US President George W. Bush said on Tuesday there was no "magic wand" to bring down record-high fuel prices but would consider a proposal to suspend federal gasoline taxes this summer -- an idea that has divided the 2008 presidential candidates. Trying to calm anxious Americans facing $3.60 a gallon gasoline and soaring grocery bills, Bush again prodded Congress to open an Alaska wildlife refuge to oil drilling and allow construction of more nuclear and coal plants.

Motorists can expect to pay even more at the bowser with oil prices to continue rising, says the chief of Caltex Australia. "There is long-term upward pressure on petrol prices and Australians, like motorists around the world, can expect to pay more," Caltex chairman Elizabeth Bryan told shareholders today at the company's annual general meeting in Sydney. Ms Bryan said that, as an oil refiner and marketer rather than producer or explorer, Caltex was forced to pay the world price for oil.