US to monitor gasoline prices for possible price gouging: Bush

Washington (Platts)--18Apr2006

US President George Bush Tuesday said he was "concerned" about high
gasoline prices and vowed that the government would keep a close eye out to
ensure that the market is not manipulated.

"The government has the responsibility to make sure that we watch very
carefully and investigate possible price gouging, and we will do just that,"
Bush said at the White House, according to a transcript of his remarks.

Fears of supply disruptions in Iran and continuing outages in Nigeria
pushed US crude oil futures to a record $70.88/barrel on Tuesday.

Bush said the high gasoline prices were due to strong oil prices amid
increasing demand from countries like Indian and China, greater gasoline
demand in the US as the summer driving season approaches and the switch to
summer-grade gasoline blends.

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