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President Bush Meets with Economic Team
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For Immediate Release Office of the Press Secretary July 11, 2008

President Bush Meets with Economic Team U.S. Department of Energy
Washington, D.C.

˙ /news/releases/2008/07/20080711-4.wm.v.html ˙˙Presidential Remarks
˙˙Audio

˙˙˙˙˙ In Focus: Economy ˙˙˙˙˙ In Focus: Energy

11:38 A.M. EDT

THE PRESIDENT: I want to thank the members of my economic team for
assembling here at the Department of Energy. Secretary Bodman, thank you
for hosting us. First of all, Secretary Paulson came by this morning to
brief me on the financial markets. Freddie Mac and Fannie Mae are very
important institutions. You spent a fair amount of time discussing these
institutions. He assured me that he and Ben Bernanke will be working this
issue very hard.

Secondly, he did inform us that 112 million stimulus payments have gone
out, and I congratulate you and your department for doing your job. We've
so far spent about $91 billion in tax relief, which has had a positive
effect on retail sales. The problem, of course, is that gasoline prices are
up, which has affected the people here in our country. And one of the main
reasons why gasoline prices are up is because crude oil prices are up. And
one reason crude oil prices are up is because demand is outstripping
supply.

And therefore, what can we do about it? And that ought to be the question
the United States Congress asks. And one way to deal with supply problems
is to increase supply here in America. And one of the things we just went
through was a briefing from Secretary Bodman and Secretary Kempthorne about
the vast potential of crude oil reserves on offshore lands, as well as in
Alaska, as well as in the oil shale in the western part of our country. And
yet the Democratic leaders of Congress have consistently blocked opening up
these lands for exploration.

The other part of our briefing was how we could explore in environmentally
friendly ways. Technology has changed dramatically to enable the
exploitation of oil in a way that protects the environment. You know, these
members of Congress, particularly the Democratic leadership, must address
this issue before they go home for this upcoming August break. They have a
responsibility to explain to their constituents why we should not be
drilling for more oil here in America to take the pressure off of gasoline
prices.

I want to thank you all very much for your briefing. These are tough
economic times for the American citizens. There is a way forward to help
relieve some of the pressure on their pocketbooks. And I'm looking forward
to seeing -- watching this Congress respond in a positive way.

Thank you.

END 11:41 A.M. EDT
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