Institute for International Economics Sees $80 Oil Possible in 2006

Bush energy bill gaining momentum but unlikely to curb higher oil prices; solution may be tax on energy use.

Published: 23-Mar-2005

On his jaunts around the country pushing Social Security reform, President Bush usually opens by talking about the spread of freedom and elections in Iraq, Afghanistan and the Palestinian areas.

Now with crude oil and retail gasoline prices at record highs, energy has joined the war on terror and Social Security as an issue that can't be ignored.

"I am concerned, I know you're concerned, about the price of gasoline," Bush said Monday at a Social Security forum in Denver.

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Visits to China, India, Malaysia and Pakistan are significant because the trip spells out the Saudi Kingdom's Look East policy, representing a new reorientation in its foreign policy that was heavily tilted toward the West.

The worst two scenarios suggest a drastic decline in output to 875,000 barrels a day by the end of 2007 and to just 520,000 a day by the end of 2008.

Bush said he envisioned a future in which a plug-in hybrid car could drive 40 miles on a lithium-ion battery, then stop at a filling station for ethanol, a fuel usually made from corn, similar to HyMotion Prius pictured below.

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