Office of the Press Secretary
July 11, 2008
President Bush Meets with Economic Team
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
ENDS