Washington- President Bush yesterday rejected the idea of a windfall tax on oil companies rolling in dough from record first-quarter profits as gas prices soar.

“The temptation in Washington is to tax everything, and they spend the money – ‘they’ being the people in Washington,” Bush told an impromptu Rose Garden news conference.

Without acknowledging the phrase “windfall profits,” Bush instead said Big Oil should reinvest its money in new refineries, new energy alternatives and more pipelines.

“My attitude is that the oil companies need to be mindful that the American people expect them to reinvest their cash flows in such a way that it enhances our energy security,” he said.

But Sen. Hillary Clinton (D-N.Y.) pressed the Democratic-led plan to give money to consumers in the form of gas rebates paid for by a tax on oil companies reporting billions of dollars in windfall quarterly profits this week.

“I think the oil companies should have to pitch in. Frankly, they should be patriotic – they should quit taking advantage of the American consumer,” she told reporters outside a Queens gas station.

Clinton insisted Bush waited six years too long to wake up to a potential crisis caused by America’s thirst for oil.

“It’s like Nero fiddling while Rome burns,” Clinton said.

Bush disputed the notion that oil companies will be found guilty of price-fixing in the investigations he ordered this week under pressure from both Democrats and Republicans in Congress.

“I have no evidence that there’s any ripoff taking place, but it’s the role of the Federal Trade Commission to assure me that my inclination and instincts is [sic] right,” Bush said.

Democrats said it’s another example of the cozy relationship Bush and Vice President Cheney have with Big Oil.

“The oil men in the White House don’t want to hurt their friends … They save their punches for everyday Americans,” said Senate Democratic “war room” spokeswoman Rebecca Kirszner.

New Yorkers yesterday were paying an average of $3.17 for a gallon of regular gas and $3.46 for premium, up a penny from Thursday.