High gasoline prices here to stay: US energy secretary

[ProSense]

High gasoline prices here to stay: US energy secretary

14 minutes ago

WASHINGTON (AFP) - Soaring gasoline pump prices are here to stay for at least the next couple of years and the government can do little in the short term to mitigate it, US Energy Secretary Samuel Bodman said.

Opposition Democrats have lambasted the administration of President George W. Bush for not having formulated a long-term energy policy and blasted oil companies for raking in multi-billion dollar profits.

"Suppliers have lost control of the market," Bodman told NBC television, in explaining how gasoline (petrol) prices had risen as much as 60 cents a gallon (3.8 liters), or at least 25 percent, in one month.

Snip...

Opposition lawmakers said the Bush administration should have diversified US energy sources, generated competition and prevented market manipulation by oil companies.

"We believe they are manipulating supply," Democratic Senator Barbara Boxer told CNN television.

more...

http://news.yahoo.com/s/afp/20060430/bs_afp/usoilpolitics_060430222241

[rzemanfl]

1. This statement is going into the Repuke "quote bank" for use

in case a Dem gets elected in '08 and gas prices go down.

[Initech]

2. $5 says Exxon paid the energy secretary to say that.

Any takers?

[RUMMYisFROSTED]

5. I'll take it.

If you'll accept a gallon of gas as fair trade.

[satya]

3. And the response from fearless leader? More refineries and ANWR drilling

Never mind that the existing refineries are operating at only 85% capacity and refuse to bump up to 95% as they would normally in preparation for summer demand. (this I heard on Thom Hartmann last week)

[brentspeak]

11. Speaking of Bush and the oil companies

Last week, Bush defended not wanting to impose an excess profits tax on the grounds that the oil companies need that extra money to research energy alternatives, so that we can be less dependent on oil in the future.

Then, just a couple of couple days ago, Bush reiterated his opposition to an excess profits tax. The reason? Because the oil companies need that extra money to build more oil refineries.

(Yes, he is the worst President this nation has ever had.)

[rodeodance]

4. and by November the anger will be gone and it will be accepted.

[satya]

6. I disagree. This has a ripple effect that's only just beginning. Add to

that the devalued dollar and you're going to have A LOT of really pissed off people by next fall.

[cliss]

7. This is dynamite.

Check out that statement again, "Suppliers have lost control..."

Think about it....we have an administration that's made up of oil people. Bush = arbusto oil. Cheney = Halliburton. Rice = Oil company tanker and vice-president. The list goes on. They're all connected to the oil companies.

Now if they've lost control, that is a staggering statement. It means that we're in a free fall, anything goes.

Fasten your seat belts. It's going to be a wild ride.

[sam sarrha]

8. there've been 2800 mergers in the production transportation & distribution

of gasoline, a satellite Monopoly has been created.. Fascism at it best

[sam sarrha]

9. this can facilitate hedges in speculating prices.. which is already 20% of

the cost of fuel.. they can now tweak the distribution cause they own it and be their own inside information to speculate extra profits

[brentspeak]

10. Boxer is wrong

The oil companies are not "manipulating supply"; they're lying about available supply.

Take a look at this. Occidental Oil recorded record profits the other weeks on record production.(That's not a lie).

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=google&guid=%7BBB1EB2A3-AFDE-444B-82F1-9414C8295712%7D&keyword=

Record production? How can basic "supply and demand" forces have driven oil prices up so far and so fast when in reality there is ample supply?

The oil companies must've slipped when they let the cat out of the bag about "record production". Now they've got to change their story fast, from "refinery problems" to "greatly increased demand" if they want to keep their "supply and demand" lie consistent.

[satya]

12. Good catch! Hadn't heard about that one. nt