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.
Sorry. I deserve that admonishment. I too hate when people do that to me.
ROI = Return on Investment.
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.
60 cents higher than a year ago? Hell, it is 60 cents higher than about a month ago!
Unfortunately we import both. When Clinton released from the Strategic reserve we had to ship oil overseas to be refined.
Well, if market discipline would drive away some of that imported gasoline; avoidance of shortages would require increased domestic production. Presumably there is some slack in domestic refineries. Either way, think of it as "tough love".
Why would a domestic refiner sell domestically when they could ship it overseas and make more?
Hell, why even bother refining in the US if selling in other markets makes more money?
Sorry, I just don't see the federal government as daddy with a belt who's gonna whip us into shape whether we like it or not cause we just won't listen to him when he tells us to behave.
Unfortunately, no. Every time one goes down for maintenance it's a major disruption, and among other things, we're dealing with the refineries that delayed taking their down time because of Katrina finally having no choice.
Strike One. We import both.
Presumably there is some slack in domestic refineries.
Strike Two! There isn't any slack there.
You may be totally right that I don't have a clue regarding the Hu visit and trade last week. I went to the United States Trade Representive http://www.ustr.gov
I don't understand what they mean about high gas prices-- gas prices for me have dropped more than 100% since yesterday. I filled up for $6.86 per gallon Sunday and today it was only $2.88.
On Sunday I was in Europe that the liberals would so love to emulate. Today I was in Georgia in the good old USA.
Technically, I doubt Bush was the negotiator. He has a big staff, you know. (about a million federal employees). Nonetheless it shows progress, especially as pirating intellectual property has been a huge issue.
$6.86! What a workers paradise!
To: Mayflower Sister
But increased gas is going to increase the price of everything
You are absolutely correct! These 'fat wallet' types that don't think the increased price of gas will effect them that much, don't realize the overall effect and that more than a few people out there are living paycheck to paycheck. They too, will eventually feel the pressure.
"There is no such thing as price gouging. (except in taxes) No one FORCES you to buy gas at any particular place. Go to the cheapest place. If you don't like the price buy less or none. Take public transport - ride a bicycle - drive less - spend less money on other things etc."
You may have noticed, that is if you are breathing and able to get out on the streets and by ways of America that
typically there is only a few cent difference in gas prices amongst the various oil companies and stations. Perhaps you are just a little too occupied in ga to get out?
I hate arguing with ignorant people - try looking up the word "fungible" and think of gas as a fungible commodity. Perhaps you'll be able to figue it out without too much help.
Hey! Wait a minute. You're talking about our el presidente!
Remember, he's in the midst of his second term which is where he will work overtime to denigrate everything he's done wrong in the first term.
Our borders will be closed. Our foreign policy will be stronger. (Remember, vacillating in Iraq in the attempt to bring our democracy to this nation is a remarkable feat.)
In short. These past six years have done more to make eunochs out of the lousy republican congress we have and our nation will be delivered into the hands of our socialist/communist democraps.
I demand President Bush do something about the price of Plasma TV's, Baby Formula, Milk and BMW's.
If we stopped pumping up China's and India's economy so much, there wouldn't be as much competition for supplies.
Our outsourcing corporations are helping to rush our economic demise in more ways than one.
Further, I demand that our president do something about the imporation of Portland Cement from Mexico which ends up in the batch plants that CEMEX (Cement/Mexico) in our nation!
Comparing plasma TVs, etc. to the above is too riduculous.
"I hate arguing with ignorant people"
Me too.
"Perhaps you'll be able to figue it out"
I might suggest that you go figue yourself.
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