AP: Oil, Gas Prices Drop on Bush Supply Move

[DeepModem Mom]

Oil, Gas Prices Drop on Bush Supply Move
Apr 25 8:29 PM US/Eastern
By BRAD FOSS

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.

"If you have $75 a barrel crude oil, you're sort of at a starting point of $2.90 a gallon for gasoline," said Mary Novak, managing director at the economic consulting firm Global Insight.

Light sweet crude for June delivery settled 45 cents lower at $72.88 a barrel on the New York Mercantile Exchange, dropping on the heels of a 4.48-cents-per-gallon decline in May gasoline futures, which finished at $2.1291 a gallon.

Analysts said a floor remains underneath oil prices, which are 33 percent higher than a year ago, for a variety of reasons....

http://www.breitbart.com/news/2006/04/25/D8H7BTTG0.html

[Ecumenist]

1. You know,there are VERY few people I can truly say I hate

but bush DEFINITELY someone very close to the top of the list.

[cantstandbush]

2. Fake!! B y Saturday prices will be back up because Bush seemed

to be jawboning higher prices when he said we should expect oil prices to remain high. That statement sent a signal that he was preparing folks to accept just a slight drop but they would feel ok if the prices still remained as high as they are now. The action that he took was not even a drop in the bucket so the fact that prices would come down as a result of his so-called "action" is a fake PR stunt designed for the dittoheads out there.

[HuffleClaw]

3. and they accuse the PRODUCERS of price fixing ????

what a complete and utter SCAM. a real pity the media doesn't expose this for what it is. this will last a week or two at best, THEN a new 'iran crisis' or some other bullshit will happen and ZOOOM, up the prices will go again. THEN, bush will start talking about making his 'temporary' environmental controls rollback PERMANENT.

[Atman]

4. But...but...but...THE PRESIDENT CAN'T DO ANYTHING ABOUT GAS PRICES!

That's all we've been hearing for three years! WHAT THE BLOODY FUCK? Can we file a class action suit to get our goddam money back?

AAARRRGGGHHH! :banghead:

[rodeodance]

6. so now the well off can relax.

[CountAllVotes]

5. oh whoopie

:party: :toast: :party: :toast: :woohoo: :party:

I'm gonna go out and buy me a brand new SUV!!! }( :sarcasm:

[stepnw1f]

7. Stupid Thing to Do

Lie more to the people. This guy has a one track mind... he really is crazy.

[Roland99]

8. *'s statement/actions should have ZERO effect on the *supply* of oil

Ergo, prices should NOT have been affected AT ALL!

This just goes to show how bloated the prices are from PURE SPECULATION AND FEAR!

[dweller]

9. went up a nickel to $2.93/reg here today

heckuva job, *moron.

dp

[William Seger]

10. If these "supply moves" have any noticeable effect all...

... that just proves, beyond any doubt, that the current high prices are artificial and the result of gouging -- as if there were any doubts. The producers and distributors will crank up the prices when they think everyone is buying the rationalizations, then crank them down again when they start to feel the heat of public scrutiny. The same thing has happened several times during the *Co misadministration, but overall, the prices and profits just keep ratcheting upward.

[2Design]

11. another scam to ruin the environment while ceo take profits and benefits

this is so wrong