Bush backs hybrids with more tax credits

U.S. President George Bush has asked Congress to lift a cap on tax credits for hybrid vehicles. Currently, the maximum number of tax credits for hybrid vehicles is 60,000 per year per manufacturer. "The easiest way to promote fuel efficiency is to encourage drivers to purchase highly efficient hybrid or clean diesel vehicles," Bush said in an address to the Renewable Fuels Association summit in Washington. "If the automakers sell more than their limit, new purchasers are not eligible for the full tax credit. Consumers who buy hybrids currently receive up a tax credit worth up to $3,400. Currently, the change would only benefit Toyota and its customers, because the automaker sells more than 60,000 hybrids a year. Yesterday, we reported that Mr. Bush had ordered an inquiry into possible price gouging by oil/gas companies.