Chief
06-18-2008, 09:51 AM
http://money.cnn.com/2008/06/18/news/economy/bush_speech/?postversion=2008061811
President says increasing domestic oil supply will offset high gas prices. 'Our nation must produce more oil, and we must start now," he says.
By Beth Braverman, CNNMoney.com contributing writer
Last Updated: June 18, 2008: 11:30 AM EDT
NEW YORK (CNNMoney.com) -- President George Bush, saying the United States "must produce more oil," called Wednesday for a lifting of the ban on offshore drilling.
"Congress must face a hard reality," Bush said. "Unless members are willing to accept gas prices at today's painful prices or even higher, our nation must produce more oil, and we must start now."
The remarks highlight the growing political pressure to reduce dependence on foreign oil and deal with rising gas prices. The issue has become central to the presidential election as $4-a-gallon gas and become a drag on an already sluggish economy.
Bush outlined a four-point plan to increase domestic oil supply.
The first step, Bush said, is to expand domestic oil supply by allowing drilling in the outer continental shell. He asked Congress to lift a federal drilling moratorium on offshore drilling. He said he would then lift an executive order that also bans drilling.
Bush also called on Congress to:
* Increase access to oil shale
* Permit oil exploration in the Arctic National Wildlife Refuge
* Increase domestic refining capacity
"With these four steps we will take pressure off gas prices over time by expanding the amount of American made oil and gasoline," Bush said.
Bush said his plan would also create jobs. Because the initiatives will years to implement, he urged swift action by Congress.
"If congressional leaders leave for the Fourth of July recess without taking action, they will need to explain why $4 a gallon gas is not enough incentive for them to act," Bush said.
**SCHNIPP**
Drill Here! Drill Now!! Pay Less!!! (http://www.americansolutions.com/?t=163?s=&showtopic=4351&view=findpost&p=28980)
It's about time!
Let's see what effect this has on these speculative prives on oil. If these speculators would invest as much in actual wellheads in these areas the President is talking about, we could start knocking back prices immediately, and start re-building our domestic supply system.
Developing...
President says increasing domestic oil supply will offset high gas prices. 'Our nation must produce more oil, and we must start now," he says.
By Beth Braverman, CNNMoney.com contributing writer
Last Updated: June 18, 2008: 11:30 AM EDT
NEW YORK (CNNMoney.com) -- President George Bush, saying the United States "must produce more oil," called Wednesday for a lifting of the ban on offshore drilling.
"Congress must face a hard reality," Bush said. "Unless members are willing to accept gas prices at today's painful prices or even higher, our nation must produce more oil, and we must start now."
The remarks highlight the growing political pressure to reduce dependence on foreign oil and deal with rising gas prices. The issue has become central to the presidential election as $4-a-gallon gas and become a drag on an already sluggish economy.
Bush outlined a four-point plan to increase domestic oil supply.
The first step, Bush said, is to expand domestic oil supply by allowing drilling in the outer continental shell. He asked Congress to lift a federal drilling moratorium on offshore drilling. He said he would then lift an executive order that also bans drilling.
Bush also called on Congress to:
* Increase access to oil shale
* Permit oil exploration in the Arctic National Wildlife Refuge
* Increase domestic refining capacity
"With these four steps we will take pressure off gas prices over time by expanding the amount of American made oil and gasoline," Bush said.
Bush said his plan would also create jobs. Because the initiatives will years to implement, he urged swift action by Congress.
"If congressional leaders leave for the Fourth of July recess without taking action, they will need to explain why $4 a gallon gas is not enough incentive for them to act," Bush said.
**SCHNIPP**
Drill Here! Drill Now!! Pay Less!!! (http://www.americansolutions.com/?t=163?s=&showtopic=4351&view=findpost&p=28980)
It's about time!
Let's see what effect this has on these speculative prives on oil. If these speculators would invest as much in actual wellheads in these areas the President is talking about, we could start knocking back prices immediately, and start re-building our domestic supply system.
Developing...