 Bush yesterday rejected calls from Capitol Hill to levy a tax on oil-company profits and said there is "no evidence" of price gouging. He urged the industry to increase oil exploration and to reinvest billions in earnings from high gasoline prices to build new refineries. "I have no evidence that there is any rip-off taking place," Mr. Bush said at a morning press conference in the White House Rose Garden. "But it's the role of the Federal Trade Commission to assure me that my inclination and instinct is right." Mr. Bush said calls to tax the oil industry's profits would take money that should be reinvested in refineries, pipeline construction for natural gas deliveries and exploration in "environmentally friendly ways." "Look, the temptation in Washington is to tax everything, and they spend the money -- 'they' being the people in Washington," said the president, who has called on Congress to strip away tax breaks the corporations are enjoying amid record profits. ...
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| post The Good, The Bad and The Ugly |
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