds to reflect more sunlight back into space? Because I'm all for that. I'm tired of these fucking hot summers.

[Buzzatronic]

Another thing I think they (government) should do is lessen their profit from gas sales. Oil companies are making about 9 cents profit per gallon while the government is taking 30-60 cents per gallon in taxes (depending on your state).

[Diff-chan]

Cheap gas is not a right.

[Buzzatronic]

I completely agree. My point was that before they start bitching about oil companies raping the American public at the pump, they should look at how overblown taxes on gas do the same if not more damage to average Joe driver.

[Diff-chan]

I completely agree. My point was that before they start bitching about oil companies raping the American public at the pump, they should look at how overblown taxes on gas do the same if not more damage to average Joe driver.

The taxes are hardly overblown and the fact that they're so low just means that they aren't affecting social behavior like they should (think cigarette taxes -> quitting). Exxon is now #1 on the Fortune 500, and last quarter for them was the most profitable in the history of American business. On top of that, they get billions in subsidies every year, with no strings attached apparently. Lowering taxes won't change this, and it probably won't lower prices either, it will just give the companies more freedom to raise prices.

Besides, gas taxes pay for (logically) road construction and road maintenance. What expenditure do you propose we get rid of to cover that?

[Fe 26]

I completely agree. My point was that before they start bitching about oil companies raping the American public at the pump, they should look at how overblown taxes on gas do the same if not more damage to average Joe driver.

that will never happen. The oil industry pays in little under what the entire US middle class pays each year in taxes.

What expenditure do you propose we get rid of to cover that?

Your mom's expenditure.

[soundwave]

I go to a local mom and pop convenience store and the owner and I were talking about gas prices. He mentioned to me that 2 liter soda that he sells was going up 25 cents in a few weeks because the distributor is spending more money on gas. I didn't realise until then that everything could go up in price.

[Fe 26]

I didn't realise until then that everything could go up in price.

UGH.

[Advocate]

I like how Bush is asking for those tax breaks back from oil companies. But I hate how its become a political issue. I know it always does, but that means more hold up in Congress.