Skip to comments.Oil, Gas Prices Drop on Bush Supply Move
Posted on 04/25/2006 2:40:18 PM PDT by keithtoo
Crude oil and gasoline futures fell Tuesday after President Bush gave the Environmental Protection Agency the authority to relax regional clean-fuel standards to attract more imports of gasoline to the United States and to make it easier for supplies to be moved from one state to another. President Bush also said he would halt deposits of oil to the nation's strategic petroleum reserve until the fall, but analysts said that measure would have next to no impact on crude prices and certainly would not help make gasoline any cheaper. Even the fuel-specification waivers will have a marginal impact, analysts said, given that the main force behind today's soaring pump prices is the near-record price of crude oil.
$2.99 instead of $3.05!!!!!
Get the price back around 1.85 and all of this will have been forgoten.
It's like slightly less ack-ack over France in 1942.
I thought that the liberals said those regulations were not responsible for high prices?
"...that measure would have next to no impact on crude prices and certainly would not help make gasoline any cheaper. Even the fuel-specification waivers will have a marginal impact..."
IOW, political grandstanding. Nothing else in the global supply-demand balance has changed, so the long-term trend will be up. Traders just started to feel it was profit taking time,and AP had to write something so they wrote this.
Someone looking to be fired at the AP?
The headline gave credit to Bush for a slight lowering of the price. You'd think they'd know better if their value their job.
BTW, this is a good thing what the President did. It was good when he did it after Katrina. It should be made permanent. It's right he get credit. Amazing what can be done when Congress can be bypassed.
Investigating big oil? Frist and Hastert made running jokes of themselves with that one.
Better idea - eliminate the Fed gas tax, lower state gas tax. Ease environmental restrictions in all states. Build refineraries. More nuclear power. DRILL OUR OWN OIL!! hear that SOROS Republicans beginning with Sensenbrenner!
And, really, if I hear anyone in my state whining I just slap them with the fact they voted to keep the Dem passed gas tax increase here last year. It's their own fault, so they can shut up here in WA.
No One learned anything from the embargo of the '70s.
Bush is a Texa oil man.
That's how he thinks.
Must frustrate him no end to pretend he cares about high gas prices.
And when we had the Carter era of 18% inflation, gas lines, 12% unemployment and gutting the military. Now those were the days.
It is all such a sham. The percentage of the retail price for gasoline that represents the real cost of crude oil, is a small fraction. Take the pump retail price...subtract profit margin, distribution cost, refining cost, state and federal taxation (argh), overhead for R&D and administrative and voila! You have a little amount left which actually represents the initial crude cost.
I listened to an "oil company executive" on a talk show today who tried to convince his audience that the price of crude change over the past 18 months or so had a direct correlation to the pump price and was the major cost controller. WHOA BUDDY! --- not so, for those of us who can do arithmetic. Even if you double the price of crude, it has a small impact on the true pump price.
Nice try guy. The crude cost is such a small percentage of the picture at the pump.
Honey, go fill up the SUV!
"Now those were the days."
I get all misty just thinking about it. Ahhh, malaise.
We should be using our oil to counter the supply moves of the cartel. When they cut back we open the spicket to influence price. When the cartel increases supply,we cut back.
I just spent £30 on half a tank of petrol. I bloody well hope the price drops soon.
just heard on the radio that Sen.Coleman wants to be notified about 'price gouging' for gas.
the site to let him know is http://gaswatch.energy.gov/
I let him know his decision to not drill in ANWR is gouging what I'll pay in the future .
taxing gas at high rates doesn't help either.
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By small fraction, you mean more than half?
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