Does this really surprise anyone? I mean, Bush probably receives sensual massages from oil company execs on a regular basis. Hell, he’s a (failed) oil man himself.

Listen, there is no money in renewable energy at the moment. It would be stupid, at least from a cold-blooded capitalistic viewpoint, to do anything but soak up these record profits while the American public is willing to dish it out. Large breakthroughs in alternative energy will only come when:
1) there is no oil left or
2) as a result of a government-led effort to reduce crude oil use.


Story Link

WASHINGTON (CNN) — President Bush on Friday rejected calls to tax oil companies’ record profits fueled by high oil prices but said he expects those companies to re-invest those profits into alternative fuels and new energy technologies.

“My attitude is that the oil companies need to be mindful that the American people expect them to reinvest their cash flows in such a way that it enhances our energy security,” Bush said, which includes investment in new pipelines, expansion of refineries and more exploration and investment in renewable sources of energy.

“They also expect to be treated fairly at the pump,” The president said.

“These oil prices are a wake-up call,” the president said, and re-enforces the need to develop alternatives to gasoline such as ethanol.