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Bush mulls energy plan for Congress: White House

Posted on: Wednesday, 7 December 2005, 15:39 CST

WASHINGTON (Reuters) - The Bush administration is worried about high natural gas prices this winter and is looking at new initiatives to bring energy prices down, White House economic adviser Al Hubbard said on Wednesday.

"We're still concerned about the high cost of energy," Hubbard told CNBC television. "The president is especially concerned about the cost of natural gas and what it's going to mean to the American homeowner."

U.S. households heating primarily with natural gas are expected to spend some $281, or 38 percent, more for fuel this winter, the Energy Information Administration said this week.

Natural gas futures peaked at a record $14.75 per million British thermal units in early October after two hurricanes crippled production in the Gulf of Mexico. On Wednesday, gas futures traded at $13.70 per million Btus. Just prior to Hurricane Katrina in late August, prices were below $10.

Hubbard added, "We're working very hard to come up with new ideas, new initiatives, for the president to present to Congress to improve our energy independence and to reduce the price of energy."

He did not elaborate, or say whether proposals could come in President George W. Bush's State of the Union address to Congress in January.

In recent weeks, Energy Secretary Sam Bodman said the White House was preparing a new U.S. energy plan that might include creating emergency stockpiles of natural gas and gasoline.

Source: REUTERS

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