tag:blogger.com,1999:blog-134714912024-01-31T06:22:52.548-05:00All Things Oil & EnergyOil Guruhttp://www.blogger.com/profile/01776297564081275091noreply@blogger.comBlogger55125tag:blogger.com,1999:blog-13471491.post-1127766966120941772005-09-26T16:35:00.000-04:002005-09-26T16:36:06.123-04:00<h1 style="font-weight: normal;"><span style="font-size:100%;">"Snow days" to save on fuel?</span></h1> <h1><span style="font-size:130%;"></span></h1> <blockquote> <h1><span style="font-size:130%;">Ga. Closes Schools for 2 Days to Save Fuel</span> </h1> <!-- END HEADLINE --> <div id="ynmain"> <!-- BEGIN STORY BODY --> <div id="storybody"> <div class="storyhdr"> <p> <span>By MIKE STOBBE, Associated Press Writer</span><em class="timedate">Mon Sep 26, 9:53 AM ET</em> </p> </div> <p>The governor's request that Georgia public schools take two "snow days" and close to conserve fuel did not sit well with parents who had to scramble to find baby sitters and day care for their children.</p> <p>Rasheed Ahmad said he probably would have to take the day off from work Monday to look after his three daughters, ages 10, 8 and 4.</p> <p>"Everybody's rushing to day care, asking do you have any vacancy for two days," said Ahmad. "And they say they don't. It's really bad."</p> <p>Gov. Sonny Perdue's request Friday that schools close Monday and Tuesday was prompted by Hurricane Rita, which was bearing down on the oil refineries of the Gulf Coast.</p> <p>He estimated that closing all the state's schools would save about 250,000 gallons of diesel fuel by idling buses, plus an undetermined amount of gasoline by allowing teachers, staff members and some parents to stay home. All but three of the state's 181 districts agreed.</p> <p>Perdue made his decision after learning that a Houston-to-New York pipeline that supplies most of Georgia's gasoline had been shut down, said Dan McLagan, Perdue's spokesman. On Sunday, the pipeline was operating only sporadically.</p> <p>If school buses had not been idled on purpose at the beginning of the week, they likely would have been shut down by empty tanks by the end of the week, McLagan said.</p> <p>"The politically safe thing to would be to do nothing, and then blame the hurricane for any subsequent problems. But that's not leadership," McLagan said.</p> <p>The Republican governor's action was attacked by Secretary of State Cathy Cox, a Democratic gubernatorial candidate, who called it a "stunt."</p> <p>Some people worried that his move would only create a panicked rush to gas stations, although by Sunday that did not seem to have happened, said Jim Tudor, president of the Georgia Association of Convenience Stores.</p> <p>For parents like Ahmad, Perdue's announcement left little time to make arrangements for children who suddenly had two free days on their hands.</p> <p>Some parents said it was a lot of trouble for a hurricane that did less damage than predicted.</p> <p>"People still have to go to work, and the freeways are still going to be packed. I mean I could see if the governor said 'All right, everybody stay home Monday and Tuesday!'" said Kyle Glenn, 44, stepmother of a 10-year-old pupil at Fulton County's Mimosa Elementary School.</p> <p>Perdue also banned all nonessential travel by state employees and urged businesses to conserve fuel.</p> <p>Some parents supported the governor's decision.</p> <p>Rozina Charania, 37, of suburban Gwinnett County, praised the governor's attempt to try to control the situation and conserve fuel. "It made a lot of sense," she said as she walked with her husband and their 9-year-old daughter.</p></div></div> </blockquote> <div id="ynmain"><div id="storybody"><p></p></div></div>Anonymousnoreply@blogger.com4tag:blogger.com,1999:blog-13471491.post-1127766873954031052005-09-26T16:33:00.000-04:002005-09-26T16:34:33.966-04:00<p><span style="font-family:Georgia, 'Times New Roman', Times, serif;font-size:180%;color:#cc0000;"></span></p> <blockquote> <p><span style="font-family:Georgia, 'Times New Roman', Times, serif;font-size:180%;color:#cc0000;">Bush says oil reserve can be tapped again </span><br /><span style="font-family:Tahoma;font-size:85%;"><b>President details energy-sector steps taken after Hurricane Rita</b></span></p> <div><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:78%;">The Associated Press</span></div> <div><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:78%;">Updated: 4:16 p.m. ET Sept. 26, 2005</span></div> <div><br /><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">WASHINGTON - President Bush said Monday that the government is prepared to again tap the Strategic Petroleum Reserve to alleviate any new pain at the pump caused by Hurricane Rita’s assault on the center of the nation’s energy industry, and he asked Americans not to drive if they don’t have to.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">He also implied he will likely name a federal czar-like official to oversee the reconstruction of the Gulf Coast from the devastation caused by Hurricane Katrina. But he said that local officials must first produce a vision for how they want their rebuilt communities to look.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">“I’m considering how best to balance the need for local vision and federal involvement,” he said. “The vision and the element of reconstruction is just beginning and there may be a need for an interface with a particular person to help to make sure that the vision becomes reality.”</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">Sen. David Vitter, R-La., said Monday he had urged the president to place “a strong federal leader on the Katrina reconstruction effort” beyond the short-term relief effort. Such a “reconstruction czar” would also need to make sure there were no improprieties in awarding the lucrative reconstruction contracts, Vitter said.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">“If the American people lose confidence in this effort, Louisiana and the victims of the storm are going to suffer, so we have to have those protections in place,” Vitter said in an interview on NBC’s “Today” show.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">Because of worries that the storm could cause disruptions in getting gasoline to market, Bush urged motorists to cut out any unnecessary travel. He also said that federal employees should carpool or take mass transit to work and promised government officials would not take any trips they don’t have to.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">“We can all pitch in by being better conservers of energy. People just need to recognize that these storms have caused disruption and that if they’re able to maybe not drive on a trip that’s not essential, that would be helpful,” he said. “If it makes sense for the citizen out there to curtail nonessential travel, it darned sure makes sense for federal employees.”</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">Bush announced he was flying back to the hurricane-affected region on Tuesday, traveling to Beaumont and Port Arthur, Texas — two of the harder-hit areas. He just concluded on Sunday a three-day hurricane trip — his sixth since Katrina hit a month ago — that took him to Colorado, two cities in Texas and Louisiana. During that trip, the president had no direct contact with areas or people affected by the storm, instead spending the entire weekend getting briefings on the storm from military and other federal officials.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">With early indicators offering reason for optimism and a speedy recovery, Bush nonetheless warned Americans to expect some effect on energy supplies.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">“A lot of our production comes from the Gulf and when you have a Hurricane Katrina followed by a Hurricane Rita, it’s natural, unfortunately, that it’s going to affect supplies,” Bush said after a briefing at the Energy Department.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">“It’s important for our people to know that we understand the situation and we’re willing to use the Strategic Petroleum Reserve to mitigate any shortfall in crude oil that could affect our consumers.”</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">If oil is made available from the SPR reserves, it likely will be in the form of a loan to specific refineries, Energy Department officials said. That’s is a much quicker process than a formal release and sale of oil that requires a go-ahead by other oil-consuming nations.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">After Katrina, DOE approved loans of 13 million barrels of oil to refineries in Louisiana that could not get crude because of supply disruptions. DOE spokesman Craig Stevens said there has not been a request for more SPR oil at this time.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">Oil prices slid Monday, as markets reacted to reports of relatively light damage to crucial U.S. petroleum processing zones in Texas.</span></p><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;">But 16 Texas oil refineries remained shut down after the storm, and crews found significant damage to at least one in the Port Arthur area, said Energy Department spokesman Craig Stevens.</span></p></div> </blockquote> <div><p><span style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:85%;"></span></p></div>Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1126012217314843012005-09-06T09:10:00.000-04:002005-09-06T09:10:17.323-04:00<blockquote>The Endogenous Oil Shock<br />Stephen Roach<br />Morgan Stanley<br />Global Economic Forum<br />Sept 2, 2005<br /><br />In the macro world, strikes, wars, and natural disasters have long been thought of as classic exogenous shocks -- those out-of-the-blue disruptions that jolt economies and markets. For stable economies, the impact of the exogenous shock is fairly predictable -- a temporary reduction in growth followed by the rebound of recovery. Such are the impacts that are likely to follow from the devastation of America’s Hurricane Katrina. But the energy shock of 2005 may be of a very different breed. It could well be an endogenous shock -- an unfortunate outgrowth of excesses that have been building in the macro system for a long time.<br /><br />The Federal Reserve has set the stage for this endogenous shock. As it has supported the US economy from bubble to bubble, it has fostered a climate of excess demand and excess liquidity. First equities in the late 1990s and now property -- the Fed has nurtured the steady transformation of an income-based US economy into an asset-dependent spending machine. Belatedly, Alan Greenspan has finally paid lip service to the mounting perils of the Asset Economy. In his recent swan song at Jackson Hole, the Fed chairman cautioned that “history has not dealt kindly” with investors (i.e., American consumers) who may have gone too far in “accepting lower compensation for risk” on their asset holdings (see “Reflections on Central Banking,” August 26, 2005). Even couched in all the oblique caveats so typical of Fedspeak, this is quite a confession. The Father of the Asset Economy now fears he has created a monster.<br /><br />Those fears are well founded, in my view. The tragedy is that the powers that be are only now just coming to this realization. Alas, there has long been ample evidence that America’s asset-dependent spending mindset has gone too far. That’s the message from unconscionably low saving rates -- now below “zero” for individuals (a record low of -0.6% in July) and at low single digits for the nation as a whole (on a net, after-depreciation, basis). That’s also the message from a gaping US current-account deficit -- a record 6.4% of GDP in early 2005. Such excesses are further corroborated by an unprecedented debt binge by asset-dependent American consumers; not only has the household sector’s outstanding debt risen by 20 percentage points of GDP over the past five years -- more than the cumulative increase over the preceding 20 years -- but debt-servicing expenses are near all-time highs in what is still a rock-bottom interest rate climate. And if there was any doubt over the bubble-like underpinnings of the Asset Economy, the latest report on nationwide home prices says it all -- a 13.4% y-o-y increase in 2Q05, the sharpest increase since mid-1979. Saving-short American consumers have gone deeper and deeper into debt in order to spend freely out of artificial purchasing power extracted from overvalued homes. All that paints a very compelling picture of an excess-demand-driven US economy.<br /><br />The same is true of the case for excess liquidity. In America’s deregulated financial market environment, liquidity-related impacts show up less in the various gauges of the money supply and credit flows and more in the form of movements in real interest rates. With the Fed maintaining a long period of unusually accommodative policy -- a negative real federal funds rate from late 2001 to late 2004 that has gone only barely positive since -- financial assets have been supported by a steady stream of “carry trades.” This, in turn, has created excess demand for a wide range of fixed-income assets in recent years -- further depressing intermediate- and longer-term interest rates and thereby boosting property prices and wealth-dependent consumption.<br /><br />It is the resulting excesses on the demand side of the US macro equation that have set the stage for an endogenous shock. That’s very much the case with respect to the oil shock of 2005. Hurricane Katrina may well go down in history as the tipping point to another energy crisis. But it is important to keep in mind that oil prices had already pierced the $65 threshold before this devastating natural disaster occurred. The reason: an unusually tight balance between long constrained energy supply and surging energy demand, with the latter well supported by the spending excesses of the Asset Economy. In other words, had it not been for America’s asset-induced spending binge, there probably would have been a greater margin between aggregate supply and demand that would have left prices of oil and other energy products on a very different trajectory. With the United States still accounting for fully 25% of worldwide oil demand -- more than three times the share of China -- the impacts of excess US consumption on global oil prices can hardly be minimized. The endogenous energy shock is very much an outgrowth of this phenomenon, in my view.<br /><br />Nor should the oil shock be treated as an isolated occurrence. America’s Asset Economy is perfectly capable of generating other endogenous shocks, as well. The two most worrisome possibilities -- a bursting of the property bubble and a current-account crisis. These are typically low-probability events. But for an Asset Economy that has gone to excess, those probabilities are higher today than would otherwise be the case. Of these two possibilities, a post-bubble shakeout in the US housing market is more worrisome. The government’s just-released report on 2Q05 home prices underscores why. Not only is the nationwide rate of housing appreciation at a 26-year high, but fully 25 states plus the District of Columbia -- a grouping that probably accounts for at least 65% of the total market value of US residential property -- have experienced double-digit house price increases over the past year. At the same time, for 55 metropolitan areas, house price appreciation has been 20% or higher over the past year. As the housing bubble grows larger and covers more and more of the US, the perils of a post-bubble endgame for overly indebted American consumers grow larger by the day. Such are the perils of an Asset Economy that has long gone to excess.<br /><br />The same would be the case with a US current account crisis. All it would take would be a desire on the part of America’s foreign creditors to seek compensation for taking currency risk -- or an inclination on the part of foreign central banks to diversify their official foreign exchange reserve portfolios that are so heavily over-weighted dollar-denominated assets. Both of these possibilities are entirely feasible and not without important implications for the global economy. In either case, the back-up in US interest rates that would arise from such a response would reverberate into other asset markets, especially over-valued residential property. Here, as well, the shocks associated with such a scenario are very much an endogenous outgrowth of an Asset Economy that has gone to excess.<br /><br />The oil shock of 2005 now poses an immediate threat to the US and global economy. The significance of that threat will only become apparent with the passage of time. In the end, it is always the duration of any shock that matters the most in shaping macro outcomes. But this oil shock did not exactly come out of thin air. It was, in effect, set up by chronic excesses on the demand side of the US macro equation. Such an outcome could have important implications for financial markets. Fed tightening could be brought to a premature conclusion, as US monetary authorities pause to assess the damage from Hurricane Katrina. In response, bonds could rally further and equities could sag under the weight of prospective shortfalls to corporate earnings.<br /><br />Endogenous shocks are of a different breed than the more typical exogenous disturbance. They reflect systemic risks in economies that could well take a good deal of time to purge. That was always the biggest risk for America’s Asset Economy.</blockquote>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com1tag:blogger.com,1999:blog-13471491.post-1125959609191084872005-09-05T18:32:00.000-04:002005-09-05T18:36:21.676-04:00<h3><span style="font-family:arial;font-size:100%;" ><span style="font-weight: normal;">While things are starting to improve, it will most likely be weeks, if not months, before the US energy infrastructure can be fully inspected, let alone repaired. </span></span><br /></h3><blockquote><h3>Oil Prices Fall on Stockpile Release</h3> <p>VIENNA, Austria - Oil prices fell Monday after industrialized nations agreed to release 60 million barrels of crude from their strategic stockpiles to help avert a severe fuel shortage in the United States. </p> <p> The U.S. refinery system was struggling to recover from Hurricane Katrina. Two storm-shuttered facilities restarted and flows of crude oil improved enough to allow refineries in the Gulf Coast and Midwest to ramp up production. But four damaged Gulf Coast refiners look likely to remain shut for weeks or even months, taking with them more than 5 percent of U.S. capacity. </p> <p> Industrialized nations arranged by Monday to ship about 30 cargoes of gasoline to the U.S., Vienna's PV oil associates said. </p> <p> On London's International Petroleum Exchange, October Brent was down $1.41 to $64.65 a barrel by midday in Europe - close to what it had been before Katrina hit. </p> <p> The New York Mercantile Exchange was closed for the Labor Day holiday. Benchmark light, sweet crude had closed Friday at $67.57 a barrel, down $1.90 after the International Energy Agency on Friday announced its 26 members would release 2 million barrels daily for 30 days to meet shortfalls in world energy markets. </p> <p> The International Energy Agency groups industrialized nations under the Organization of Economic Cooperation and Development umbrella. Its members began stockpiling crude following the oil shocks of the 1970s. </p> <p> The total release from the IEA includes 30 million from the United States' own Strategic Petroleum Reserve, which is near its capacity of around 700 million barrels stored in salt caverns in Texas and Louisiana - the state hardest hit by Katrina. </p> <p> But analysts urged caution, despite the respite. </p> <p>"Be wary of good news. The situation remains horrific and light will be at the end of a very long tunnel," brokerage Fimat Inc. said in a research note. </p> <p> Petroleum prices soared last week after the hurricane's direct hit on U.S. petroleum infrastructure responsible for 30 percent of its crude production, a quarter of its gas and its import terminals. </p> <p> Hurricane Katrina pinched U.S. fuel supply, causing spot shortages and price spikes throughout the country. The storm shut eight major refineries and caused 12 others to run at reduced rates when their crude-oil supplies were cut. </p> <p> Refineries in Louisiana expect to be back running within the week. Motiva Enterprises, a joint venture of Royal Dutch Shell PLC and state-owned Saudi Arabian Oil Co., has begun to restart its 235,000 barrel a day refinery. </p> <p> That's the second refinery to restart after Hurricane Katrina. Marathon Oil Corp. restarted its 245,000 barrel a day refinery last week and expects the facility to be operating at full capacity Monday. </p> <p> The prospects for four other refineries that shut down ahead of the storm are more dire. The plants, in hard-hit areas southeast of New Orleans and in Mississippi, can process some 880,000 barrels a day of crude, more than 5 percent of total U.S. capacity. </p> <p> Chevron Corp.'s 325,000 barrel a day Pascagoula, Mississippi, facility and ConocoPhillips' 255,000 barrel a day Alliance refinery in Belle Chasse, Louisiana, have suffered "major damage," the Energy Department said. </p> <p> Also improving crude-oil supply, the Louisiana Offshore Oil Port, the key facility for offloading and distributing imported crude oil on the U.S. Gulf Coast, said Saturday it is able to operate at about 75 percent capacity after power was restored at its Clovelly, Louisiana, storage facility. Deliveries of crude oil to the Capline Pipeline supplying refineries in the Midwest should begin Sunday. </p> <p> Nymex crude soared to an all-time high of $70.85 a barrel Aug. 30, followed closely by highs in gasoline and natural gas. </p> <p>"It should be a wake-up call for U.S. energy planners," said Energyintel analyst Peter Kemp in London. </p> <p> Even before Katrina, markets were on edge because high demand in the United States and China had whittled back global excess capacity to just 1.5 million barrels of the global daily diet of crude, which means there was little left to offset any unplanned production snag.</p></blockquote><p> </p>Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1125275202767501802005-08-28T20:26:00.000-04:002005-08-28T20:26:42.773-04:00<span class="artTitle"></span><blockquote><span class="artTitle">U.S. oil surges $4 to record above $70 on hurricane</span><br /> <span class="newsDate">Mon Aug 29, 2005 12:18 AM BST</span><br /> <br /> <p>SINGAPORE (Reuters) - U.S. crude oil futures surged more than $4 in opening trade on Monday, hitting a new record high above $70 a barrel after Hurricane Katrina forced Gulf of Mexico producers to shut in more than a third of their output.</p> <p>Katrina, which strengthened into a rare, maximum power Category 5 hurricane as it spun through key oil and gas fields towards New Orleans, shut in a total 633,000 barrels per day (bpd), according to company figures on Sunday.</p> <p>It also forced the closure of seven refineries and a major U.S. crude import terminal.</p> <p>Crude oil futures <clc1> on the New York Mercantile Exchange (NYMEX) surged as high as $70.80 a barrel, up $4.67 a barrel, as traders feared lasting damage could further strain an industry that has struggled to keep up with demand for two years.</p> </blockquote> <p></p>Anonymousnoreply@blogger.com4tag:blogger.com,1999:blog-13471491.post-1125268605338947652005-08-28T18:36:00.000-04:002005-08-28T18:36:45.343-04:00<span class="style9"></span><blockquote><span class="style9">Oil, Gas May Soar as Storm Shuts U.S. Gulf Production</span><br /> <span class="style5"><p> Aug. 28 (Bloomberg) -- Crude-oil and natural-gas prices may soar after Hurricane Katrina moved into production regions of the Gulf of Mexico, forcing companies including Exxon Mobil Corp. and Chevron Corp. to close operations. </p> <p> Royal Dutch Shell Plc said it shut 420,000 barrels of daily oil production in the Gulf. The Louisiana Offshore Oil Port, which handles about 11 percent of U.S. imports, closed yesterday. Katrina is one of the most powerful storms ever to enter the Gulf, source of about 30 percent of U.S. oil production and 24 percent of the country's natural gas. </p> <p> ``Forecasters are saying Katrina could do more energy damage than any storm in recent years,'' said Jason Schenker an economist with Wachovia Corp. in Charlotte. ``It's not just that there's going to be outages for the next couple of days. With shutdowns and damage at platforms and refineries, the bullish impact could be felt for the rest of the year.'' </p> <p> Crude oil for October delivery on the New York Mercantile Exchange dropped $1.36, or 2 percent, to close at $66.13 a barrel on Aug. 26. Prices fell amid forecasts that Katrina would stay closer to Florida and miss most producing regions of the Gulf. The futures touched a record $68 a barrel Aug. 25 as the storm gained strength. </p> <p> ``I think it is easily conceivable that we could see crude futures hit $70 this week,'' Schenker said. </p> <p> Natural gas for September delivery in New York rose 2.2 cents to $9.792 per million British thermal units on Aug. 26. Prices have climbed 59 percent this year. </p> <p> `Chaotic' </p> <p> ``It's going to be pretty chaotic'' when North American gas markets open tomorrow, said Stephen Smith, president of Stephen Smith Energy Associates in Natchez, Mississippi. ``Prices should be more than $10 per million Btu. How high they will go is anybody's guess.'' </p> <p> If platforms are damaged and production remains shut for more than a week, winter supplies might be affected, leading to higher prices for the rest of the year, Smith said. </p> <p> U.S. supplies of refined products, including gasoline, jet fuel and diesel, may decline as refineries near the path of the storm also shut. ConocoPhillips, the biggest U.S. refining company, closed its Alliance refinery south of New Orleans. Chevron Corp. and Valero Energy Corp. also shut refineries and evacuated staff. </p> <p> Most Powerful </p> <p> Katrina was upgraded to a Category 5 storm, the most powerful on the five-step Saffir-Simpson scale of hurricane intensity, according to the National Hurricane Center in Miami. It would be only the third storm of that magnitude to hit the U.S. since the government began keeping storm records. </p> <p> Oil prices jumped 22 percent in the month after Hurricane Ivan tore through the Gulf last September, toppling platforms and damaging underwater pipelines. </p> <p> Lost production in the Gulf because of Ivan peaked Sept. 16 at 1.4 million barrels of oil daily and 6.5 billion cubic feet of gas, according to the U.S. Minerals Management Service, which oversees offshore production. Shut production from Katrina could match those numbers, said Paul Sankey, senior oil analyst with Deutsche Bank Securities in New York. </p> <p> ``The storm is more severe than we've thought; it's turned into a monster,'' Sankey said. ``Crude is going to open stronger on Monday. The amount of lost production is equal to almost all the spare capacity in the world.'' </p> <p> Gasoline prices may also rise as oil companies shut refineries on the Gulf Coast. ConocoPhillips shut its 247,000 barrel-a-day Alliance refinery and Chalmette Refining, a 190,000 barrel a day facility owned by Exxon Mobil Corp. and Petroleos de Venezuela SA. Both refineries are near New Orleans. </p> <p> New Orleans the `Hub' </p> <p> ``New Orleans is really the hub of the whole business,'' Deutsche Bank's Sankey said. </p> <p> Gasoline for September delivery fell 3.68 cents, or 1.9 percent, to $1.9269 a gallon on the Nymex Aug. 26. The futures, which reached a record $2.029 a gallon on Aug. 17, gained 1.2 percent last week. </p> <p> New Orleans residents were ordered to evacuate as the storm approached. Mayor Ray Nagin, at a press conference, said only essential personnel and people unable to travel may remain in the city. Thousands already have fled southern Louisiana. </p> <p> ``We probably deal with almost a third of the nation's domestic oil that is produced, and that will most likely be shut down,'' Nagin told CNN. ``That could have a significant impact on oil prices going forward.''<br /></p> <p><span class="style5Itlc">Last Updated: August 28, 2005 18:16 EDT</span></p> <pre>Gene Laverty in Calgary at glaverty@bloomberg.net.</pre> </span></blockquote><span class="style5"></span>Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1125268543140080152005-08-28T18:35:00.000-04:002005-08-28T18:40:38.123-04:00<blockquote> Oil's Economic Impact May Be Seen This Week <p> By MICHAEL J. MARTINEZ, AP Business Writer Sun Aug 28, 2:28 PM ET<br /></p> <p>Wall Street has been battered in recent weeks by high oil prices and mounting evidence that rising energy costs — including record gasoline prices — are starting to curtail consumer spending.</p> <p>Investors will find out just how much impact oil prices have had thanks to a raft of economic data in the week ahead. But even if the news is particularly good, stocks may still have a difficult time recovering their recent losses as long as oil prices stay close to record levels.</p> <font><font><font><font><font> </span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font>Crude oil futures reached $68 per barrel last week before retreating slightly, and there's no indication they will fall substantially in the near term. With Wal-Mart Stores Inc. and other retailers already warning of weakness as consumers see their dollars siphoned off at the gas pump, Wall Street's fears of an economic slowdown may be justified.</span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font>The evidence will come later this week as retailers and automakers report their monthly results for August, the Conference Board releases the latest report on consumer confidence, and the Commerce Department reports on personal spending for July. The Federal Reserve will also release the minutes of the previous week's meeting, and investors will look closely for any sign that the Fed may halt its slow, steady parade of interest-rate hikes, which could slow the economy further if they continue.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font>Last week, two consecutive sessions of record oil prices sapped any buying momentum on Wall Street and pushed stocks to their lowest levels in seven weeks. For the week, the Dow Jones industrials lost 1.53 percent, the Standard &amp; Poor's 500 index fell 0.69 percent and the Nasdaq composite index slid 1.2 percent.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font>ECONOMIC DATA</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font>The Conference Board's consumer confidence index could see a larger-than-expected swing lower as consumers wrestle with higher gasoline prices. The index, due out Tuesday, is expected to fall to 101.5 for August, down from the 103.2 reading posted in July.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font>While not normally a market-moving report, investors will keep a close eye on the Commerce Department's personal income and spending report, due Thursday. Incomes are expected to rise 0.5 percent in July, on par with June's increase. And economists expect personal spending to rise 1 percent from 0.8 percent in June — though high oil prices may influence that number considerably.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font>Also Thursday, the Institute for Supply Management will issue its latest manufacturing index for August. The index is expected to come in at 57, up slightly from July's 56.6 reading. A lower number could create worries that higher energy and fuel costs are starting to crimp expansion in the manufacturing sector.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font>The Labor Department's job creation report, due Friday, has been difficult to predict lately. Economists expect 190,000 new jobs to have been created in July, down slightly from June's 207,000 jobs. An extremely different number, high or low, could cause a great deal of volatility.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>And finally, the Commerce Department will report on the nation's gross domestic product on Wednesday. Second-quarter GDP growth is expected to come in at 3.4 percent, the same as last month's preliminary figure.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>EARNINGS</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Companies are firmly in between second- and third-quarter earnings seasons. No major corporations are slated to release earnings in the week ahead, though if companies have experienced a weaker-than-expected quarter to date, investors may see disappointing outlooks and earnings guidance this week.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>EVENTS</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>The Federal Reserve will release its Aug. 8 meeting minutes Tuesday afternoon. Since the Fed started releasing them in between Fed meetings back in January, the minutes have caused a great deal of activity on Wall Street as investors parse the language and attempt, perhaps too ambitiously, to predict the Fed's next move on interest rates. Expect trading on Tuesday to be volatile.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>The nation's auto makers will announce their August sales results on Thursday. The latest round of employee discount programs is likely to boost General Motors Corp. and Ford Motor Co. sales, but investors would be right to wonder how long the sales boom can last in the face of $3 per gallon gasoline.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Also starting on Thursday, the nation's retailers will begin releasing their monthly sales data, which will stretch into next week. Individual retail stocks will see increased volatility, and the overall market could drop if more retailers begin warning that their sales have been hurt by an oil-fueled drop-off in consumer spending.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></blockquote><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><div id="ynmain"><div id="storybody"><p></p></div></div>Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1125061489047061222005-08-26T09:02:00.000-04:002005-08-26T09:12:04.106-04:00Money quote: "People are mad as hell."<br /><blockquote> <span style="font-size:130%;">GOP Fears Gas Price Anger May Spill Over</span></blockquote><span style="font-size:130%;"></span><blockquote><h1> </h1><p> <font>By Richard Simon and Mary Curtius Times Staff Writers<em class="timedate"><br />LA Times<br />Thu Aug 25, 7:55 AM ET</em><br />WASHINGTON — As consumers feel pain at the pump, record high gas prices are registering as a political problem with congressional Republicans. At a town hall meeting this week, Rep. Jack Kingston (news, bio, voting record) (R-Ga.) wanted to talk about Social Security and Medicare, but the session quickly turned to gas prices.</span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font>When Rep. Shelley Moore Capito (news, bio, voting record) (R-W.Va.) toured a Veterans Affairs clinic Wednesday, the first question put to her was: "What are you going to do about the high price of gasoline?"</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font>And a growing number of GOP officials worry that, as the party in power, Republicans will pay their own high price — at the ballot box. They are scrambling to find ways to respond.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>"People are mad as hell," Sen. Lindsey Graham (news, bio, voting record) (R-S.C.) said.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Oil prices, which hit an all-time high Wednesday, and gasoline prices are expected to be top items on the agenda when Congress returns from its monthlong recess after Labor Day.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>As one of its first orders of business, the Senate will hold a hearing to examine the causes of the price increases, and oil executives might be summoned to testify.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>"You can safely predict, with more accuracy than any TV weatherman, that the first blizzard of the year will be the blizzard of gas price legislation introduced this September when Congress comes back to town," said Stuart Roy, a former House GOP leadership aide.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>But it is unclear what lawmakers can do to reduce gas prices in the short term — and whether voters will accept the argument that they have few tools to provide immediate relief.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></spa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</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><fo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should be nervous," said Kingston, vice chairman of the House Republican Conference.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Polls show that the public blames politicians — after oil companies and foreign oilproducing countries — for the high prices. A Harris Poll released Wednesday found that Americans ranked gas prices among the top five issues for the government to address. Compounding the problem for the GOP, Democrats are spotlighting fuel costs in their campaign to wrest control of Congress.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></s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candidates facing tough races in 2006 should be worried, said Tony Fabrizio, a Republican political consultant.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font><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nt></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>"If I were a guy in a marginal race, I would be all over the oil companies," he said. "I'd be getting ahead of the curve right now, hauling them before my committee, holding hearings throughout my state — maybe introducing legislation to cap their CEO salaries."</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></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</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><fo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Christopher Shays (news, bio, voting record) (R-Conn.) predicted: "When [voters] start to see that this is not the end but the beginning [of high prices], they are going to be kind of harsh."</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></spa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</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>He said he had been hearing complaints from constituents this summer and expected them to intensify.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></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</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><fo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this week reached a record nationwide average of $2.61 for a gallon for self-serve regular, according to AAA. Experts project that oil prices will remain above $55 a barrel through next year.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Republicans "still have the majority," Shays said. "We still get to set the agenda. I'm very concerned. Under our watch, we're seeing this happening."</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><fo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have been considering not only what to do about gas prices but how to talk about them. GOP pollster Frank Luntz said Republicans should argue more effectively to the public that the recently passed energy bill would eventually bring down prices by increasing supply. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>That legislation — the first overhaul of national energy policy in more than a decade — offers tax breaks and other incentives to spur production and to encourage consumers to buy cars that are more fuel-efficient. It also aims to diversify domestic energy supplies. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>"If Republicans explain that the legislation takes time to have an impact, they're inoculated" from the political risk of sustained high prices, Luntz said. "The only way Democrats can get an advantage on gas prices is to show that their policies would bring them down. It is not enough to blame Republicans; you need a solution." </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> Still, an increasing number of Republicans say Congress needs to do more. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Backers of President Bush's longtime goal of opening a portion of Alaska's Arctic National Wildlife Refuge to energy exploration hope that the high prices will prod Congress to give final approval to the drilling measure, perhaps as early as next month. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Opponents of Arctic drilling argue that it would take years to tap the oil, and that the amount of oil beneath the tundra has been exaggerated. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> Congress members are also expected to push to let states opt out of a decades-long moratorium on new offshore oil drilling. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Some Republicans have joined Democrats in calling on Bush to tap the Strategic Petroleum Reserve. But Bush adamantly opposes using oil from the nation's emergency stockpile except in a national security crisis. The Republican chairman of the Senate Energy Committee has argued that the gas price drop was negligible when President Clinton tapped the reserve in 2000. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Such measures are aimed at increasing the supply of gas and oil. Republicans are showing less enthusiasm for proposals to reduce demand. Although the Bush administration this week did propose higher fuel mileage standards for most sport utility vehicles, pickups and minivans, some lawmakers and activists say the government could require even more fuel efficiency without sacrificing safety or auto performance. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Rep. Joe L. Barton (R-Texas), chairman of the House Energy and Commerce Committee, said that with gas above $2.50 a gallon in Texas, his constituents were complaining plenty about prices. But when he lists for people the possible short-term fixes — "price controls, mandatory carpooling, lowering speed limits — they say, 'No, we're not for that.' </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>"People would love to be paying about half what they're paying for gasoline, but they're not willing to subject themselves to the loss of personal freedom and convenience that that would require," Barton said. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>The executive director of the American Council for an Energy-Efficient Economy, Steven Nadel, said many lawmakers hesitated to adopt ideas for reducing gasoline demand because they were philosophically opposed to government intervention in the market. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>In addition, he said, some fear that attack ads might say, "Senator so-and-so is trying to take away your pickup truck," because the auto industry asserts that significantly tougher fuel-economy standards would lead to lighter, less-safe vehicles. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> Lawmakers also are jittery because of the limits on what they can do to bring down prices. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>"Unfortunately, this is a difficult problem that doesn't have an easy solution," said Capito, the West Virginia lawmaker. "People don't want to hear that, and I don't want to say it. But that's the truth." </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>In an earlier generation, energy problems created trouble for President Carter. But today's situation is different, said John J. Pitney Jr., a former Republican National Committee staff member who teaches government at Claremont McKenna College. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>"In the 1970s, many people believed in price controls and the breakup of the oil companies," he said. "Those ideas have fallen out of favor. Back then, there were urban legends about oil-filled tankers anchored just over the horizon, waiting until shortages drove prices up. This time, there doesn't seem to be an obvious target. Any politician who tried to scapegoat SUV drivers would soon find a district office full of angry soccer moms and NASCAR dads." </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> Some GOP strategists say they don't see any greater risk for Republicans than for Democratic incumbents. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>"I think anybody in office — Republican or Democrat — is somewhat concerned, because, unlike a lot of other big issues out there, this one impacts people where they care about it most, and that's their pocketbook," said National Republican Congressional Committee spokesman Carl Forti. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font> Barton, the House Energy Committee chairman, said complaints about high prices were hard to escape. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font>Because his car has a congressional license plate, people have come up to him and asked, "Are you Congressman Barton?" But with public irritation so high, he said, "My temptation is to say, 'No, I'm just working for him.' "</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></sp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</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></blockquote><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></span><font></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</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><div id="ynmain"><div id="storybody"><p></p></div></div>Anonymousnoreply@blogger.com1tag:blogger.com,1999:blog-13471491.post-1125011630189584392005-08-25T19:11:00.000-04:002005-08-25T19:13:50.200-04:00Excellent read on why price controls on gasoline in Hawaii won't work...<br /><br /><span class="t"></span><blockquote style="color: rgb(0, 0, 0);"><span class="t">The People's Republic of Hawaii</span><br /> <span class="tt">Thursday August 25, 1:49 pm ET</span> <br /> <span class="au">By Rich Smith</span> Aloha! It's <a href="http://www.fool.com/News/mft/2005/mft05082409.htm?logvisit=y&source=eptyholnk403200&amp;ref=foolwatch">deja vu</a> all over again out in the People's Republic of Hawaii, where yesterday, the state's Public Utilities Commission became the first in the land to push the panic button and impose a cap on the price of gasoline. <p>Effective Sept. 1, 2005, Hawaiian wholesale gas prices will be linked to those on the U.S. mainland, with the level of the price cap resetting weekly. The initial price cap has been set at about $2.74, inclusive of taxes, or a little lower than the current average retail price of gasoline on the islands, which is $2.76.</p> <p>But remember -- the price cap is set on wholesale gas. Hawaiian retailers then jack that wholesale price up by $0.12 on average in order to earn a profit on their sales. Thus, the effect of the price cap will actually be to ensure that gas prices rise over the next few days.</p> <p>Why are prices certain to rise? Because, not to put too fine a point on it, price controls are stupid. They don't work. They didn't work when President Nixon tried them in 1971 -- which is why Nixon's successor, President Ford, removed them. And bright as he was, President Carter didn't learn from either Nixon's mistake or Ford's correction -- he imposed price controls of his own just a few years later.</p> <p>Throughout the 1970s, price caps contributed to supply shortages initiated by the Arab oil embargo of 1973 and failed in their primary purpose to curb inflation. On the contrary, while inflation ran rampant, the American economy stagnated, resulting in -- you guessed it -- "stagflation."</p> <p>Hawaiian refiners <b>Tesoro</b> (NYSE: <a href="http://finance.yahoo.com/q?s=tso&d=t">TSO</a> - <a href="http://finance.yahoo.com/q/h?s=tso">News</a>) and <b>Chevron</b> (NYSE: <a href="http://finance.yahoo.com/q?s=cvx&amp;d=t">CVX</a> - <a href="http://finance.yahoo.com/q/h?s=cvx">News</a>) have seen this before. They've lived through it, and they know how the game is played. Hawaii wants to slap price controls on them? Fine. That means their profits are going to start hurting soon, and rather than wait for that to happen, they'll raise their prices to the limit right away to offset the harm.</p> <p>Next will come the shortages -- again a la the 1970s. At some point, the local refineries will decide that it's simply not worth it to fully supply the Hawaiian market if they can get better prices for their products on the mainland. They won't shut the Hawaiian spigots entirely, of course, but if it becomes more profitable to ship part of their production to the free markets on the mainland (accounting for shipping costs), you can bet your bottom dollar that's what they're going to do.</p> <p>And when that happens, don't expect competing refiners like <b>Valero</b> (NYSE: <a href="http://finance.yahoo.com/q?s=vlo&d=t">VLO</a> - <a href="http://finance.yahoo.com/q/h?s=vlo">News</a>) or <b>BP</b> (NYSE: <a href="http://finance.yahoo.com/q?s=bp&amp;d=t">BP</a> - <a href="http://finance.yahoo.com/q/h?s=bp">News</a>) to step in and fill Hawaiians' gas tanks. On the contrary, at that point it will have become prohibitively expensive (again, factoring in shipping costs), for outside refiners to move product to Hawaii for sale at capped prices.</p> <p>Hawaiian car owners -- get ready for a remedial lesson in Socialism 101.</p> <p><i>Fool contributor <a href="mailto:writerich@gmail.com">Rich Smith</a> does not own shares of any company named above.</i></p> </blockquote> <p><i></i></p>Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1124918469155841372005-08-24T17:20:00.000-04:002005-08-24T17:24:54.706-04:00<p><span style="color: rgb(204, 0, 0);font-family:Georgia,'Times New Roman',Times,serif;font-size:100%;" ><span style="color: rgb(0, 0, 0);font-family:arial;font-size:100%;" >While the headline intially made me shudder it appears that their goal is to ensure that wholesale prices in Hawaii are well correlated to wholesale (i.e. Platts) prices in California, New York Harbor and the Gulf Coast. Let's hope this is the extent to which they will try to "regulate" prices. Perhaps too many have forgotten about California's failed attempt to cap power prices...</span><br /></span></p> <p><span style="color: rgb(204, 0, 0);font-family:Georgia,'Times New Roman',Times,serif;font-size:100%;" ></span></p> <blockquote> <p><span style="color: rgb(204, 0, 0);font-family:Georgia,'Times New Roman',Times,serif;font-size:180%;" >Hawaiian gas price caps to take effect next week </span><br /><span style=";font-family:Tahoma;font-size:85%;" ><b>Measure will ensure state moves ‘move with the rest of the country’</b></span></p> <div><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:78%;" >The Associated Press</span></div> <div><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:78%;" >Updated: 4:53 p.m. ET Aug. 24, 2005</span></div> <div><br /><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >HONOLULU - In an effort to gain some control over what motorists pay at the pump, Hawaii will next week begin enforcing a cap on the wholesale price of gasoline.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >On Wednesday, the state’s Public Utilities Commission released its first weekly list of caps for different parts of the state, including a $2.1578-per-gallon ceiling on regular unleaded in Honolulu. With taxes, the maximum wholesalers may charge is $2.74.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The first list of caps are effective Sept. 1, when Hawaii’s law, passed in 2004, kicks in. The caps will last through Sept. 4.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >If wholesalers charge the maximum $2.74 under the cap and retailers keep their usual 12-cent-per-gallon markup, prices for regular unleaded in Honolulu could rise to $2.86 per gallon.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >On Wednesday, the average retail prices of regular unleaded in Honolulu stood at $2.761 — a record high.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >Statewide, the average retail price of a gallon of regular unleaded on Wednesday reached a record $2.84, 4 cents higher than California and the highest in the nation, according to AAA’s Web site.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >Prices on Maui have already topped $3 a gallon this week.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >Frank Young, a member of Citizens Against Gasoline Price Gouging, said he was confident that over the long run, the caps will ensure Hawaii residents pay fair prices, because they link the state’s wholesale prices to spot prices elsewhere.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >“The purpose of the cap is so that we move with the rest of the country,” said Young.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The caps are pegged to an index made up of average wholesale prices in California, the U.S. East Coast and the Gulf Coast, which are all at record highs. According to the commission, the five-day average of the three markets was $1.8728. This was used as a baseline price in calculating the caps for eight geographic zones across the state.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >Other factors used in calculating the price caps were marketing costs and regional market conditions.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >Gov. Linda Lingle, who unsuccessfully sought repeal of the 2004 law passed by the state Legislature, has said she feels the cap will actually increase prices and create fuel shortages.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >But state Sen. Ron Menor, the chief architect of the law, has said he is convinced it will lead to lower prices at the pump and should at least be given a chance.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The governor has the power to suspend the price caps if she determines they would cause a major adverse impact on the economy, public order, or the health, welfare or safety of the people of Hawaii.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The state Legislature first passed a gas price cap law in 2002 based on the average weekly price on the West Coast, but it was never implemented. Lawmakers in 2004 amended the law to set the cap based on an average index of prices in New York, the U.S. Gulf Coast and Los Angeles markets.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >“The fact that their pricing mechanism is market-related minimizes the risk that a physical shortage would arise,” said Tim Evans, senior oil analyst at IFR Energy Services in New York.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >“They are attempting to go about this in an intelligent fashion,” he added.</span></p></div> </blockquote> <div><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" ></span></p></div>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1124747511267171472005-08-22T17:50:00.000-04:002005-08-22T17:51:51.276-04:00Three weeks after CNOOC's bid for Unocal failed, the Chinese are at it again. Although as I predicted, they're not trying to acquire a US based company... <span style="color: rgb(204, 0, 0);font-family:Georgia,'Times New Roman',Times,serif;font-size:180%;" ><br /></span><blockquote> <p><span style="color: rgb(204, 0, 0);font-family:Georgia,'Times New Roman',Times,serif;font-size:180%;" >Chinese oil firm, PetroKazakhstan ink deal </span><br /><span style=";font-family:Tahoma;font-size:85%;" ><b>Deal valued at $4.2 billion announced after failed Unocal bid</b></span></p> <div><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:78%;" >The Associated Press</span></div> <div><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:78%;" >Updated: 8:02 a.m. ET Aug. 22, 2005</span></div> <div><br /><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >BEIJING - China's biggest state-owned oil company announced Monday that a major oil producer in neighboring Kazakhstan has accepted a $4.2 billion takeover offer, a step forward in Beijing's campaign to secure foreign energy supplies for its booming economy.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >China National Petroleum Corp.'s purchase of Canadian-based PetroKazakhstan Inc., which still requires approval by shareholders, would be the biggest acquisition yet in a string of Chinese corporate takeover bids abroad.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >PetroKazakhstan's board of directors has approved the deal and its shareholders are to vote at a meeting expected to be held in October, said Beijing-based CNPC.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >A successful takeover would add to a multibillion-dollar series of deals by China to acquire foreign oil and gas and to develop oil fields in countries as far-flung as Sudan, Venezuela and Australia.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The announcement comes three weeks after China's third-largest oil company, CNOOC Ltd., withdrew a multibillion-dollar bid for U.S. oil and gas producer Unocal Corp. after opposition by critics who said it might threaten American national security.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The takeover of PetroKazakhstan would add closer economic ties to growing strategic cooperation between China and Kazakhstan, which is expected to become one of the world's leading oil producers over the next two decades.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >China is trying to increase its role in Central Asia, spurred in part by unease at the presence of U.S. military forces in the former Soviet region that borders Afghanistan.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >Chinese President Hu Jintao visited Kazakhstan in July and signed an agreement with Kazakh President Nursultan Nazarbayev to develop a "strategic partnership."</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The two governments already are partners in the Shanghai Cooperation Organization — a six-nation security group led by Beijing and Moscow that is meant to combat Islamic extremism in Central Asia.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >CNPC is China's biggest oil producer and the parent company of PetroChina Co. Ltd., whose shares are traded on stock exchanges in Hong Kong and New York.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >CNPC says it is the world's 10th-largest oil company in terms of sales, reserves, production and refining capacity.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >PetroKazakhstan is headquartered in Calgary, Alberta, but all of its operations are in Kazakhstan. It has been involved in joint ventures there since 1991 and bought a state-owned oil company, Yuzhneftegaz, in 1996 in the country's first major oil privatization.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The Canadian company says its proved and probable oil reserves stand at 550 million barrels.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >CNPC already holds oil exploration and production licenses in Kazakhstan and is a partner with Kazak state oil company KazMunaiGaz in the construction of a $700 million pipeline to carry Kazakh oil to energy-hungry China.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >Kazakhstan exports about 800,000 barrels of oil a day.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The CNPC offer would pay PetroKazakhstan shareholders a total of $55 per share — $54 in cash, plus one share valued at $1 in a new company that would pursue energy deals elsewhere in Central Asia, the Canadian firm said in a statement issued in London.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The offer represents a 21 percent premium over PetroKazakhstan's share price on Friday, the last day shares were traded, the firm said.</span></p><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" >The agreement requires PetroKazakhstan to pay a breakup fee of $125 million should it accept another offer, CNPC said. It also allows CNPC to match any higher offer.</span></p></div> </blockquote> <div><p><span style=";font-family:Verdana,Arial,Helvetica,sans-serif;font-size:85%;" ></span></p></div>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1124723822013213412005-08-22T11:15:00.000-04:002005-08-22T11:17:02.026-04:00<span style="font-family:verdana,arial;font-size:78%;"> <blockquote></blockquote></span><blockquote><span style="font-family:verdana,arial;font-size:78%;">Article from <b>The OilSpot News by DTN</b><br /></span><a name="a442791"></a> <span style="font-family:verdana,arial;font-size:78%;"> August 18, 2005 </span><br /> <span style="font-family:Arial;font-size:130%;"><b> Demand Driven Rally Sputters </b> </span> <br /><span style="font-family:arial;font-size:100%;"> API Shows July Products Consumption Tumbled 3% on Year</span><br /> <img style="display: none;" src="http://www.imakenews.com/dhaugh/dhaugh_pic_442791.JPG?z=0" alt="" align="right" border="0" hspace="5" vspace="1" /> <span style="font-family:verdana,arial;font-size:85%;"> </span> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">Emerging signals that high energy prices are having a dampening affect on demand triggered a massive retreat in gasoline and heating oil futures midweek last week, with the near vertical price ascent to record highs during the summer months driven by speculation that surging consumption levels would outpace available supply later this year.<o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">While veteran oil analysts had warned that high crude prices, with the cost of crude accounting for most of the price of refined products, would cause an economic recession that would curb demand, the conventional wisdom appeared outdated. Low cost mass merchandiser Wal-Mart, whose earnings performance is used at times as a proxy for overall economic growth, said last week that high gasoline prices were a drag on its second quarter earnings, and also lowered its profit expectations for the third quarter. The Wal-Mart news was preceded by a </span></span><st1:country-region><st1:place><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">U.S.</span></span></st1:place></st1:country-region><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;"> government report that raised inflation worries, with a monthly statistical report released by Washington, D.C.-based American Petroleum Institute showing a demand slowdown.<o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">The API said total domestic petroleum deliveries, a key measure of </span></span><st1:country-region><st1:place><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">U.S.</span></span></st1:place></st1:country-region><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;"> demand, dropped 3.0 percent for the month of July, the largest year-to-year drop in 3.5 years. Gasoline deliveries in particular fell 0.8 percent under the influence of higher retail prices for the month of July, while for the year to date, gasoline deliveries have been nearly flat, unlike in 2004 when there was an increase of nearly 2.0 percent.<o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">Residual fuel deliveries also fell because of apparent fuel switching to other fuels by electric utilities and industrial users in the face of higher petroleum prices, </span></span><st1:stockticker><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">API</span></span></st1:stockticker><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;"> reported. Residual fuel deliveries fell 27.0 percent for the month, but deliveries of distillate fuel oil and jet fuel both continued to show increases.<o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">The agency reported </span></span><st1:country-region><st1:place><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">U.S.</span></span></st1:place></st1:country-region><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;"> refineries focused heavily on distillate production last month, with an increase of more than 7.0 percent over July 2004 levels. Distillate fuel’s record production was achieved even though overall refinery inputs were down 2.2 percent compared with last July. Production of low-sulfur diesel, the type required for on-highway use, rose 2.8 percent to a July record of 3.08 million bpd, and output of high-sulfur distillate, used for residential and commercial heating fuel, jumped more than 20.0 percent to 1.1 million bpd.<o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">Gasoline production for July fell 2.7 percent to 8.62 million bpd, reflecting weaker demand and the availability of imports, </span></span><st1:stockticker><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">API</span></span></st1:stockticker><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;"> reported. Refinery utilization rates for this July were still strong at nearly 94 percent of capacity, but this was down from an even higher 96.8 percent in July 2004.<o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">Month-end crude oil inventories slipped by 4.0 million bbl from June to July, but, at 319.0 million bbl, remained some 23.0 million bbl above the five-year average. Gasoline inventories fell below 210.0 million bbl for the first time since October 2004, the data showed, ending July at 208.5 million bbl, slightly below the recent-year average for the first time this year. But distillate inventories rose by a strong 11.0 million bbl in July over June to 126.0 million bbl and were up 4.0 million bbl from July 2004.<o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">API said total petroleum imports for July were above 13.0 million bpd for the fourth consecutive month, but were 1.5 percent lower than July 2004. Total motor gasoline imports, including blending components, were over 1.0 million bpd for the third time this year at 1.08 million bpd, but were about 7.0 percent lower than one year earlier. Despite growing demand, distillate fuel imports remained relatively low, down 18.0 percent from July 2004. With weaker demand, residual fuel imports also shrank from year-ago levels.<o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">Domestic crude production in July fell by 4.2 percent from June’s level, the fifth month-to-month decline this year. This was the steepest month-to-month percentage decline since September 2004, the agency reported, and the fifth largest in at least 35 years. Precautionary shut-ins because of tropical storms in the Gulf, combined with down time in </span></span><st1:state><st1:place><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">Alaska</span></span></st1:place></st1:state><span style="font-size:10;"><span style="font-family:verdana,arial;font-size:85%;">, both contributed to the decline. Production in July, at 5.18 million bpd, was down 5.1 percent from the year-ago level.</span><o:p><span style="font-family:verdana,arial;font-size:85%;"> </span></o:p></span></p> </blockquote> <span style="font-family:verdana,arial;font-size:85%;"> </span>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1124314261101679132005-08-17T17:30:00.000-04:002005-08-17T17:31:01.103-04:00<span class="artTitle">Are high prices finally starting to cause consumers to decrease their fuel usage?<br /><br /></span><blockquote><span class="artTitle">Oil slides 4 pct as price stings economy</span><br /> <span class="newsDate">Wed Aug 17, 2005 4:35 PM ET</span><br /> <br /> <p> NEW YORK (Reuters) - Oil dropped more than 4 percent to nearly $63 a barrel on Wednesday on softer U.S. gasoline demand and economic data showing record crude prices were stoking U.S. inflation.</p> <p> Signs that high prices were beginning to crimp economic growth slowed a rally that had catapulted oil to a high of $67.10 last Friday and toward the $82 inflation-adjusted average in 1980, the year after the Iranian revolution.</p> <p> U.S. producer prices rose a higher-than-expected 1 percent in July on soaring energy costs, data showed on Wednesday. A day earlier, figures showed U.S. July consumer prices rising at their fastest rate in three months and British inflation at its highest level since comparable records began in 1997.</p> <p> U.S. crude oil <clc1> settled at $63.25 a barrel on the New York Mercantile Exchange, down $2.83. Earlier it had spiked $66.60 a barrel after U.S. supply data showed refinery outages sank gasoline supplies.</p> <p> London Brent crude <lcoc1> settled down $2.52 at $62.56 on the International Petroleum Exchange.</p> <p> The U.S. Energy Department on Wednesday said gasoline supplies fell by 5 million barrels last week, far more steeply than analysts had predicted. </p> <p> U.S. GASOLINE DEMAND FALLS</p> <p> Crude initially rose on the decline in stocks of the motor fuel caused by a string of refinery outages. But U.S. gasoline demand over the last four weeks was only 1.5 percent above last year, far below the 2.7 percent rise in demand June, according to the EIA.</p> <p> "We're ramping down as far as gasoline demand is concerned. It is growing more slowly than the economy as a whole," said Timothy Evans, analyst at IFR Energy Services.</p> <p> Unexpected refinery shutdowns in the United States have strained gasoline supplies and helped fire a rally that has lifted oil prices by more than 50 percent this year.</p> <p> The world's big consuming nations and big businesses have begun to groan under the weight of record high oil prices.</p> <p> "Oil is starting to take its toll on producers," said Craig Russell, a senior foreign exchange dealer at Alaron FX.</p> <p> Wal-Mart Stores Inc. <wmt.n>, the world's biggest retailer, said on Tuesday rising oil prices would cut into expected earnings this year as retail gasoline prices, which hit a record-high of $2.55 a gallon last week, eat into incomes.</p> <p> The Organization of Petroleum Exporting Countries nudged up its forecast for world oil demand growth in 2006 on Wednesday and predicted OPEC supplies would have to offset lower-than-expected output from non-OPEC countries.</p> <p> The revision mirrored a similar move last week by the International Energy Agency.</p> </blockquote> <p> </p>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1124313966538261632005-08-17T17:25:00.000-04:002005-08-17T17:26:06.543-04:00<blockquote>Nymex IPO could value it at $1.2bn<br />By Kevin Morrison<br />Published: August 17 2005 17:15 | Last updated: August 17 2005 17:15<br /><br /><br />Board members of the New York Mercantile Exchange are expected to be told on Thursday that a flotation of the the world’s largest energy futures exchange could value it at more than $1.2bn.<br /><br />The valuation is implied by current offers for a stake in Nymex by General Atlantic, Blackstone and Battery Ventures, the private equity groups.<br /><br />JPMorgan, the financial advisers to the privately-owned Nymex, will make a presentation to the board on Thursday saying that the exchange would fetch a higher valuation through an initial public offering.<br /><br />The Nymex board is expected to make a final decision on its future ownership by the end of August, before going to a shareholder vote next month.<br /><br />Nymex could be worth up to $2bn, according to one shareholder in the third largest futures exchange in the US, who declined to be named.<br /><br />However, this would value it at more than the Chicago Board of Trade, the second largest US futures exchange, which this week announced that it intends float on the New York Stock Exchange. The planned IPO values CBOT at about $1.8bn.<br /><br />Nymex could have a larger valuation than CBOT, according to the shareholder. This was because Nymex has its own trading and clearing platform, Clearport, while CBOT uses the Euronext electronic trading system and clears all trade through the Chicago Mercantile Exchange clearing system.<br /><br />Last week, Nymex reported a tripling of second quarter net income to $15.63m on the same period a year ago.<br /><br />In comparison, CBOT reported second quarter net income of $18.2m, roughly about a third of the equivalent earnings from the CME, the largest US futures exchange. CME has a market value of about $10bn.<br /><br />Nymex was on track to have net income of $60m-$70m this year, compared with 2004 earnings of $27.4m, said the shareholder.<br /><br />“If you take $60m to $70m and give it the multiples that the CME is trading on, you get close to $2bn and that is a lot more than what is being offered for Nymex at the moment,” he said.<br /><br />The shareholder said reports that the three private equity groups looking to buy a 20 per cent stake in Nymex were to form a joint bid for the minority stake were not accurate.<br /><br />General Atlantic is understood to have bid $240m for a fifth of Nymex, while Blackstone and Battery have bid about $200m for the same-sized stake.<br /><br />Find this article at:<br />http://news.ft.com/cms/s/3251f13e-0f39-11da-8b31-00000e2511c8,ft_acl=,s01=1.html</blockquote>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1123885226719116952005-08-12T18:20:00.000-04:002005-08-12T18:25:40.406-04:00San Francisco, Thursday, Aug. 11, 2005<br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://photos1.blogger.com/blogger/3029/1185/1600/GAS_PRICES.sff_FX102_20050811170504.jpg"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer;" src="http://photos1.blogger.com/blogger/3029/1185/320/GAS_PRICES.sff_FX102_20050811170504.jpg" alt="" border="0" /></a><br /><br /><br /><br /><br /><br /><br /><p><br /><br /></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana,Sans-serif;font-size:85%;" ><br /></span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana,Sans-serif;font-size:85%;" ><br /></span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana,Sans-serif;font-size:85%;" ><br /></span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana,Sans-serif;font-size:85%;" ><br /></span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana,Sans-serif;font-size:85%;" ><br /></span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana,Sans-serif;font-size:85%;" ><br /></span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana,Sans-serif;font-size:85%;" ><br /><br /></span></p>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1123884831555657342005-08-12T18:12:00.000-04:002005-08-12T18:14:51.993-04:00<span style="font-size:100%;"><span class="storysubheadline" style="font-family:arial;">Excellent, now Average Joe, who most likely lost his shirt on tech stocks a few years ago, can lose a little more by gambling on gasoline prices. </span></span><span style=";font-family:arial;font-size:100%;" >Caveat emptor</span><span style="font-weight: bold;font-family:arial;font-size:100%;" >...</span><br /><span class="storysubheadline"><br /></span><blockquote><span class="storysubheadline">Gas at $3 a gallon, wanna bet?</span><br /> <span class="storytease">The majority of people who place bets on gasoline expect prices to keep surging this year.</span><br /> <span class="timestamp">August 11, 2005: 3:13 PM EDT </span><br /> <span class="storybyline">By Grace Wong, CNN/Money staff writer</span><br /> <p>NEW YORK (CNN/Money) - If betting odds are any indicator, it's looking more likely that gas will break $3 a gallon before the end of the year.<b> </b></p> <p>Since PinnacleSports.com, an online sportsbook, began taking bets on rising pump prices last Friday, 90 percent of all bets have backed gas prices exceeding $3 a gallon in the country's two largest markets.</p> <p>The Internet betting site opened wagering with the odds on the average price of regular gas in New York or Los Angeles hitting $3 a gallon by New Year's Day as a 30:1 long shot.</p> <p>Since then, those odds have dropped to 7:5, PinnacleSports.com spokesman Kyle Fratini said Thursday, citing the most recent odds.</p> <p>When odds are 30:1, you make $30 for every $1 you bet, whereas with odds at 7:5, you only make $7 for every $5 you bet.</p> <p>The shift in odds shows that the majority of bettors are expecting gas prices, which reached fresh peaks Thursday, to increase to unprecedented levels.</p> <p>"Betting is a better indicator of public perception than opinion polls," Fratini said, adding that bettors on PinnacleSports.com accurately predicted the winner in every state in the last presidential election.</p> <p>Geoff Sundstrom, spokesman for travel club AAA, said gasoline at $3 a gallon is within the "realm of possibility," but that AAA doesn't try to forecast gas prices.</p> <p>He said, however, that the betting reflects the importance Americans attach to skyrocketing gas prices. "It speaks to the environment we're in now," he said. "Gas prices moving 5 to 10 cents a week is completely unprecedented."</p> <p>Gas prices have jumped to record levels, with regular gas currently costing a record high $2.619 a gallon in New York and $2.693 a gallon in Los Angeles, according to AAA's daily fuel gauge report.</p> <p>PinnacleSports.com is also taking bets on whether the national average gas price, which hit a fresh high of $2.397 Thursday, will reach $2.50 a gallon before the start of the new year.</p> <p>Wagering opened with odds that the nationwide price would hit $2.50 a gallon at 3:2. With 88 percent of players believing that will happen, those odds were at 5:13 on Thursday, Fratini said.</p> <p>Severe limits on refining capacity, record-high demand and an uncertain geopolitical environment have all contributed to an upswing in oil prices. That has led to heated debate over whether prices can keep rising.</p> <p>"I would say it is a safe bet that gasoline prices are going to increase to the end of the decade. There will be peaks and valleys, but the overall trend is for higher prices," AAA's Sundstrom said.</p> </blockquote> <p></p>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com1tag:blogger.com,1999:blog-13471491.post-1123883071183099382005-08-12T17:43:00.000-04:002005-08-12T17:44:31.193-04:00Not that it should come as a surprise...<br /><blockquote><br />More carriers match domestic airfare hikes<br />By DAVID KOENIG<br />Associated Press<br /><br />DALLAS -- Higher air fares looked more likely today as American Airlines, Northwest Airlines and JetBlue Airways went along with competitors' increases that the companies said were necessary to offset rising fuel prices.<br /><br />Airline stocks skidded after a three-week surge pushed the price of crude oil near a record of $67 a barrel during the day, taking jet fuel prices along with it.<br /><br />Airlines have already raised prices several times this year. The latest round of increases began Wednesday night with United Airlines, a unit of UAL Corp., Delta Air Lines Inc. and Continental Airlines Inc. They were followed Thursday by US Airways Group Inc.<br /><br />By this morning, American Airlines, the largest U.S. carrier, had raised most domestic fares by $10 per round trip and some by $20 a round trip to match Delta, a spokesman said. Not all the companies raised their prices to the same level earlier in the week.<br /><br />Northwest Airlines Corp. matched Delta's $20 round-trip increase on mid-level leisure fares and expanded it to walk-up fares that had been capped at $599 and $699 each way, said Northwest spokesman Kurt Ebenhoch. Northwest also matched Delta's smaller increases on routes where it competes with low-cost carriers.<br /><br />Asked why Northwest was raising fares, Ebenhoch answered: "Fuel."<br /><br />JetBlue Airways Corp. raised Florida fares and one leisure fare on longer flights by $10 per round trip, a spokeswoman said. AirTran Airways raised all fares $10 per round trip, a spokesman said.<br /><br />Some low-cost carriers, notably Southwest Airlines Co., had not matched the increases, but their resistance would not be enough to stop the price hikes from sticking, said Terry Trippler, who tracks air fares for online travel site cheapseats.com.<br /><br />"It looks like this is a go," Trippler said. "Before August is over, there is going to be another increase. People understand why the airlines are doing this because they drive by the gas station every day."<br /><br />Still, the increases were not even. United generally raised fares $10 per round trip, less than Delta, and some of the low-cost carriers were holding out. That could cause fluctuations over the weekend, with fares on some routes still moving up or down.<br /><br />"We continue to study and watch the marketplace and decide where we'll do the matching," said Tim Smith, a spokesman for American Airlines.<br /><br /><span style="font-weight: bold;">The price of jet fuel has jumped about 60 percent from a year ago to more than $1.70 a gallon in New York and the Gulf Coast and $2.00 a gallon in Los Angeles, according to government statistics.</span><br /><br />It is squeezing the bottom line of airlines. American's parent, AMR Corp., saw its fuel prices rise 47 percent in the second quarter to $1.35 billion, almost wiping out a narrow profit.<br /><br />Southwest is better insulated than other carriers because it took options to buy most of its fuel at far lower prices. Other airlines didn't have the cash to make such hedging maneuvers.<br /><br />In trading Friday afternoon, AMR shares fell 15 cents to $13.25; Delta lost 16 cents or 8.9 percent, to $1.63 a share; Continental shares dropped 42 cents or 2.9 percent, to $14.20; Southwest shares lost 7 cents to $13.63; and AirTran Holdings Inc. fell 7 cents to $11, all on the New York Stock Exchange.<br /><br />Shares of Northwest dipped 11 cents or 2.7 percent, to $4, and JetBlue shares gained 6 cents to $19.08 on the Nasdaq Stock Market.</blockquote>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1123761373231154802005-08-11T08:00:00.000-04:002005-08-11T08:28:33.426-04:00Beautiful, isn't it?<br /><br />Do you have pictures showing high gasoline prices? If so, feel free to send them, as well as the location, to us as oilguru-at-gmail.com. We're going to feature the highest fifty prices in the form of a collage.<br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://photos1.blogger.com/blogger/3029/1185/1600/OIL_PRICES.sff_CAPS111_20050810004058.jpg"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer;" src="http://photos1.blogger.com/blogger/3029/1185/400/OIL_PRICES.sff_CAPS111_20050810004058.jpg" alt="" border="0" /></a><br /><br /><br /><br /><br /><p></p>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1123759844973265112005-08-11T07:45:00.000-04:002005-08-11T07:48:03.836-04:00<span style="font-size:100%;"><span class="headline">Gas prices draining consumer wallets</span></span><br /><span class="deck">IMPACT IS FELT IN SURPRISING WAYS AS OIL COSTS SOAR</span><br /><span class="byline">By Kevin G. Hall</span><br /><span class="creditline">Knight Ridder</span><br /><!-- begin body-content --> <p><span class="dateline">WASHINGTON</span><span class="dateline-separator"> -</span><b><span class="dateline-separator"> </span></b>Skyrocketing crude-oil prices are hitting Americans in the wallet in ways they might not imagine, increasing the price of everything from pizza delivery to patching a leaky roof.</p> <p>This week, gasoline reached about $2.37 a gallon on average nationwide and hit a record $2.65 a gallon in San Jose, reflecting global crude-oil prices that have soared past $64 a barrel. A year ago, oil cost $44 a barrel and gasoline $1.89 a gallon.</p> <p>Oil prices zoomed higher Wednesday, touching a new high of $65 a barrel, with buyers focused on refinery snags, shrinking U.S. inventories of gasoline and motorists' growing thirst for fuel despite record-high costs.</p> <p>Light sweet crude for September delivery settled $1.83 higher on the New York Mercantile Exchange at $64.90 a barrel, the highest closing level since Nymex trading began in 1983.</p> <p>Many U.S. companies are passing on their rising fuel costs to their customers. Most large airlines charge per-ticket fuel surcharges of $20 to $87 for international travel, and many domestic fares have jumped by more than $100.</p> <p style="font-weight: bold;">Oddly enough, pizza makers are adding fuel surcharges, too. Major chains such as Domino's and Papa John's have added a $1 fuel surcharge in most major markets (emphasis mine).<br /></p> <p>``The delivery charge helps offset costs associated with increasing drivers' per-run payment, labor costs and insurance,'' said Dana Harville, a Domino's spokeswoman in Ann Arbor, Mich.</p> <p>Papa John's surcharge covers more than just its drivers' rising gasoline costs.</p> <p>``Our restaurants have felt the pressures on the food-cost side due to the higher ingredient costs related to fuel,'' said Chris Sternberg, a spokesman for Papa John's International in Louisville, Ky.</p> <p>Few businesses depend more on surcharges than package-delivery companies such as Federal Express, which has seen higher costs for jet fuel for its planes and diesel fuel for its trucks. FedEx revises its surcharge monthly; for August it stands at 12.5 percent for express shipments and 2.75 percent for its slower ground service.</p> <p>Fuel surcharges were first imposed in 2001. While unpopular, they allow those who ship via FedEx to factor for fuel-price volatility.</p> <p><b><span class="subhead">`Supply chain'</span></b></p> <p>``We are part of the supply chain. The surcharge allows them to plan ahead accordingly,'' said Lourdes Pena, a FedEx spokeswoman in Memphis.</p> <p>FedEx and its rival United Parcel Service are racing to add delivery vans that run partly on electric power in a bid to cut fuel costs.</p> <p>Higher fuel prices eat away at American incomes in less obvious ways, too.</p> <p>Take roofer Larry Michaels in Kansas City, Mo. The asphalt he uses to patch leaking roofs and as a sealant under tiles and shingles is a byproduct of refining oil into gasoline.</p> <p style="font-weight: bold;">``Almost all of our roofing materials, more than 90 percent of it, is made from byproducts of oil,'' Michaels said, explaining why he must pass on rising costs to customers. ``We've been averaging one or two price hikes a month just on materials costs''(emphasis mine).<br /></p> <p>Contractors who pave driveways, parking lots and roads also are raising rates to pass along rising prices for asphalt and other materials.</p> <p>``The price is going up due not only to the price of asphalt; even the costs of aggregates'' such as crushed stone and gravel are going up, said Kent Hansen, director of engineering for the National Asphalt Pavement Association in Lanham, Md. ``The price of everything is going up: the cost to transport it and the cost to make it.''</p> <p><b><span class="subhead">Tough choice</span></b></p> <p>For state and local governments, pricier asphalt forces an unpleasant choice: Scale back road-building and repairs, or raise taxes.</p> <p>``It's sort of a Catch-22. . . . The more we put off doing overlays and repairs, the worse the pavement gets and it costs more later to repair it,'' Hansen said.</p> <p>When oil prices rose sharply in the past, prices of related products followed, driving up inflation, the measure of rising prices across the entire economy. Inflation erodes consumers' buying power.</p> <p>Inflation fears spiked early this year as crude oil surged above $50 a barrel, but the U.S. economy has proved flexible; consumer-price inflation was a manageable 2.5 percent from June 2004 to June 2005, according to the latest available data.</p> <p>``Everybody is surprised how well the economy is holding up. Nobody would have expected this to be the case,'' said Thorsten Fischer, an energy economist with Economy.com, a consultancy in West Chester, Pa. The Associated Press contributed to this report.<br /></span>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com2tag:blogger.com,1999:blog-13471491.post-1123759635898375222005-08-11T07:25:00.000-04:002005-08-11T07:27:15.906-04:00<span style="font-size:100%;"></span><blockquote><span style="font-size:100%;">Airlines Face Growing Fuel Shortage Risk</span><br /> <p><span style="font-size:-1;">By BRAD FOSS<br />The Associated Press<br />Wednesday, August 10, 2005; 7:07 PM<br /></span></p> <p><nitf></nitf></p> <p>WASHINGTON -- Lost luggage, bad weather and now ... no fuel?</p> <p>While fliers haven't yet had to add that problem to the list of headaches associated with air travel, it may not be far away. Airports in Arizona, California, Florida and Nevada recently came within a few days _ and at times within hours _ of running out of jet fuel.</p> <p>Because of supply bottlenecks, airlines were forced to fly in extra fuel from other markets and scramble for deliveries by truck. But these are expensive, short-term fixes that do not address what airline executives consider to be the underlying problem: with passenger traffic rising above pre-9/11 levels, the nation's aviation business is slowly outgrowing the infrastructure that fuels it.</p> <p>What started as routine supply tightness in these markets quickly snowballed following disruptive events that included a hurricane, a canceled fuel shipment and, ironically, the airlines' own efforts to prevent shortages, according to several airline executives.</p> <p>Late July and early August were "unprecedented for Southwest for the number of cities where we've had to manage supply problems," said Glenn Hipp, director of fuel purchasing and inventory management at Dallas-based Southwest Airlines Co. AMR Corp.'s American Airlines, UAL Corp.'s United Airlines and America West Holdings Corp., also said there has been recent supply trouble.</p> <p>These airlines have not canceled flights or made extra stops to tank up, nor have planes flown with less than the minimum fuel required by the Federal Aviation Administration, executives said.</p> <p>But the near shortages underscore the added strain on refineries, pipelines and the airlines' own fuel procurement efforts as the industry recovers from its worst-ever downturn _ June passenger traffic was up 4 percent from 2001 levels, according to industry data _ and energy demand rises throughout the economy.</p> <p>"It's really starting to surface as an issue," said James Holland, vice president of logistics at Kinder Morgan Energy Partners L.P., a Houston-based pipeline operator.</p> <p>Part of the problem is that refining and pipeline capacity in some regions of the U.S. have grown slower than demand, meaning companies must run their equipment harder to satisfy growing fuel needs. This raises the chances of operational snags and leaves less of a cushion when something does go wrong. Recent refinery outages have helped push oil prices to record heights near $64 a barrel.</p> <p>Also, the petroleum industry has reduced its fuel inventories in recent decades, redirecting funds once spent on storage to more lucrative oil drilling. Thus, some of the burden of storing surplus fuel has shifted to the airlines. But the industry's financial woes have hindered its ability, or willingness, to increase spending on storage, according to John Armbrust, publisher of Jet Fuel Report, an industry newsletter.</p> <p>"If more effort isn't put into resolving some of these issues, it could have serious impact on the operational integrity of the whole aviation system," warned Bob Sturtz, general manager of fuel at Elk Grove Village, Ill.-based United Airlines.</p> <p>While progress is being made, airline and energy executives predicted that the problem could get worse before it gets better.</p> <p>Just outside Washington, officials at Dulles International Airport are working with airlines as well as the Colonial Pipeline Co. _ which transports gasoline, heating oil and jet fuel from the Southeast to the Northeast _ to alleviate a regional bottleneck.</p> <p>The goal is to build a wider pipeline to feed Dulles and an additional 300,000 barrels of storage at the airport, according to Chris Browne, the airport manager at Dulles. The project is still in the design phase. For now, airlines are coping by having additional jet fuel brought in by truck, Browne said.</p> <p>The fuel supply woes are dogging an industry already losing billions of dollars a year in large part because of soaring fuel costs. The price of jet fuel averages $1.91 per gallon in Los Angeles, up 46 percent from a year ago, according to government data.</p> <p>Airlines have used all sorts of strategies to improve their fuel efficiency, from flying at slower speeds to taxiing on one engine. These efforts have worked, but they have also been offset by their maneuvering around supply bottlenecks.</p> <p>America West's assistant treasurer Timothy Walker said the industry deserves credit for its ability to manage these problems without affecting service. But he conceded that making up for low supplies with truck and airplane deliveries is not a long-term strategy.</p> <p>"The lack of fuel could slow growth in certain markets," Walker said. He cited Phoenix and Las Vegas as two America West markets likely to face fuel-supply challenges if traffic continues to grow.</p> <p>Indeed, one of the latest supply snags to catch the industry's attention began around July 20 in Phoenix. While accounts of what happened vary slightly, it is agreed the trouble began after Kinder Morgan did not make a scheduled delivery of jet fuel, at which point carriers began "ferrying" extra fuel to Phoenix from California and Nevada.</p> <p>At first, it seemed a crisis was averted. Then it cascaded.</p> <p>The near-shortage in Phoenix gradually spread to airports in Reno, Nev., San Diego and Ontario, Calif. Jet fuel had to be trucked in just to keep the ferrying program to Phoenix alive, executives said.</p> <p>Delivering jet fuel by truck is like "putting a handful of sand on a beach," Hipp said. "It doesn't really keep up with demand."</p> <p>San Diego and Ontario came so close to drawing down their fuel inventories, Sturtz said, that airlines were a few hours away from scheduling additional layovers so planes could refuel.</p> <p>The crisis was resolved gradually as pipeline deliveries returned to normal and airlines focused on using as little fuel as necessary.</p> <p>Kinder Morgan blamed its canceled fuel shipment on an unnamed refiner that couldn't keep up with higher-than-anticipated demand. It also said the supply disruption in Phoenix was not as significant as the airlines made it out to be and that the trouble at other airports was partly the result of its own jet fuel shipments being diverted from California to bolster supplies in Phoenix. Nevertheless, it announced plans to spend $130 million to replace a 140-mile pipeline with a larger one to move more fuel to Arizona from Texas and New Mexico refineries.</p> <p>Airports across the Southwest weren't the only ones struggling with fuel supplies last month.</p> <p>A handful of airports in Florida, most notably Orlando and Tampa, saw their regular shipments cut off as a result of refinery and shipping snags caused by hurricanes and tropical storms moving through the Gulf of Mexico. Again, the airlines began bringing in fuel by plane.</p> <p>"We've been ferrying to Orlando for two weeks," Sturtz said. "It just goes on and on."</p> </blockquote> <p></p>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com1tag:blogger.com,1999:blog-13471491.post-1123713588385248442005-08-10T18:40:00.000-04:002005-08-10T18:41:24.250-04:00No further comment necessary...<br /><blockquote><span class="artTitle">Oil surges to record $65 a barrel</span><br /> <span class="newsDate">Wed Aug 10, 2005 3:03 PM ET</span><br /><br /> <p> By Richard Valdmanis</p> <p> NEW YORK (Reuters) - Oil prices surged nearly two dollars a dollar on Wednesday after a U.S. government report ignited concerns that strong demand and a spate of refinery problems could trigger a crunch in gasoline stockpiles.</p> <p> The gains came against the backdrop of rising tensions in the energy-rich Middle East, after the United States closed its diplomatic missions in Saudi Arabia this week due to the threat of attacks by militants.</p> <p> U.S. light sweet crude futures <clc1> soared $1.93 to $65.00 a barrel, the highest on record. London Brent <lcoc1> jumped $2.08 to new peak of $64.06 a barrel.</lcoc1></clc1></p> <p> A U.S. government report issued on Wednesday showed crude stockpiles in the world's biggest energy consumer rose last week by 2.8 million barrels, due to hefty imports and slower refining activity.</p> <p> But the report from the Energy Information Administration also showed a 2.1 million barrel decline in gasoline stockpiles due to strong demand and slower domestic production -- bringing inventories 7.9 million barrels, or 3.7 percent, below last year's level.</p> <p> "Gasoline inventories are of greater concern, but the draw was smaller than in previous weeks, and we don't have that much time left in the driving season," said Timothy Evans, senior analyst at IFR Energy Services.</p> </blockquote> <p></p> <blockquote> <p> U.S. gasoline demand has been running at a robust 1.4 percent higher than a year ago over the past four weeks, despite record high retail prices at the pumps -- a sign the economy is holding up against soaring energy costs.</p> <p> While crude prices are running at their highest on record in nominal terms, when adjusted for inflation they remain below their 1980 height over $82.</p> <p> TIGHT CAPACITY</p> <p> Crude oil producers and refiners have struggled to keep up with demand growth over the past two years, reducing the cushion of spare capacity needed to make up for any sudden shortfall.</p> <p> Worries over that scenario grew this week when the United States temporarily shut its missions in Saudi Arabia because of a security threat in the world's top oil exporter and OPEC's second biggest producer Iran pressed ahead with its nuclear work in defiance of the European Union.</p> <p> OPEC producer nations, which control about 40 percent of the world's oil exports, have been pumping at their highest levels in decades in an effort to cool prices.</p> <p> Venezuela's oil minister said Wednesday the cartel has done all it can to boost oil supply, but global prices will probably hold at their current levels.</p> <p> "We have said that this is a structural issue, not a short-term factor, and the price is going to stay the same," Oil Minister Rafael Ramirez told reporters during a visit to Uruguay.</p> <p> On Tuesday, OPEC President Sheikh Ahmad al-Fahd al-Sabah of Kuwait blamed refinery bottlenecks for record oil prices.</p> <p> Adding to gains Wednesday, BP said its Schiehallion North Sea oilfield would be down until the end of the month as it repairs fire damage. Unplanned closures and scheduled maintenance have cut around 10 percent of North Sea output in August.</p> <p> In the United States, where refinery problems have pushed gasoline prices to historic highs, BP said it had shut a unit at its Texas City refinery.</p> U.S. gasoline futures struck a record Wednesday of $1.8990 a gallon.</blockquote>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1123712958452440002005-08-10T18:27:00.000-04:002005-08-10T18:29:18.460-04:00<span class="artTitle">Finally...<br /><br /></span><blockquote><span class="artTitle">Unocal shareholders approve Chevron offer</span><br /> <span class="newsDate">Wed Aug 10, 2005 4:02 PM ET</span><br /> <br /> <p> By Deepa Babington</p> <p> LOS ANGELES (Reuters) - Shareholders in oil and gas producer Unocal Corp. <ucl.n> on Wednesday approved the acquisition of the company by oil major Chevron Corp. <cvx.n> in a deal worth more than $17 billion.</p> <p> Unocal was the object of a bidding war until last week, when Chinese producer CNOOC Ltd. <0883.hk> dropped its unsolicited $18.5 billion bid in the face of intense political opposition. Unocal said shares representing 77.2 percent of its outstanding stock were voted in favor of the Chevron deal.</p> <p> The approval came on a day when crude oil futures for delivery in September set an all-time record of $65 a barrel on the New York Mercantile Exchange, the highest for a spot-contract since NYMEX launched crude futures trading in 1983, before settling at $64.90.</p> <p> Chevron's Chief Executive Officer David O'Reilly told Reuters the company expects savings of $325 million a year once the integration is complete, with the deal adding 1 percent to 2 percent to earnings per share in 2006.</p> <p> Investors cheered the closing of the deal but cautioned that the combined companies would face a number of demands, including boosting production.</p> <p> "They (oil companies) have become financial engineers rather than petroleum engineers. I'd like to see them show a little more effort in the development side internally than they have lately," said James Halloran of National City Private Client Group, which manages $33 billion in assets. It has about 17,000 Unocal shares and 2.04 million Chevron shares.</p> <p> Outgoing Unocal CEO Chuck Williamson said when Unocal and CNOOC first began discussions, they expected some political opposition, but soon realized that they had underestimated how much there would be.</p> <p> "Frankly there was a lot of overheated rhetoric. It became a platform for much greater China-US issues. That we did not anticipate," said Williamson, who will stay with Chevron for a couple of months to help with the integration.</p> <p> "This touched a nerve ... a fuse was lit," he said. </p> <p> PLEASED WITH THE OUTCOME</p> <p> Long-time Unocal shareholders and company retirees packed a hotel ballroom in Los Angeles for the vote, where most attendees said they were pleased the company had opted to stay with Chevron as opposed to accepting the richer bid by CNOOC.</p> <p> "If the (CNOOC) deal was an all-cash buy-out, I probably would have taken that and invested it in another oil company -- Chevron," said Tom Cram, 77, who has held Unocal stock since the 1950s.</p> <p> The vast majority of Unocal shareholders opted to accept the Chevron offer in the form of $69 cash for each Unocal share. But because of prescribed ratios in the deal about the amount of stock to be paid and the amount of cash, those who opted for the full cash payout will actually receive a smaller amount of cash plus some Chevron stock.</p> <p> Chevron said they would each receive $30.13 cash and 0.5803 Chevron shares for each Unocal share.</p> <p> Since Chevron and Unocal first announced their deal on April 4, the price of oil has risen more than 12 percent.</p> <p> Over the same timeframe, through Tuesday's close, Chevron shares rose about 3.2 percent while Unocal shares rose 1.9 percent. The S&amp;P integrated oil and gas index <.GSPOILI> rose 3.1 percent over that period.</p> <p> Chevron's shares were up $1.24 at $62.46 late Wednesday afternoon on the New York Stock Exchange. Unocal's shares were up 60 cents at $66.15.</p> </blockquote> <p> </p>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1123074254132020302005-08-03T09:05:00.000-04:002005-08-03T09:04:14.136-04:00Not everyone is printing money in energy trading...<br /><br /><blockquote>Orphans of the Oil Patch<br />By Matthew Goldstein<br />Senior Writer<br />8/1/2005 4:27 PM EDT<br />URL: http://www.thestreet.com/markets/matthewgoldstein/10235893.html<br /><br />It's a good bet that Enchanted Rock Capital won't be the only energy hedge fund to close its doors this year.<br /><br />Last week, the Houston-based fund with more than $150 million in assets shut its doors after just nine months of operation. The fund's managers decided to call it quits after posting a negative 7.5% return on investment this year.<br /><br />A loss is never a good thing for a hedge fund, given the high fees most managers charge their investors. But it's a particularly bad development in a year in which the price of crude oil keeps setting a new record and energy stocks, as measured by the Amex Oil Index, are up an average of 32%.<br /><br />Enchanted Rock, however, isn't alone in failing to capitalize on the boom in the oil patch.<br /><br />Of the 43 energy hedge funds tracked by Barclay Trading, an Iowa-based hedge fund research firm, six are in the red this year -- and that doesn't include Enchanted Rock. One fund is down 14%.<br /><br />Sol Waksman, Barclay's president, declined to identify the sector's laggards. But he noted that poor performances are the exception. Overall, the 43 energy funds are up an average of 10% this year.<br /><br />Of course, betting on the energy sector is much more than taking a straight-line position on the price of oil. It also entails bets on coal, natural gas, refiners and electrical power. The trading is particularly hard and entails lots of risks where even the savvy can be burned.<br /><br />In the wake of the Enron debacle, many utility companies scaled back their trading operations because they found making money was not so easy.<br /><br />Some experts say the strong numbers posted by many energy funds the past year are drawing inexperienced players into the sector. Indeed, the number of energy hedge funds has nearly doubled over the past year, according to Gary Vasey, a co-founder of Energy Hedge Fund Center, which tracks about 400 hedge funds focused on energy.<br /><br />Vasey says a shakeout in the sector is coming, as weak managers, especially those who used to work for big power companies, find that running a hedge fund is tougher than it looks.<br /><br />"Some of the people setting up funds have never really run their own business and these markets are extremely risky," says Vasey. "There's a temptation to play as if you were still at one of the big energy merchants."<br /><br />Indeed, that may have been the case with Enchanted Rock. Before launching the fund last November, almost all of McAndrew's trading experience came from working at onetime power trading giants like Enron, Calpine (CPN:NYSE) and Statoil (STO:NYSE) .<br /><br />In an interview Monday, McAndrew disputed Friday's TheStreet.com story that attributed some of his fund's poor performance to several bad bets on oil. Rather, he said the fund's overall strategy wasn't working out as planned.<br /><br />McAndrew wouldn't discuss any specific trades that went against Enchanted. However, he said the firm often found it lacked "sufficient liquidity" to quickly exit a position.<br /><br />"For our strategy to work, you need to have more access," says McAndrew. "We didn't have sufficient liquidity in the kind of instruments we tried to trade."<br /><br />The two letters McAndrew sent to investors last week about the decision to close the fund offer a glimpse into the kind of strategy Enchanted employed. In one of the letters, McAndrew refers to the "physical relationships across location, time and commodity of the North American energy grid."<br /><br />A person familiar with the energy trading business says it appears Enchanted was trying to profit from the same kind of electrical power and commodity trading he did at Calpine. This person says it's very difficult for a small fund, let alone a big one, to successfully pull those trades off.</blockquote>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1123073727902295072005-08-03T08:55:00.000-04:002005-08-03T08:57:02.356-04:00As I alluded to yesterday...<br /> <blockquote><table border="0" cellpadding="0" cellspacing="0" width="400"> <tbody><tr><td><table border="0" cellpadding="0" cellspacing="0" width="400"><tbody><tr><td valign="top"><span class="date">August 03, 2005</span> <br /><br /> <span class="headline">China eyes Europe after Unocal rebuff</span><br /> <span class="byline">By Carl Mortished, International Business Editor<br /></span> </td> </tr> </tbody></table> </td> </tr> <tr> <td height="5"></td> </tr> <tr> <td> <table border="0" cellpadding="0" cellspacing="0" width="400"> <tbody><tr> <td valign="top"><span class="textcopy"><table valign="TOP" align="right" border="0" cellpadding="0" cellspacing="0"><tbody><tr><td name="mpuHeader" id="mpuHeader"><br /></td></tr><tr align="right"><td align="right"><script type="text/javascript">NI_MPU('middle');</script><br /></td></tr></tbody></table><p>CHINESE oil companies are expected to turn their attention to Europe and Australia in search of deals after CNOOC’s retreat yesterday from its $18.5 billion (£10.5 billion) bid to acquire Unocal, the American oil company. </p><p>CNOOC’s withdrawal, after a concerted political campaign in Washington against a Chinese takeover, left the way clear for Chevron, the rival bidder, with an offer of $17.3 billion. </p><p>In a statement, the Chinese oil company made clear that it regarded itself as the victim of unfair treatment, raising the prospect that US energy companies may find Beijing less welcoming in coming months. </p><p>CNOOC hinted it had been planning to raise its bid for Unocal but “the political environment” dissuaded it from mounting a new offer. The Chinese company pointed to a sudden and late amendment by Congress to its energy Bill that extended the review procedure by the Committee on Foreign Investment in the US. “The unprecedented political opposition . . . was regrettable and unjustified,” CNOOC said. “This political environment has made it very difficult to assess our chance of success, creating a level of uncertainty that presents an unacceptable risk.” </p><p>American politicians were unmoved yesterday by Chinese suggestions that America was now a business environment with a high level of political risk. </p><p>Senator Charles Schumer, who indicated that he had not personally opposed CNOOC’s bid, suggested that China needed to address an uneven playing field. “China likely wouldn’t allow an American company to buy a similarly situated Chinese company. If China were to open up . . . I think CNOOC would have had an easier time of it,” he said. </p><p>The financing of CNOOC’s bid with the help of government soft loans raised hackles, according to Adam Sieminski, an oil analyst at Deutsche Bank in New York. </p><p>However, the provision of cheap money by the State raised the possibility that a major Chinese oil company could turn its attention to Europe, hoping for less political opposition. “Clearly, they would like to increase their international presence,” he said. </p><p>China’s headlong pursuit of energy assets abroad resembles that of Japan’s clumsy overseas ventures decades ago. The People’s Republic has an accelerating demand for oil, its consumption having risen by 15 per cent last year. However, its attempts to gain control of resources overseas have been rebuffed. </p><p>China could retaliate against US oil by opening doors wider to European majors, including BP, Shell and Total, City analysts suggested. Among potential targets could be BG Group, a company valued at $30 billion but with more attractive assets than Unocal, including liquefied natural gas technology, which is of critical importance for China. </p><p>Woodside, the Australian oil company in which Royal Dutch Shell has a one-third interest, is being touted as another bid candidate although Shell has long coveted full ownership and was itself rebuffed by the Australian Government in a takeover attempt three years ago.</p></span></td></tr></tbody></table></td></tr></tbody> </table> </blockquote>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0tag:blogger.com,1999:blog-13471491.post-1122991490034965912005-08-02T10:05:00.000-04:002005-08-02T10:04:50.043-04:00<div class="timestamp">So they throw in the towel on the Unocal deal but is this the last we'll see of Cnooc? Definitely not. I won't be surprised to see Cnooc making similar bids in the near distant future, although their strategy will be different and their targets, will need to be "non-American" oil companies. <br /><br />Is this good for the U.S.? I think not. This should have never been an issue, national securitity or otherwise. Whatever happened to free markets?<br /><br /></div> <blockquote> <div class="timestamp">August 2, 2005</div> <nyt_headline version="1.0" type=" "> </nyt_headline> <h1 style="font-weight: normal;"><span style="font-size:100%;">Chinese Company Withdraws Bid to Acquire Oil Firm in California</span></h1> <nyt_byline version="1.0" type=" "> </nyt_byline> <div class="byline">New York Times<br />By DAVID BARBOZA</div> <nyt_text> </nyt_text> <div id="articleBody"> <p> SHANGHAI, Aug. 2 -The giant Chinese oil company Cnooc is set today to end its $18.5 billion takeover bid for the Unocal Corporation of America, citing fierce political opposition to its bid in Washington, according to people briefed on the matter.</p> <p> The decision, which is expected to come as early as this morning in New York, will end a fierce takeover fight between Cnooc and the Chevron Corporation, which have both been vying to acquire Unocal's valuable oil and natural gas assets, much of which are based in the United States and Asia.</p> <p> The move now clears the way for the Chevron Corporation of America to finalize its acquisition of Unocal for about $17 billion in cash and stock, much less than the Chinese bid but an offer that comes with none of the political opposition that Cnooc has encountered in the United States.</p> <p> Unocal shareholders are scheduled to vote on Chevron's cash and stock takeover offer on Aug. 10.</p> <p> Cnooc's all-cash bid for Unocal in late June was the largest takeover bid ever attempted by a Chinese company. It came just two months after Chevron and Unocal had already agreed to a merger, sparking a Wall Street-style takeover battle that forced Chevron to sweeten its bid about two weeks ago.</p> <p> People familiar with Cnooc's decision to pull out of the bidding say the Chinese company was reluctant to increase its own initial bid because Washington seemed unlikely to approve the deal and had even adopted legislation that would slow the approval process. Unocal's board of directors had also done little to favor Cnooc.</p> <p> Officials at Cnooc, which is based in Beijing and is also known as the China National Offshore Oil Corporation, were meeting late this afternoon in Beijing to determine what course of action to take. The company was expected to drop its bid as early as this morning, possibly before 9:30 a.m. New York time, when the financial markets open.</p> <p> The monthlong battle for Unocal's assets came to symbolize the growing trade and political tensions between China, the rising power in the East, and the United States, the premier power in the West, but a nation whose economic and political standings are now being challenged.</p> <p> The two countries - increasingly important economic and trade partners - lead the world in oil consumption. But China's much-smaller economy is growing at a rapid clip, and so the country's state-owned oil and energy companies have been scouring the globe in recent years for new sources of energy.</p> <p> Cnooc, China's largest offshore oil and natural gas company, made its bid for Unocal on June 23, with tremendous financial support from China's state-owned banks, which were prepared to give the company billions of dollars in low-interest loans.</p> <p> Washington politicians opposed Cnooc's bid almost from the start, arguing that it was subsidized by the Chinese government and that the Chinese government could be seeking to take control of some of America's strategic oil assets.</p> <p> The Chinese government and Cnooc officials insisted that the takeover bid was solely a commercial deal and had nothing to do with politics. Cnooc officials pleaded with Washington and Unocal officials, saying that they were attempting a "friendly" takeover of Unocal with a higher bid, and would even pay the $500 million fee if Unocal agreed to break its earlier agreement with Chevron.</p> <p> Cnooc officials also said they were willing to dispose of most of the United States-based assets of Unocal if that was necessary for Washington's approval.</p> <p> Cnooc even hired high-powered Washington lobbyists and had the backing of two of Wall Street's most powerful investment banks, Goldman Sachs and J. P. Morgan, to help push its deal.</p> <p> But Chevron came equally armed with Morgan Stanley and Lehman Brothers. A host of Congressmen who were recipients of Chevron political money also argued in Washington against the Cnooc deal, saying it could threaten America's long-term energy interests.</p> <p> With Cnooc expected to pull out of the bidding, some analysts say United States-China relations are certain to suffer even more, after a year filled with heated trade and currency disputes.</p> <p> And at a time when Chinese companies are increasingly looking overseas for big acquisitions, the collapse of Cnooc's bid could further complicate global deal-making.</p> <p> One Chinese analyst had rough words for the United States, calling Cnooc's decision a tragedy.</p> <p> "The way the U.S. government has treated Cnooc and politicized the deal will largely frustrate Chinese companies," said Han Xiaoping, the chief information officer at Falcon Power Limited, an energy consulting firm based in Beijing. "The companies not only in oil but all other industries will no want to play the game by the U.S. rules."</p> <p> Cnooc's decision comes just over a week after China revalued its currency under intense pressure from the United States and other countries. And the move comes about a week before the Chinese president, Hu Jintao, is expected to visit the United States for a summit meeting with President Bush.</p></div> </blockquote> <div id="articleBody"><p></p> </div>Anonymoushttp://www.blogger.com/profile/01776297564081275091noreply@blogger.com0