Posted on 04/24/2006 4:59:57 AM PDT by FerdieMurphy
SAN JOSE -- As oil prices hit a record, drivers worried about $3-a-gallon gas and politicians feared the impact on elections, President Bush on Friday acknowledged the pain but seemed resigned to being able to do little about it.
"I know the folks here are suffering at the gas pump," the president said while promoting his competitiveness initiative at the Silicon Valley headquarters of Internet networking company Cisco Systems Inc. "Rising gasoline prices is like taking a _ is like a tax, particularly on the working people and the small-business people."
But to address the immediate problem, Bush offered only a pledge that "if we find any price gouging it will be dealt with firmly."
Bush said that lowering America's dependance on foreign oil imports will help reduce the country's vulnerability to global oil price fluctuations. On Saturday, the president was pushing his proposals to boost spending to develop alternative energy sources, particularly hydrogen-fueled cars.
Critics say Bush's ideas are too modest and focus on solutions that are far from being a reality in the marketplace.
Crude-oil prices broke through $75 a barrel Friday amid concerns about the standoff over Iran's nuclear ambitions, rebel disruptions of oil production in Nigeria, and tight U.S. gasoline supplies. Analysts say they are likely to climb even higher.
Prices at the gas pump also kept rising and were not considered at their peak, with the average price of a gallon of unleaded regular gasoline at $2.855. That's 3 cents higher than a day earlier and more than 60 cents higher than a year ago, according to AAA's daily fuel gauge report.
Democratic efforts to score political points by focusing on gas prices have Republicans worried that their majority in Congress could be at risk in the fall midterm elections.
High gas prices were hardly the only problem facing Bush's White House as he embarked on a four-day swing to California and Las Vegas. He was traveling with new chief of staff Joshua Bolten, charged with reinvigorating a White House rocked by public discontent with the Iraq war and a series of missteps ranging from an ill-fated Supreme Court nomination to a bungled response to Hurricane Katrina.
Bush's poll ratings are at their lowest point. Hundreds of protesters called for his resignation near the Cisco compound where he spoke.
Even his trip put the president squarely in the middle of a federal-state dustup.
Bush decided not to grant the pre-emptive federal disaster declaration sought for California's fragile levees by Gov. Arnold Schwarzenegger, a Republican who faces a tough re-election fight and has had a chilly relationship with Bush. Instead, the president is allowing the U.S. Army Corps of Engineers to help speed repairs at the state's expense.
Bush seemed aware of the precarious political landscape.
When Bush turned the microphone at Cisco over to Schwarzenegger, the governor said, "First of all, I want to say congratulations."
"For what?" asked the president, appearing genuinely surprised.
The governor, who had discussed the levee issue during a limousine ride with Bush, replied that he was glad to see the president "really paying attention" to the competitiveness issue.
Afterward, Bush talked privately with scholars from Stanford University's Hoover Institution, including former Secretary of State George P. Shultz, a Hoover fellow and early defender of the use of pre-emptive force to deal with Saddam Hussein's regime in Iraq.
Plans to hold the meeting at the Hoover Institution were scuttled when protesters blocked Bush's motorcade from going through the only entrance. Shultz, who was already hosting a private dinner for Bush later at his Palo Alto home, had the session moved to his two-story, gray-shingled house.
One reason for a weekend trip with a lot of downtime in beautiful places became clear even before Bush boarded Air Force One to leave Washington. Crew were seen loading two shiny mountain bikes _ one a red-white-and-blue Trek adorned with the presidential seal and "United States of America." With stays scheduled in picturesque Napa Valley and the Palm Springs area, the bikes weren't likely to remain clean for long.
"Tomorrow I'm going to be riding my bike in Napa Valley. I can't wait," Bush told his Cisco audience.
Before returning to Washington Monday night, Bush was making stops to raise money for the national Republican Party, visit with Marines and Navy sailors, and press Congress to break a logjam over the immigration legislation he wants.
Drilling is not the issue.
Refinery capacity is.
When, exactly, did he say this?
We're between a liberal president who calls himself a compasionate "conservative" (and, as we all know this tag means the wearer stands for nothing)and democrat candidates who are unapologetically marxists!
Bring on the revolution. This is a lot more important than a tea tax. We, citizens and taxpayers, are already housing the enemy. They live in tony Georgetown digs with a fat expense account and a sea of coolies to staple their foolish legislation and vapid speeches.
Yeah, being told the truth generally pisses people off.
E-85 is code for Federal Government Bail out for GM.
First, I don't regard Bill O'Reilly as a conservative. He is eccentric, imho. His rants on gasoline prices are irresponsible demagogery. He so infuriates me that I literally cancelled my TV. Media could do a lot to educate consumers as to the power they have. Changes in consumer behavior are a powerful force. Instead most appeal to emotions to get ratings from people acting like babies who don't want to face reality. There are huge changes going on, and when people get with the program, it will be better.
You don't say? Odd how the gas prices around me jump whether there's a refinery issue or price per barrel issue.
They are both a problem but cheaper costs per barrel will have an immediate impact on the price of a gallon of gas at the pump.
To say anything to the contrary is foolish.
In respect to the gasoline prices, however, this illustrates how anxious our politicos are to bring this problem to a head. They've had decades and they do nothing but berate appointed judges and supreme court nominees.
My favorite democRAT warrior, the "Honorable" Senator Patrick Leahy told one of those lower court judge nominees that he was astounded that the candidate wrote disparaging remarks about the growth and evil of federal government.
"I love my government" the Cheshire Cat from the PRV said and "I can't understand why someone wouldn't."
LOL
The speed of this impact depends on the direction of the price, however. If the price per barrel of oil is going up, gasoline prices go up almost instantaneously. If the price per barrel of oil is going down, gasoline prices go down very, very slowly.
That is right up there with the Easter Bunny.
What's the figure your sources state?
All those mailers from the GOP get recycled quickly here. All those telephone solicitors are promptly told that we are not Republicans. We're Monarchists.
That really gets them.
Totally idiotic in theory and practice - soviet style socialism at it's finest. Do you remember the Disasterous price caps on gas during the Jimmy Carter years? And the shortages and lines? Apparently not.
Thats leadership? Is there any doubt with positions like this, the american public is going to kick Dubya & the GOP in the balls in November?
Unless they shape up.
Almost right - I'd phrase it shoot the envirowackos.
Federal state local taxes on a gallon of gas = average 50 cents per gallon. That is a "windfall profit"
http://www.taxfoundation.org/news/show/1054.html
The congress will be elected in elections where these issues can be effectively used against the obstructionists who have voted against energy issues. It will not be decided by the White House.
Your suggestions were right on target until you posted this one.
Exxons net profit is well under 10%. I own stocks AND mutual funds that grow over 20% per year.
No. 5 would sound better if it said "Don't buy from Citgo because it's owned wholly by communist Venezuela!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.