Bush defends huge oil profits and consumers should not expect price breaks

President Bush defended the huge profits of Exxon Mobil Corp. Wednesday, saying they are simply the result of the marketplace and that consumers socked with soaring energy costs should not expect price breaks.

In an interview with The Associated Press, Bush also addressed oil's future, offering a more ambitious hope than in his State of the Union speech for cutting imports from the volatile Mideast.

However, he said his oft-stated goal of a Palestinian state in the region cannot be realized if a Hamas-led government refuses to renounce its desire to destroy Israel.

Bush, a former Texas oilman, said of oil costs, "I think that basically the price is determined by the marketplace and that's the way it should be."

"I believe in a relatively quick period of time, within my lifetime, we'll be able to reduce if not end dependence on Middle Eastern oil by this new technology" of converting corn, wood, grasses and other products into ethanol, he said.

In his address Tuesday night, Bush had set a goal of reducing the nation's Mideast oil imports by 75 percent by 2025.

With three years left in his second term, Bush declined to say what — if any — role he would take in the selection of a Republican candidate to succeed him in the 2008 presidential race. But he accepted the proposition that Secretary of State Condoleezza Rice would not be a contender.

"I think you need to take her at her word that she's not running," Bush said in a conversation on Air Force One as he flew to Tennessee for a speech.

"My political focus is on 2006," said Bush, who plans a major campaign role this year in the midterm congressional elections. "To the extent that I am thinking politics, it is to retain the (Republican) leadership of the House and the Senate."

Early this week, Exxon reported record profits of $10.71 billion for the fourth quarter and $36.13 billion for the year — the largest of any U.S. company. While some politicians raised furious objections, Bush had a different reaction.

"There is a marketplace in American society," he said.

"There's also a responsibility for energy companies to continue to invest and improve the ways that the American people can get energy," he said. "I would very much hope that Exxon would participate in the development of a pipeline out of Alaska, for example, in order to make sure there's more natural gas available for families and small business owners so the economy will grow."

Bush said his goal is to diversify away from a "a hydrocarbon society. I meant what I said last night, that America's addiction to oil is bad for this country. In order to remain competitive we've got to use technology to diversify away from dependence upon oil."

"I am told we are close to significant breakthroughs when it comes to the production of ethanol ... and that within six years the development of technology will be able to produce energy on a competitive basis," he said.

On the international front, Bush talked about trouble in Iran and in the Palestinian territory.

He said it was too early to tell what path Hamas would choose in dealing with Israel. "The conditions for peace and the conditions for a settlement will be up to Hamas to make the right decisions," he said.

Bush was the first U.S. president to espouse a Palestinian state living side by side in peace with Israel. Those prospects have dimmed with the triumph of Hamas in Palestinian parliamentary elections last week.

"I made the position of this government very clear," Bush said. "Hamas must renounce its desire to destroy Israel; it must recognize Israel's right to exist and it must get rid of the armed wing of its party."

"In order for there to be democracy and in order for there to be two states living side by side with peace, you can't have the party of one state intending to destroy the other state," he said.

On Capitol Hill, the Senate approved a nonbinding resolution condemning Hamas and expressing support for halting assistance to the Palestinian government.

Bush was asked about Iran in view of Iranian President Mahmoud Ahmadinejad's vow to resist the pressure of "bully countries" as European nations circulated a draft resolution urging that Tehran be brought before the U.N. Security Council for its nuclear activities.

"We cannot afford to have Iran with a nuclear weapon," Bush said. "We want them to have nuclear power but under the conditions that we describe." The United States supports a plan in which Russia would handle the reprocessing of spent fuel from Iran.

But Bush held out little hope of avoiding a showdown.

"It looks like to me the process is headed toward the Security Council, and that if the Iranians would like to avoid that, they ought to work in good faith to get rid of their nuclear weapon ambitions," the president said.

Bush said he had called Russian President Vladimir Putin to discuss Iran and had thanked him for Russia's reprocessing plan.

 

That is how it's supposed to be...welcome to America, land of the free market.
You shoulda invested in oil I guess.

 

In a free market, purchaser satisfaction alone determines the success or failure of particular goods and services

As shown above, no - that's not how "it's supposed to be"... and that's not a free market.

Oil companies and gas stations are price gauging. They literally control nearly 100% of Americans transportation. The price of gas has raised more than 300% in the last couple years and a lot of people can't afford it - and even worse - in a lot of places there is NO ALTERNATIVE.

Once again, THANK BUSH FOR LETTING DOWN (and helping destroy) the middle class.

 

To hell with him, he is the cause of the record oil prices and the destruction of the world economy!

Bush and Blair have served their masters well.

http://www.globalpolicy.org/security/oil/2003/2003companiesiniraq.htm

The 2006 mid term elections are coming up and everyone should vote against Republicans across the board, keep in mind these names when you vote!

Delay, Libby, Cheney, Nixon, Rumsfeld......Ken Lay, Pat Robertson, Jerry Falwell....

Is it any wonder Colin Powell quit the Bush Administration that is based on pathological lies ?

 

Clinton couldn't control the rising cost of oil prices either. Even though he tried, by releasing reserves...it didn't help. He couldn't control the oil price, because contrary to some nutty belief, presidents don't have the authority or power to set the price of oil.

What's the price these days? It wasn't a month or two ago, I was paying 2.05 per gallon. Takes some wicked math skills to turn 300% out of that.

 

Funny GTech..... that you would try to get people to think that.....

THIS

http://www.google.com/search?hl=en&q=exxon+record+corporate+profits&btnG=Google+Search

Has no connection to:

THIS

http://www.google.com/search?hl=en&lr=&q=GM+Ford+closing+plants&btnG=Search

Republicans = Cancer on America (Nixon gang)

 

http://www.google.com/search?hl=en&q=anthony+cea+dates+sheep&btnG=Google+Search

13,000 results, it must be true

 

You better get Bush to remove those results from Google quick GTech, those record oil profits with GM & Ford workers losing their homes running at the same time could hurt the Nazi party (Republicans) in the 2006 midterm elections

 

I was more worried about the sheep in the serps I posted I'd hate to see you pull the wool over their eyes

 

You're right - but storming over to the middle east and invading soveriegn countries, threatening all of them, and further destabilizing the entire region sure hasn't helped has it?

I didn't say a "month or two" I sad several years. Several years ago Gas was under $1.00 per gallon. It's hit over $3.00 in California and several other states...

If oil price was the only thing control gas price common sense would tell you that Exxon Mobile shouldn't have made a record $36BILLION this year. They make more and more money every time oil prices increase...

And George Bush is now turning his back on the Middle Class and not stopping them... wonder why?

 

I know in our state they are investigating the oil prices as they feel they have been doing some type of price fixing.

I find it hard to believe that they say the high price of oil is do to supply, yet had a record year in revenues. In a fair market, both should even out.

 

That's why I skateboard everywhere.

 

I must have missed the reality episode where Bush was "threatening all of them."

Several years ago? You better reach way back for gas under a dollar per gallon! I remember gas at .39 cents a gallon. Clinton couldn't control gas prices as they approached the 2.00 mark (not far from where they are now). Presidents can't control the price of oil. Even websites with "prison" in the url should know that.

Common sense would tell you if you want a high paying job, look to the oil industry. Oil execs were brought before Congress and they blew Congress off. I don't like paying high prices for gas any more than the next man, but I'm not dumb enough to blame the president for it. After all, OPEC has something to do with setting the price of oil. Surely they deserve some credit somewhere.

$2.16 per gallon of gas, and he's turning his back? Presidents have the authority to control gas prices? What part of the Constitution grants them this authority? $2.00 per gallon was about the price of gas in Germany in the mid-eighties. $2.00 per gallon was about the price of gas in 2000. Let's see, if the average consumer fills their tank once per week to go to/from work (not long distance commuters) and the average tank is 16 gallons, we multiply .16 cents times 16 gallons and we have a budget breaking, OMG we're going to live in a cardboard box...$2.56!

Or, if the average consumer has to commute and fill their tank up twice a week, $5.08 cents. About the price of single Big Mac combo meal Oh yes, the president is turning his back on the middle class who can barely afford a Big Mac meal at McDonalds!

If presidents actually had the authority to control gas prices, and he gave it away, you'd still complain.

 

Bush has embarrassed the United States across the world. That's what happens when you have a redneck in power.
The middle class is all but GONE.
After my grandmother dies (god forbid) I am leaving this shit hole. The United States days as a successful country are numbered IMO. Think how bad this country has fallen out of the lead in the past 6 years.
For Christs sake, we are 16th in the word in broadband use. Not only that but we have the lowest quality brodband and the slowest for 99% of countries that actually have brodband, and we pay the most for it. China, Europe, Japan, etc all have fiber optics laid for the entire country and they pay less then we pay for our shit ass 5Mb speeds. Yet the Bells and their lobbists fight to keep competition out. It's a fucking monoploly and we the consumers are losing, big time.
I think we are even #28th in education worldwide or some crazy number.

I love how Bush keeps screaming about the 4million jobs created, he fails to mention 85% of those jobs are buger king, walmart, etc. Give me a fucking break. I can see with my own eyes whats happening to this country, and its not pretty.

Big thumbs up to the bush voters! Good Job on letting your stupid religion get in the way of common sense.

 

He does have a say in how each of the economic classes are treated within government. As they cater to higher and higher classes, pretty soon even the rich wont be the ones gaining from this mob.

ahh, to be in the top 1/10th % of the wealthy.

I read today that this is the first time ANYONE has tried to push a tax cut through during a time of war. Sounds reasonable, spend more while getting less revenue. Might as well call it "All children left behind"

 

Have you ever worked for a poor person? I haven't. Poor people don't hire. Rich people do. When you give tax incentives to those that hire, they hire. People go to work, people pay taxes, economies come to life. How do you give a tax break to someone that doesn't make enough to pay taxes in the first place? The poor don't pay taxes. How do you give a tax break on nothing? You don't. You give tax incentives to those that CAN hire, they hire people.

Sounds unreasonable to me. 54 billion dollars is a lot of money.

http://www.washingtonpost.com/wp-dyn/content/article/2005/05/04/AR2005050402134.html

 

If only there was sound data to back that up. Time to invest in Burger King and Walmart. If they are growing that fast, there's lots of money to be made by purchasing their stock. Thank about it. See signature.

 

Last time I checked, trickle down economics didn't really work for ronnie who was actually quite a cunning man. What makes you think an idiot can do it?

Since when do people create jobs anyway, industry creates jobs.

 

Captain GTech.........

Riding high and mighty with Bush and Cheney

America is going back to the old ways, join us GTech

 

It's already being done, despite the fact kerry (the idiot) didn't get elected.

54 billion dollars is a lot of money. 4.x million jobs is a lot of jobs. Despite inheriting a failing economy from Clinton, 9/11, corporate scandals, etc.