mylanta
04-25-2006, 11:26 AM
Hey I don't know who gave him the ideas, but they are right on!
http://money.cnn.com/2006/04/25/news/economy/bush_energy/index.htm
Bush seeks end to oil tax breaks
President also sets investigation into gouging, halts deposits to stockpile in bid to deal with soaring gasoline prices.
April 25, 2006: 10:45 AM EDT
NEW YORK (CNNMoney.com) - President Bush Tuesday announced a gas-gouging probe and a halt to deposits to the nation's emergency stockpile of oil as he seeks to deal with rising oil and gasoline prices ahead of this fall's midterm elections.
"The prices that people are paying at the gas pump reflect our addiction to oil," he said in an address to an industry group in Washington.
http://www.kickenhardware.net/2006/04/25/news/economy/bush_energy/bush_apr25.03.jpg President Bush called for steps to deal with rising gasoline prices. Video http://i.cnn.net/money/.element/img/1.0/misc/plus_green.gif More video (http://www.kickenhardware.net/services/video/)
http://i.a.cnn.net/cnn/video/politics/2006/04/25/jr.gas.outrage.story.jpg Gas stations across the nation are shutting down until prices drop. CNN's John Roberts reports (April 25) Play video
(javascript:zwyc();cnnVideo('play','/video/politics/2006/04/25/roberts.gas.price.outrage.affl');)
The nation's Strategic Petroleum Reserve is large enough to deal with any potential shortages, the president said. "By deferring the deposits to the fall, we leave more oil on the market," Bush said. "Every little bit helps."
The administration is trying to get more oil onto the market and help reduce rising gasoline prices, a senior administration official said earlier.
The president also announced that the Justice Department and Federal Trade Commission would be conducting probes into energy prices, as well as helping state officials investigate whether there is price gouging taking place at the pump.
He called on Congress to expand the tax credit for hybrid vehicles, making all buyers of the fuel-efficient vehicles this year eligible for federal tax credits, rather than having caps on the number of vehicles eligible for the tax break.
He also called for a rollback in $2 billion in government assistance and tax breaks for oil companies over the next 10 years for items such as research and development for deep water drilling.
"These energy companies don't need unnecessary tax breaks," he said. "Cash flows are up, and taxpayers don't need to be paying for some of these expenses on part of energy companies."
Bush also repeated his earlier calls for speeding the permitting procedures for new gasoline refineries as well as opening the Arctic National Wildlife Reserve to oil exploration. He also pushed for greater use of alternative fuel in his address to the Renewable Fuels Association in Washington.
The president, whose ratings have fallen to the lowest of his presidency, and fellow Republicans are under pressure due to the upcoming midterm elections. http://i.cnn.net/money/images/bug.gif (http://www.kickenhardware.net/forum/#TOP)
http://money.cnn.com/2006/04/25/news/economy/bush_energy/index.htm
Bush seeks end to oil tax breaks
President also sets investigation into gouging, halts deposits to stockpile in bid to deal with soaring gasoline prices.
April 25, 2006: 10:45 AM EDT
NEW YORK (CNNMoney.com) - President Bush Tuesday announced a gas-gouging probe and a halt to deposits to the nation's emergency stockpile of oil as he seeks to deal with rising oil and gasoline prices ahead of this fall's midterm elections.
"The prices that people are paying at the gas pump reflect our addiction to oil," he said in an address to an industry group in Washington.
http://www.kickenhardware.net/2006/04/25/news/economy/bush_energy/bush_apr25.03.jpg President Bush called for steps to deal with rising gasoline prices. Video http://i.cnn.net/money/.element/img/1.0/misc/plus_green.gif More video (http://www.kickenhardware.net/services/video/)
http://i.a.cnn.net/cnn/video/politics/2006/04/25/jr.gas.outrage.story.jpg Gas stations across the nation are shutting down until prices drop. CNN's John Roberts reports (April 25) Play video
(javascript:zwyc();cnnVideo('play','/video/politics/2006/04/25/roberts.gas.price.outrage.affl');)
The nation's Strategic Petroleum Reserve is large enough to deal with any potential shortages, the president said. "By deferring the deposits to the fall, we leave more oil on the market," Bush said. "Every little bit helps."
The administration is trying to get more oil onto the market and help reduce rising gasoline prices, a senior administration official said earlier.
The president also announced that the Justice Department and Federal Trade Commission would be conducting probes into energy prices, as well as helping state officials investigate whether there is price gouging taking place at the pump.
He called on Congress to expand the tax credit for hybrid vehicles, making all buyers of the fuel-efficient vehicles this year eligible for federal tax credits, rather than having caps on the number of vehicles eligible for the tax break.
He also called for a rollback in $2 billion in government assistance and tax breaks for oil companies over the next 10 years for items such as research and development for deep water drilling.
"These energy companies don't need unnecessary tax breaks," he said. "Cash flows are up, and taxpayers don't need to be paying for some of these expenses on part of energy companies."
Bush also repeated his earlier calls for speeding the permitting procedures for new gasoline refineries as well as opening the Arctic National Wildlife Reserve to oil exploration. He also pushed for greater use of alternative fuel in his address to the Renewable Fuels Association in Washington.
The president, whose ratings have fallen to the lowest of his presidency, and fellow Republicans are under pressure due to the upcoming midterm elections. http://i.cnn.net/money/images/bug.gif (http://www.kickenhardware.net/forum/#TOP)