WASHINGTON (AFX) -- President Bush said he's worried about rising gasoline prices, and vowed that regulators will be on the lookout for any sign of illegal price gouging.
Bush told reporters that he's 'concerned' about the impact of higher prices on working families and small businesses.
'And I'm also mindful that the government has the responsibility to make sure that we watch very carefully and investigate possible price gouging. And we'll do just that,' Bush said Tuesday during an appearance to announce the nomination of U.S. Trade Representative Rob Portman to head the Office of Management and Budget.
The remarks came on the same day that crude oil futures rose to a new all-time high at the New York Mercantile Exchange.
Gas prices have also pushed higher, with the Energy Department pegging the national average for regular gasoline at $2.78, a 10-cent increase from the previous week. The Energy Department earlier this month projected that the retail price of regular gasoline would average $2.62 a gallon between April 1 and Sept. 30, or 25 cents higher than in the same period a year ago.
Higher pump prices threaten to be an issue in this fall's midterm congressional elections.
'The Republican rubber-stamp Congress has passed two energy bills, costing taxpayers $12 billion for giveaways to big oil companies. But the Republican bills clearly have done nothing to lower gas prices, as the price of a barrel of oil has settled above $70 a barrel - the highest price in our history,' said House Minority Leader Nancy Pelosi, D-Calif.
Senate Democrats sent Bush a letter Tuesday urging him to back legislation that would expand the ability of federal and state authorities to investigate and prosecute price gouging.
Bush said rising prices are the result of three factors -- high crude oil prices that have resulted from tight supplies and strong global demand, a seasonal increase in driving, and the changeover to summer fuel mixes.
Crude-oil futures rose to their highest-ever level on the New York Mercantile Exchange early Tuesday amid continued concerns about the nuclear standoff between Iran and the west. The May contract rose as high as $70.88 a barrel in electronic trading overnight, surpassing the previous record of $70.85 reached Aug. 30, in the midst of a record hurricane season in the United States. This story was supplied by MarketWatch. For further information see www.marketwatch.com.