No evidence of pump price profiteering: Bodman | Reuters.com

No evidence of pump price profiteering: Bodman | Reuters.com:

By Chris Baltimore

WASHINGTON (Reuters) – The Bush administration sees no direct evidence of profiteering by big U.S. oil companies and is doing all it can to tame near-record prices, Energy Secretary Sam Bodman said on Sunday.

With average gasoline pump prices near $3 a gallon and politicians clamoring to rein in record oil industry profits, President George W. Bush is trying to stave off a potential election-year problem for Republicans eager to hang on to control of Congress.

Asked on NBC’s “Meet the Press” if oil companies are exploiting consumers, Bodman said “we see no evidence of it, but this is one of those situations where I guess I would call it ‘trust but verify.'”

Bodman pointed to an ongoing probe by the Justice Department and Federal Trade Commission into gasoline prices.

Bush last week unveiled a string of actions to tame energy prices, including suspending filling the U.S. emergency crude oil stockpile and taking a closer look at environmental rules that have limited gasoline supplies.

“This administration is doing everything it can do” Bodman said.

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Posted on May 1, 2006, in News and politics. Bookmark the permalink. Leave a comment.

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