    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [July 19, 2008]
    [Pages 1038-1039]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    July 19, 2008

        Good morning. This is a challenging time for families across our
    Nation. I know many families are worried about rising prices at the pump
    and declining home values. So this week, my administration took steps to
    help address both these challenges.
        To help address the pressure on gasoline prices, my administration
    took action to clear the way for environmentally responsible offshore
    exploration of key parts of the Outer Continental Shelf or OCS. Experts
    believe that these areas of the OCS could eventually produce nearly 10
    years worth of America's current annual oil production. So on Monday, I
    lifted an executive branch prohibition on exploration in these areas.
        Unfortunately, a full month has passed since I called on Congress to
    lift a similar legislative ban, and Congress has done nothing. This
    means that the only thing now standing between the American people and
    the vast oil resources of the OCS is action from the United States
    Congress.
        Bringing OCS resources on line will take time, and that means that
    the need for congressional action is urgent. The sooner Congress lifts
    the ban, the sooner we can get these resources from the ocean floor to
    the gas pump. Democratic leaders need to show that they have finally
    heard the frustrations of the American people. They should match the
    action I've taken, repeal the congressional ban, and pass legislation to
    facilitate responsible offshore exploration.
        In the short term, America's economy will continue to depend on oil,
    but in the long term, our economic future depends on promoting
    alternative energy technologies. So my administration has worked to
    expand the use of alternative fuels and

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    raise fuel efficiency standards. We're investing in new advanced
    batteries, plug-in hybrids, and hydrogen fuel cells. We're working to
    expand the use of clean, safe nuclear power, solar and wind power, and
    clean coal technology. With these steps, we're enhancing America's
    energy security.
        To address challenges in the housing market, my administration
    announced steps this week to help increase confidence in Fannie Mae and
    Freddie Mac. These two enterprises play a central role in our housing
    finance system, and we must ensure that they can continue providing
    access to mortgage credit during this period of stress in financial
    markets.
        So Treasury Secretary Paulson has
    worked with Federal Reserve Chairman Bernanke, the companies, and the Government regulators on a plan to
    strengthen these enterprises. I urge Congress to swiftly enact this plan
    into law. And I also urge Congress to pass legislation that strengthens
    the independent regulator of Fannie Mae and Freddie Mac, modernizes the
    Federal Housing Administration, and allows State housing agencies to
    issue tax-free bonds to refinance subprime loans.
        Despite the challenges we have faced, our economy has demonstrated
    remarkable resilience. Exports have continued to grow, productivity
    growth has remained strong, and while economic growth in the first
    quarter of this year was slower than we would have liked, it was growth
    nonetheless.
        Thanks to the economic growth package we enacted, American families
    have more cash in their wallets. We now have delivered more than $91
    billion in tax relief to more than 112 million American households this
    year. And in the coming months, we expect more Americans to take
    advantage of these rebates and inject new energy into our economy.
        I have great confidence that our economy will pull through this
    difficult period, because I have great confidence in the boundless,
    innovative spirit of the American people. This is a nation that has
    faced tough challenges in the past and overcome them, and we will do so
    again. With sound policies in Washington and the ingenuity of our
    citizens, our economy will emerge from this period stronger and better
    than before.
        Thank you for listening.

    Note: The address was recorded at 11:45 a.m. on July 18 in Tucson, AZ,
    for broadcast at 10:06 a.m. on July 19. The transcript was made
    available by the Office of the Press Secretary on July 18, but was
    embargoed for release until the broadcast. The Office of the Press
    Secretary also released a Spanish language transcript of this address.