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<TABLE width="100%" border=0><TBODY><TR><TD>Apr 25 12:38 PM US/Eastern
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President George W. Bush has ordered an investigation into possible manipulation of prices at gasoline stations and suspended deposits into America's strategic oil reserves, as the US government tried to rein in record-high fuel costs.
"One immediate way we can signal to people we're serious about increasing supply is to stop making purchases or deposits to the strategic supply for a short time," Bush said in a wide-ranging speech on strategies to combat skyrocketing fuel prices.
"The strategic reserve is large enough to guard against any major supply disruption over the next few months.
"By deferring deposits until the fall, we'll leave a little more oil on the market. Every little bit helps," the US president said.
In remarks to the Renewable Fuels Association, one of the chief backers of ethanol and other alternatives to petroleum-based fuels, Bush unveiled a multi-pronged attack on escalating oil prices, including increased conservation, expanding domestic production and developing alternative sources of energy.
He also said the Federal Trade Commission was investigating whether "the price of gasoline has been unfairly manipulated in any way."
In addition, the president called on oil companies to give up billions of dollars' worth of tax breaks.
Bush acknowledged that the spike in gasoline prices has been felt clear across American society, hurting consumers and putting a damper on business.
"Gasoline price increases are like a hidden tax on the working people. They're like a tax on our farmers. They're like a tax on small businesses," Bush said.
"Energy experts predict gas prices are going to remain high throughout the summer. And that's going to be a continued strain on the American people."
Bush vowed that, with the measures announced Tuesday, he would "make sure that the American consumers are treated fairly at the gas pump."
He added that, with oil prices at record levels, energy companies do not need all of the tax breaks they now get, and proposed eradicating two billion dollars of tax write-offs over the next decade.
Bush said he decided to temporarily halt deposits to the nation's Strategic Petroleum Reserve to make more oil available for consumer needs.
The US president also suggested that consumers bear part of the blame for the soaring cost of fuel, saying that "the prices people are paying at the gas pump are a reflection of our addiction to oil."
"Our addiction to oil is a matter of national security concern," the president said, adding that about 60 percent of the United States' oil comes from foreign sources, compared with just 25 percent 20 years ago.
"Some of the nations we rely on for oil have unstable governments or agendas that are hostile to the United States," Bush said.
"These countries know we need their oil, and that reduces our influence, our ability to keep the peace in some areas."
Copyright AFP 2005, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium
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</TD></TR></TBODY></TABLE>President George W. Bush has ordered an investigation into possible manipulation of prices at gasoline stations and suspended deposits into America's strategic oil reserves, as the US government tried to rein in record-high fuel costs.
"One immediate way we can signal to people we're serious about increasing supply is to stop making purchases or deposits to the strategic supply for a short time," Bush said in a wide-ranging speech on strategies to combat skyrocketing fuel prices.
"The strategic reserve is large enough to guard against any major supply disruption over the next few months.
"By deferring deposits until the fall, we'll leave a little more oil on the market. Every little bit helps," the US president said.
In remarks to the Renewable Fuels Association, one of the chief backers of ethanol and other alternatives to petroleum-based fuels, Bush unveiled a multi-pronged attack on escalating oil prices, including increased conservation, expanding domestic production and developing alternative sources of energy.
He also said the Federal Trade Commission was investigating whether "the price of gasoline has been unfairly manipulated in any way."
In addition, the president called on oil companies to give up billions of dollars' worth of tax breaks.
Bush acknowledged that the spike in gasoline prices has been felt clear across American society, hurting consumers and putting a damper on business.
"Gasoline price increases are like a hidden tax on the working people. They're like a tax on our farmers. They're like a tax on small businesses," Bush said.
"Energy experts predict gas prices are going to remain high throughout the summer. And that's going to be a continued strain on the American people."
Bush vowed that, with the measures announced Tuesday, he would "make sure that the American consumers are treated fairly at the gas pump."
He added that, with oil prices at record levels, energy companies do not need all of the tax breaks they now get, and proposed eradicating two billion dollars of tax write-offs over the next decade.
Bush said he decided to temporarily halt deposits to the nation's Strategic Petroleum Reserve to make more oil available for consumer needs.
The US president also suggested that consumers bear part of the blame for the soaring cost of fuel, saying that "the prices people are paying at the gas pump are a reflection of our addiction to oil."
"Our addiction to oil is a matter of national security concern," the president said, adding that about 60 percent of the United States' oil comes from foreign sources, compared with just 25 percent 20 years ago.
"Some of the nations we rely on for oil have unstable governments or agendas that are hostile to the United States," Bush said.
"These countries know we need their oil, and that reduces our influence, our ability to keep the peace in some areas."
Copyright AFP 2005, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium
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