Bush Administration Concerned About Gasoline Price

[Lord_of_the_Dense]

WASHINGTON (Reuters) - The Bush administration is "extremely concerned" about soaring retail gasoline prices, which recently topped $1.70 per gallon nationwide and are likely to set a record high this month, according to energy officials.

"This administration is extremely concerned," U.S. Energy Secretary Spencer Abraham (news - web sites) told reporters after testifying before a Senate appropriations subcommittee on the department's proposed budget for fiscal 2005.

Abraham did not say what, if anything, the administration was doing about rising gasoline prices.

Read entire story here.

[DudeAsInCool]

Its 220 plus here in la, and expected to top 3 bucks in some areas

[Kooperman]

The high prices ( for that era) and the gas rationing lines were one of the things that got Jimmy Carter a job building houses.

[-medusa-]

Oil.....continued source of problems in the Middle East, the reason for the Gulf War in '91 and the recent invasion and dissolution of the sovereign rights of Iraq.

old news.....but this article makes you wonder why the US did not take the same initiative

"Japan to develop Iranian oilfield $2 bln deal will send 260,000 bpd of crude to Japan "

The deal represents a major energy move for Japan, which imports all its petroleum and natural gas.

In a joint statement with National Iranian Oil Company, Japan's oil developer Inpex Corp confirmed Thursday that it has signed a contract for the $2 billion project.

Inpex expects to begin production in about three years at 50,000 barrels per day. Full production of 260,000 bpd is expected after eight years. Azadegan has estimated reserves of 30 billion barrels.

complete article

[Malicious Intent]

OMG OMG!

Just don't get me started!

A few months ago we were paying the equivilent of $5.44! That was 79p/litre, it is now about 73p.

[joeyz]

$1.58 per gallon here in Athens, Georgia!

[Kooperman]

Oil.....continued source of problems in the Middle East, the reason for the Gulf War in '91 and the recent invasion and dissolution of the sovereign rights of Iraq.

old news.....but this article makes you wonder why the US did not take the same initiative

"Japan to develop Iranian oilfield $2 bln deal will send 260,000 bpd of crude to Japan "

The deal represents a major energy move for Japan, which imports all its petroleum and natural gas.

In a joint statement with National Iranian Oil Company, Japan's oil developer Inpex Corp confirmed Thursday that it has signed a contract for the $2 billion project.

Inpex expects to begin production in about three years at 50,000 barrels per day. Full production of 260,000 bpd is expected after eight years. Azadegan has estimated reserves of 30 billion barrels.

complete article

Who said all that -medusa- had in her head was snakes....

nice post.

[Bombardier]

OMG OMG!

Just don't get me started!

A few months ago we were paying the equivilent of $5.44! That was 79p/litre, it is now about 73p.

$5.44??!!

That's absolutely insane!

If I had to pay those types of gas prices, I'd walk, take public transportation, and ride a bicycle a lot more.

The gas prices are about ~$1.61 in Oregon, USA.

That's still higher than I'd like to pay, but nowhere near $5.44 a gallon.

[Guest .::BeatFactory::.]

I have friends here in school from Europe telling me that gas is super cheap here in Texas because back over there in Italy, France, UK, etc. they were paying what is anywhere from 3.50 - 5.50 per gallon. They think that the $1.50 here is incredibly cheap.

[DudeAsInCool]

What accounts for the higher prices in Europe? Taxes??