The President’s Plan to Lower Gas Prices
On Tuesday, the President outlined his four-part plan to lower gas prices.
“What people are seeing at their gasoline pumps reflects the global economy in which we live. … And so the fundamental question is, what are we going to do? What can the government do? … I think we need to follow suit on what we have been emphasizing, particularly through the energy bill, and that is to encourage conservation, to expand domestic production, and to develop alternative sources of energy like ethanol.” — President George W. Bush
This comes at the urging of House Speaker Dennis Hastert and Senate Majority Leader Bill Frist, who want the President to initiate an investigation of price gouging or “market speculation” on the part of oil companies. This issue is getting a lot of press lately because of the rise in average gas prices over the last few months, and the fact that we’re on the verge of the high-gasoline-volume summer season. It also doesn’t hurt that the President’s approval ratings are at some of their lowest points ever (of any recent President) and this could be a relatively easy way to get back on the public’s good side, and, oh yeah, it’s also an election year.
Consumers love to complain about high gas prices; news channels frequently show clips of worried Americans filling their gas tanks, all the while being quoted as saying, “gas prices are just way too high”. Well…obviously not too high, or else they wouldn’t be filling their tank. This has sparked a lot of different “ideas” of how we can stick it to the oil companies, like Bill O’Reilly’s a while back of boycotting gas on some certain day, or the new one being passed around through email of boycotting one certain company like ExxonMobil. None of these ideas will work in practice because they do not address the underlying issue: we use too much gasoline. The President’s plan at least addresses this issue, and could prove beneficial in the long run.
Anyway, here’s the President’s four-step plan:
1. Ensuring That American Consumers Are Treated Fairly At The Gas Pump.
Americans Will Not Accept Fraud Or Manipulation Of The Market, And The President Will Not Tolerate It.
The President Calls On Congress To Repeal Certain Tax Breaks That Are Unnecessary For Energy Companies.
2. Promoting Greater Fuel Efficiency.
The President Calls On Congress To Make All Hybrid And Clean Diesel Vehicles Sold This Year Eligible For Federal Tax Credits.
A Proven Way To Conserve Gasoline Is To Reform Corporate Average Fuel Economy (CAFE) Standards.
3. Boosting Our Supplies Of Crude Oil And Gasoline.
The President Supports Halting Deposits To The Strategic Petroleum Reserve For A Short Period Of Time.
The President Is Directing EPA Administrator Steve Johnson To Use All His Available Authority To Grant Waivers That Would Relieve Critical Fuel Supply Shortages - As He Did After Last Year’s Hurricanes.
The President Is Also Directing Administrator Johnson To Bring Together Governors To Form A New Task Force To Confront The Larger Problem Of Too Many Localized Fuel Blends (Boutique Fuels).
The President Calls On Congress To Allow Refiners To Make Minor Modifications To Their Refineries Without Having To Endure Years Of Delays In The Approval Process, And The President Also Calls On Congress To Simplify And Speed Up The Permitting Process For Refinery Construction And Expansion.
Congress Needs To Send The President A Bill This Year Authorizing Arctic National Wildlife Refuge (ANWR) Exploration.
4. Investing In Alternatives To Oil, So That We Can Dramatically Reduce Our Demand For Gasoline.
The President Calls On Congress To Support His Advanced Energy Initiative (AEI).
Renewable Fuels Producers Are Using One Of The World’s Oldest Industries - Agriculture - To Power Some Of The World’s Newest Technology.
Increasing Our Use Of Ethanol.
Ethanol Has Tremendous Potential For Growth As An Alternative To Gasoline.
Ethanol Is A Versatile Fuel Delivering A Wide Variety Of Benefits.
The Ethanol Industry Is Booming.
President Bush Has Supported Ethanol More Strongly Than Any President Before Him.
Promoting Other Alternatives To Regular Gasoline.
Researchers Are Pioneering Ways To Make A New Form Of “Cellulosic Ethanol” From Natural Materials Like Wood Chips, Stalks, And Switch Grass.
Biodiesel Fuel Can Substitute For Regular Diesel In Cars, Trucks, Buses, And Farm Equipment.
Engineers Are Designing A New Type Of “Plug-In Hybrid” That Can Be Recharged Through A Standard Electrical Outlet.
Since 2003, The Administration Has Made Hydrogen And Fuel Cell Technology A High Priority.
[From The White House]
What do you see as strengths and weaknesses to the President’s plan?
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