    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [July 11, 2008]
    [Pages 1009-1010]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Following a Meeting With Economic Advisers
    July 11, 2008

        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 at the 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 their--some of the pressure on their pocketbooks. And
    I'm looking forward to seeing--watching this Congress respond in a
    positive way.
        Thank you.

    Note: The President spoke at 11:38 a.m. at the Department of Energy.

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