US commerce secretary discounts high gasoline prices

US commerce secretary discounts high gasoline prices

Washington (Platts)--4May2004


US Commerce Secretary Donald Evans Tuesday defended the Bush's administration
energy plan and downplayed the potential that high gasoline prices will hurt
the US economy. After meeting with Senate Republicans at their weekly caucus
lunch, Evans told reporters that high gasoline prices, which hit new
non-inflation adjusted highs on Monday, were far below 1970s levels when
adjusted for inflation. He said the economy would be able to withstand high
energy prices because it is more efficient than it was 25 years ago. According
to Sen. Craig Thomas of Wyoming, Evans said during the lunch that the White
House is concerned about just two things: corporate legal liability, and high
energy prices and their potential effect on the economy. Evans also told
reporters that Bush has been "focused on" a national energy policy since he
came to office in 2001 and that most of the White House's energy plan has been
implemented administratively. Last week, Evans joined House leaders in calling
for energy reforms as part of the GOP's economic plan.

This story was first published in Platts real-time news and market reporting
service Platts Global Alert
(http://www.platts.com/Oil/Real-Time%20Information/Global%20Alert/ ).