Bush Dashes Hope for Political Solution to Gas Prices

President George W. Bush made it clear Wednesday that U.S. drivers can expect no short-term political solutions that will deliver quick relief from sky-high gasoline prices.

In a much-anticipated speech on energy policy that was pitched as the White House’s answer to runaway oil prices, Bush said he had no “magic wand” to prick the oil bubble that is keeping oil prices above $50 a barrel and is set to result in record-high pump prices even before peak summer driving season.

“Experience tells us that in a nation with an economy and way of life so tied to energy, inaction comes at a high cost,” [API President] Caveney said. “While no energy bill will solve all the energy challenges facing our country, failing to act has a direct and harmful impact on all U.S. energy-users.”