WASHINGTON (AP) -- Record high prices for gasoline probably won't drop before the November election, Republican
John McCain said Wednesday.
''I don't think it's going much lower, and it could go higher,'' McCain said on NBC's ''Today Show.'' ''I don't think so, not when you've got a finite supply, basically, and a cartel controlling it.''
Although the GOP presidential candidate didn't address the question of raising taxes on oil companies, he said the companies ''absolutely'' should return some profits to consumers. ''And they should be embarking on research and development that will pay off in reducing our dependence on foreign oil,'' he said.
''The point is, oil companies have got to be more participatory in alternate energy, in sharing their profits in a variety of ways, and there is very strong and justifiable emotion about their profits,'' McCain said.
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http://www.nytimes.com/aponline/wash...=McCain&st=nyt .
While he's being honest he is not addressing the very simple fact that rather than use profits for development of new supplies the oil companies have used their profits to buy back stock.
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