By BRAD FOSS
AP Apr 25 8:29 PM US/Eastern Crude oil and gasoline futures fell Tuesday after President Bush gave the Environmental Protection Agency the authority to relax regional clean-fuel standards to attract more imports of gasoline to the United States and to make it easier for supplies to be moved from one state to another.
President Bush also said he would halt deposits of oil to the nation's strategic petroleum reserve until the fall, but analysts said that measure would have next to no impact on crude prices and certainly would not help make gasoline any cheaper. Even the fuel-specification waivers will have a marginal impact, analysts said, given that the main force behind today's soaring pump prices is the near-record price of crude oil. |
By Elizabeth Douglass
LA Times Staff Writer April 26, 2006 The steps proposed by President Bush on Tuesday to rein in soaring gasoline prices would do little to cut fuel costs for outraged motorists before the summer driving season, industry experts said.
That's because the factors driving today's record gasoline prices are varied and complex - and beyond the reach of presidential dictate. They include a shortage of refining capacity, rampant speculation in oil markets, oil company choices about fuel additives, unrelenting gasoline demand and high industry profits. |
By Jan Frel
AlterNet April 26, 2006 |
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