As crude-oil prices hit record highs, US congressional leaders are planning to ask President Bush to order an investigation into possible price gouging by oil companies.

House Speaker Dennis Hastert and Senate Majority Leader Bill Frist, plan to send a letter to the president today asking him to direct the Federal Trade Commission (FTC) and Justice Department to investigate price gouging.

Hastert and Frist’s letter comes amid charges by consumer groups and Democrats that oil companies have manipulated refineries and oil inventories to drive up prices. Tomorrow, Bush has an opportunity to address the issue when he speaks at a meeting organized by the Renewable Fuels Association. I wonder if Bush knows what a renewable fuel is?