Bush rips into Gore's energy plan
Copyright 2000, Reuters
Wednesday, June 28, 2000
By Thomas Ferraro
Republican presidential candidate George W. Bush accused Democratic foe Al Gore today of offering an unwarranted "huge tax break" for energy producers during a period of rising gasoline prices.
Bush ripped into a segment of the comprehensive energy proposal offered by the vice president Tuesday, which included a call for extending a five-year-old moratorium on royalties to the federal government for natural gas exploration in the Gulf of Mexico.
The moratorium, set to expire in November, was imposed to encourage energy exploration. Gore contends the inducement should be maintained to increase supply and hopefully help ease prices.
But Bush, a former Texas oil man who became Texas governor, argued prices are now high enough to spur exploration without any further financial incentives from the government.
"My opponent is giving major oil companies a huge tax break," Bush told a news conference during a campaign visit to Cleveland. "I believe that the royalty moratorium ought to happen when price declines. We ought not to have moratorium when prices are high."
Gore spokesman Douglas Hattaway ridiculed Bush's attack as a failure to recognize the basic economic principle that prices traditionally decline when supply increases.
"This from the guy who has been lobbying for the oil industry throughout his career," he said. "It is a clumsy attempt to deflect the heat he is feeling."
Bush and Gore have been dueling in recent weeks over soaring gasoline prices, which are pinching the public, squeezing businesses and raising concerns about the state of the robust U.S. economy.
Gore has portrayed Bush as a longtime friend of "big oil" who has pushed for higher oil prices. Bush, in turn, has blamed the Clinton-Gore administration for permitting the escalating prices by failing to implement a comprehensive energy policy.
Bush today again charged that Gore has favored increases in gas prices, despite repeated denials by the vice president.
"This is another example where he doesn't know the meaning of what raise is," Bush scoffed.
Republican presidential candidate George W. Bush accused Democratic foe Al Gore today of offering an unwarranted "huge tax break" for energy producers during a period of rising gasoline prices.
Bush ripped into a segment of the comprehensive energy proposal offered by the vice president Tuesday, which included a call for extending a five-year-old moratorium on royalties to the federal government for natural gas exploration in the Gulf of Mexico.
The moratorium, set to expire in November, was imposed to encourage energy exploration. Gore contends the inducement should be maintained to increase supply and hopefully help ease prices.
But Bush, a former Texas oil man who became Texas governor, argued prices are now high enough to spur exploration without any further financial incentives from the government.
"My opponent is giving major oil companies a huge tax break," Bush told a news conference during a campaign visit to Cleveland. "I believe that the royalty moratorium ought to happen when price declines. We ought not to have moratorium when prices are high."
Gore spokesman Douglas Hattaway ridiculed Bush's attack as a failure to recognize the basic economic principle that prices traditionally decline when supply increases.
"This from the guy who has been lobbying for the oil industry throughout his career," he said. "It is a clumsy attempt to deflect the heat he is feeling."
Bush and Gore have been dueling in recent weeks over soaring gasoline prices, which are pinching the public, squeezing businesses and raising concerns about the state of the robust U.S. economy.
Gore has portrayed Bush as a longtime friend of "big oil" who has pushed for higher oil prices. Bush, in turn, has blamed the Clinton-Gore administration for permitting the escalating prices by failing to implement a comprehensive energy policy.
Bush today again charged that Gore has favored increases in gas prices, despite repeated denials by the vice president.
"This is another example where he doesn't know the meaning of what raise is," Bush scoffed.