[Weekly Compilation of Presidential Documents Volume 44, Number 27 (Monday, July 14, 2008)]
[Pages 976-977]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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

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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.