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  Rising US Gasoline Prices Cause Concern in Bush Administration
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Last EditedUser 13  Mar 05, 2004 11:47am
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News DateFriday, March 5, 2004 06:00:00 AM UTC0:0
DescriptionRising US Gasoline Prices Cause Concern in Bush Administration
International Oil Daily (USA)

US Energy Secretary Spencer Abraham on Thursday dodged a question on whether record high gasoline prices will pose a liability for President George W. Bush's reelection this November, but said the administration was "extremely concerned" about their impact on American consumers.

Abraham's remarks came as a top official in his department acknowledged in another Senate hearing that gasoline prices could set records by the end of the month, and that there could be higher volatility in the market this summer.

"Obviously, this administration is extremely concerned about and sensitive to the impact on the people of the country when gasoline prices go up," Abraham told reporters after a hearing in the Senate Appropriations interior subcommittee.

US gasoline prices have been steadily increasing -- by nearly 3cents per gallon last week and as much as 25cents per gallon since December. As of Mar. 1, the average retail regular grade gasoline was $1.72 per gallon, more than 3cents higher than the average price this time last year.

Abraham's suggested remedy was passage of the US energy bill, now stalled in Congress. "We're trying very hard to get Congress to pass an energy bill to address some of the energy price issues," he said. The administration for its part has also implemented a number of programs including the hydrogen initiative, which in the long term will "dramatically address the question of dependence on foreign oil and the cost of petroleum products," said Abraham.

On reports that Opec may quietly overshoot its production target in the next couple of weeks, Abraham said it is obvious where the price of crude oil is in comparison to the Opec price band. "Presumably [Opec ] recognizes that as well," he said. The Opec basket price has been well over $30 this week, compared with an official target of $22-$28 per barrel.

In the Senate Energy and Natu
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