Sunday, April 23, 2006

Bush warns of 'tough summer' with higher petrol prices

US President George W. Bush has warned rising oil prices will mean a "tough summer" for US consumers as the high cost of gasoline (petrol) showed signs of becoming a big political issue.

But even as more Americans expressed discontent over the price of filling up their gas tanks, Bush suggested there was little his government could do in the short term about the problem.

"We're going to have a tough summer because people are beginning to drive now during tight supply," Bush said as he toured a California facility developing hydrogen-powered vehicles.

"The American people have got to understand what happens elsewhere in the world affects the price of gasoline you pay here.

Bush spoke after a week of unremitting rises in prices in global crude oil markets and at gasoline (petrol) pumps across the country. Crude topped a record 75 dollars per barrel in New York trading Friday, five dollars up from a week earlier.

At the same time, US retail pump prices were topping an average three dollars a gallon (3.8 liters) in many places in the country, up 60 cents -- 33 percent -- from a year ago.

FULL STORY

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