Bush Relaxes Clean-Fuel Standards
As President Bush relaxed clean-fuel standards and ordered a temporary halt Tuesday to deposits to the nation's strategic petroleum reserve � ostensibly making more oil available for consumer needs and relieving pressure on pump prices � Democrats are blasting the administration's response to high gas prices.
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Senator Bob Menendez, D-N.J., says oil companies blamed an "act of God" for fuel shortages and price increases last year. Now he says it is "crystal clear that the current spike in gas prices is at least partly due to an act of greed." Spitzer called out oil companies for having "internalized all of the profit."
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As Mr. Bush said he would halt deposits of oil to the nation's strategic petroleum reserve until the fall, 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.
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Analysts said a floor remains underneath oil prices, which are 33 percent higher than a year ago, for a variety of reasons. First, oil traders are nervous about geopolitical tensions ranging from violence in Nigeria to the West's nuclear standoff with Iran to the move toward greater nationalization of natural resources in energy-rich Venezuela.
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[...]
Senator Bob Menendez, D-N.J., says oil companies blamed an "act of God" for fuel shortages and price increases last year. Now he says it is "crystal clear that the current spike in gas prices is at least partly due to an act of greed." Spitzer called out oil companies for having "internalized all of the profit."
[...]
As Mr. Bush said he would halt deposits of oil to the nation's strategic petroleum reserve until the fall, 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.
[...]
Analysts said a floor remains underneath oil prices, which are 33 percent higher than a year ago, for a variety of reasons. First, oil traders are nervous about geopolitical tensions ranging from violence in Nigeria to the West's nuclear standoff with Iran to the move toward greater nationalization of natural resources in energy-rich Venezuela.
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posted by TheFuriousGourmet | 9:28 AM
2 Comments:
Tisk tisk.
There goes the environment.
But, at least the oil companies can make more profit now... I was worried about them.
-B
Oh, and have you seen this little number they are trying to pull?
http://www.cnn.com/2006/POLITICS/04/27/gas.rebate/index.html
Giving $100 to each American in order to give Big Oil what they want- drilling in Alaska.
They can't pay us off!
And please... $100 won't even be close to covering gas expenses at these prices...
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