Tuesday, March 11, 2008

‘No quick fix’

Not that you were expecting any help from the White House on this, but
The White House says that soaring oil prices are "not going to be solved overnight" and that "it would be wrong" of President Bush to promise otherwise.

Presidential spokeswoman Dana Perino said Tuesday on Air Force One that "there are some things we cannot do." Her comments came as oil prices rose above $109 a barrel for the first time. They are up from $87 a barrel in January.

She said that the White House is concerned about the impact on consumers and small businesses. But she said, "It would be wrong of the president to provide false hope to people to think that we are going to be able to have an immediate impact to reduce gas prices. This is something that we're all going to have to work through."
By “overnight,” she means “before January 20.”

By the way, here’s the extent of the problem the White House can’t solve overnight, or at all:
The cost of filling up the family car climbed to a record high Tuesday, adding to the challenges consumers already face with falling home values and rising food prices.

Gas prices at the pump rose overnight to a record national average of $3.2272 a gallon, according to AAA and the Oil Price Information Service. That's a tad higher than the previous record of $3.2265, set last May.

Soaring gas prices worsen the financial plight of consumers already suffering through a downturn in the housing market that has sharply reduced home prices in many markets and limited Americans' ability to tap home equity for spending. Food prices are also on the rise, partly due to rising fuel costs.
You might be interested to know that the previous record was set May 24, 2007, the Thursday before Memorial Day Weekend.

Just a coincidence, I’m sure.

When asked about analysts’ predictions that gas soon will reach $4 per gallon at a recent press conference, Bush said
Q What's your advice to the average American who is hurting now, facing the prospect of $4 a gallon gasoline, a lot of people facing --

THE PRESIDENT: Wait, what did you just say? You're predicting $4 a gallon gasoline?

Q A number of analysts are predicting --

THE PRESIDENT: Oh, yeah?

Q -- $4 a gallon gasoline this spring when they reformulate.

THE PRESIDENT: That's interesting. I hadn't heard that.
I’m guessing that’s not confidence you feel swelling up inside you.

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