Snow: No short-term fix for gas prices

[sabra]

<<SNIP>>
http://www.ledger-enquirer.com/mld/ledgerenquirer/business/12003948.htm

Snow: No short-term fix for gas prices

JOHN CHRISTOFFERSEN

Associated Press


TRUMBULL, Conn. - Treasury Secretary John Snow said there's little the government can do to offer immediate relief from record-high oil prices, but predicted the market will adapt and endorsed nuclear power as an alternative.

"Unfortunately, there's very little that can be done in the short run to dramatically affect the price of oil," said Snow, speaking Monday at the NASDAQ Technology Center in Trumbull.

Snow said the high oil prices are already affecting demand and consumers have begun buying smaller vehicles. He predicted that higher prices will prompt consumers to cut back on travel and will encourage producers of alternative energy.

"We're going to see, I think, at $60 a barrel, a lot of adaptations in the marketplace," Snow said. "I also think that at these prices, we're going to see supply-side adjustments."

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[wakeme2008]

1. NO CLUE SHERLOCK.... nt

:grr:

[Mari333]

2. meanwhile, people cutting back on food, medicine

www.gasbuddy.com

[durablend]

3. The rich aren't suffering...

So obviously, there's no problem.

DAMN LIBERAL MEDIA AND THEIR AMERICA-HATING RHETORIC!!!!

[sendero]

4. And there is no long term solution..

.... either.

[Media_Lies_Daily]

5. It's amazing to me that someone with so little remaining gray matter....

...can still walk and talk.

[mbperrin]

6. Damn..they are really pushing this nuclear thing.

Carlyle musta bought a reactor building company.

[maddezmom]

7. Snow says oil prices hurting economy-CNBC

NEW YORK (Reuters) - Record high oil prices are beginning to take their toll on the U.S. economy, but not enough to halt or reverse the recovery, U.S. Treasury Secretary John Snow said on Tuesday.

"Energy prices are way too high," Snow said on CNBC television. "Clearly, it's hurting."

After hitting a three-month low in May, U.S.-traded oil futures have risen around 32 percent to a record high of $60.95 a barrel on Monday. In early trading Tuesday, oil prices slipped to $59.58.

High energy prices often sap domestic spending, as consumers have to shell out more for gasoline and less for other goods. A consumer-led slowdown has the potential to dent U.S. economic growth, particularly since consumer spending makes up roughly two-thirds of the economy.

more:http://news.yahoo.com/news?tmpl=story&u=/nm/20050628/us_nm/economy_snow_dc_7

[gratuitous]

8. No relief? Not even if the Ass jawbones?

Remember back in 2000? When gas prices crept up over $2 a gallon? George W. Bush, friend and protector of the little guy, was in full bay, offering all sorts of advice about how the Clinton administration should "jawbone" the OPEC nations into upping supply to relieve the beleaguered American consumer.

Move forward five years, and with gas prices streaking towards $2.50 a gallon and beyond, the Bush administration just shrugs, says nothing can be done, and hey, how about nuc-u-lar energy? I haven't seen the latest car models yet; any of them have an on-board fission reactor as standard equipment?