Recent figures released by the Department of Energy show that the oil industry may be suppressing prices to prevent a consumer backlash against Bush. Although the price of a barrel of crude oil has doubled, gasoline costs have only gone up by a third.

During the Bush/Gore race, a barrel of oil was about $30, and gas prices were about $2.20 per gallon. Today, the barrel price is over $50 per barrel and average gas prices are $1.89 a gallon.

The price of gasoline normally spikes in summer, but this summer, prices were flat. Around this time, refineries scale back the production of fuel oil and start producing heating oil for the winter. But this August the conversion to heating oil, which normally reduces supply and raises prices, has been delayed.

Last April, it was reported that Ambassador Prince Bandar, promised Bush that the Saudis, -quote- "could increase production several million barrels a day and the price would drop significantly…as we get closer to the election."

The White House denied Prince Bandar told them this.

 

 

—Sander Hicks reporting for INN World Report

9/2/04