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Gas Officially Above $3 A Gallon
POSTED: 6:48 am EDT April 20,
2006
UPDATED: 6:25 pm EDT April 25,
2006
On the same day President Bush ask for a probe into gasoline prices, AAA said gas was officially above $3 a gallon in Philadelphia.In New Jersey, unleaded regular was at $2.88 in South Jersey and $2.92 in Delaware. The official gas price on Philadelphia was $3.01 a gallon for unleaded regular.Earlier on Tuesday, President Bush ordered a temporary suspension of environmental rules for gasoline. He's also putting a temporary stop to the purchase of crude oil for the government's emergency reserve.
Bush also wants two investigations into whether there's been cheating in the gasoline markets.New Jersey Democratic Sen. Robert Menendez offered an amendment Tuesday that would suspend the 18.4 cents-per-gallon federal gasoline tax for two months, with its cost financed by lifting tax breaks on the oil industry. Menendez said the measure would give Americans immediate but temporary relief from high gas prices. During the two-month period, the cost of gas would be reduced by 18.4 cents per gallon and the cost of diesel would be reduced by 24.4 cents per gallon. Lifting the tax would provide $100 million per day in relief to Americans, he added. "Last year the big oil companies hiked gas prices and blamed an act of God, but it's crystal clear that the current spike in gas prices is at least partly due to an act of greed," said Menendez, referring to Hurricane Katrina. "We must provide American families immediate relief by suspending the federal gas tax for 60 days and making up for the lost revenue by getting rid of some unnecessary tax giveaways to oil and gas companies." Menendez scoffed at Bush's call to lift the billions of dollars in tax incentives to oil companies. "What we're left wondering today is why it took five years" for Bush to support tax increases on the energy industry, Menendez said. Menendez was joined by fellow Democrats. Sen. Frank Lautenberg, D-N.J., said the Bush administration has always looked the other way when it came to oil companies. "But now that gas prices are through the roof and American families are struggling, President Bush says he wants an investigation," Lautenberg said. "President Bush investigating the big oil companies is like Bonnie investigating Clyde." Sky-high gas prices was the talk of Capitol Hill as Congress reconvened after a two-week recess. A news conference on port security featuring the four senators from New Jersey and New York quickly turned to gas prices. Sen. Hillary Clinton, D-N.Y., called Bush's speech Tuesday "too little, too late" in her view. "The administration has hopped on the bandwagon but they are not going to ride it very far if they cannot come up with a real investigative agenda," she said. Sen. Charles Schumer, D-N.Y., said five words were missing from Bush' speech: "Get tough on big oil." "The president doesn't touch his friends at the big oil companies," Schumer said. "It's nice that the president is finally talking about gas prices, but talk is cheap and gas isn't.
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