Wednesday, April 26, 2006

BUSH LOOSENS ENVIRONMENTAL RESTRICTIONS TO EASE OIL PRICES

...and sadly, it works.

According to [http://abcnews.go.com/Business/wireStory?id=1888769|an April 25, 2006 article] from AP.org and ABCNews.Com:
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.


I hate to always play the pessimist card, but does anyone really think this is going to help in the long term?

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