Bush's Energy Secretary today said he was
"extremely concerned" about soaring gasoline prices.
He should be. His boss could be out of a job as a result.
It's only March — well ahead of the peak summer driving months — and gasoline prices are averaging $1.72 nationwide, just 3 cents shy of the all-time record set last August.
Strong world demand is part of the problem. The Bush Administration couldn't be bothered to raise CAFE standards as Congressional Democrats favored. The weak dollar is taking a toll, too. Oil prices are up well over $36 per barrel for U.S. light crude. OPEC's production cuts also pushed oil prices up.
High oil prices can have dramatic effects on certain industries, such as trucking and the airlines. As it happens, American Airlines just furloughed nearly 300 pilots.
Congressional Democrats would be wise to push for "emergency legislation" to raise CAFE standards, both to keep excess funds from terrorists and to reduce demand (and cut oil and gasoline prices). U.S. motor vehicle fuel economy has not improved in two decades.