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Bush finds out about $4 gas forecasts

President says best way to help consumers cope is to make his tax cuts permanent. (IMO best way is to find more of our own oil off our shores in DEEPWATER and quit importing expensive oil from others!)


NEW YORK (CNNMoney.com) -- President Bush, saying he was unaware of predictions of $4-a-gallon gasoline in the coming months, told reporters Thursday that the best way to help Americans fend off high prices is for Congress to make his first-term tax cuts permanent.

"If you're out there wondering... what your life is going to be like, and you're looking at $4 a gallon, that's uncertain," Bush responded to a question posed at a White House news conference. "And when you couple that with the idea that... taxes may be going up in a couple years, that's double uncertainty."

Analysts have said that gasoline could reach $4 a gallon by this spring, due to strong demand and a change in formaulation, among other reasons.

When taking the question about the $4 milestone, Bush told the reporter, "That's interesting. I hadn't heard that."

In other areas of energy policy, the president repeated his support for both renewable sources and conservation. He also said there needs to be more domestic oil production and refineries, and that raising taxes on oil companies would make prices even higher.