Bush: Congress could take steps to ease gas prices

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CRAWFORD — Responding to Americans' anger over fuel prices and the housing bust, President Bush is stepping up pressure on Congress to open up offshore oil exploration and work to restore confidence in the housing finance industry.

"This is a challenging time for families across our nation," Bush said Saturday in his weekly radio address. "I know many families are worried about rising prices at the pump and declining home values."

Bush recently lifted an executive ban on offshore oil drilling. He said it's Congress' turn to act.

"The only thing now standing between the American people and the vast oil resources of the Outer Continental Shelf is action from the United States Congress," he said.

With soaring gasoline prices, public opinion on energy issues is shifting in favor of a more permissive stance on drilling, even though resistance remains to the idea of opening the Atlantic and Pacific coasts or the eastern Gulf off Florida's beaches to oil and gas companies.

There is unrelenting GOP pressure to open up the Outer Continental Shelf to exploration, and Bush kept the pressure on during his radio broadcast.

"The need for congressional action is urgent," he said. "The sooner Congress lifts the ban, the sooner we can get these resources from the ocean floor to the gas pump."

Democrats say they have a different plan to combat record-high gas prices, but that Bush and the Republicans in Congress are blocking it. They argue that oil companies should drill in about 68 million acres of federal land they have already leased for such use — a move the Democrats say would nearly double U.S. production.

They also want the president to tap into the Strategic Petroleum Reserve — a stockpile set aside for emergencies — and work with Democrats to crack down on Wall Street traders who are driving up oil prices by buying huge quantities of oil just to resell at a higher price.

Bush also addressed the public's concerns about the housing industry, which has been in a slump for more than two years. The industry is struggling to cope with record levels of unsold new and existing homes — a glut being expanded by rising foreclosures, which are dumping even more houses on the market.

Buyers are reluctant to purchase a home with home prices still falling sharply and even those buyers who are ready to commit are having trouble qualifying for loans, as lenders tighten standards in response to soaring mortgage delinquencies.

Banks and other financial institutions are struggling to cope with billions of dollars of losses on bad mortgages.

The Bush administration and the Federal Reserve recently announced a support program for Fannie Mae and Freddie Mac to try to stave off serious troubles for the two mortgage giants, which hold or guarantee more than $5 trillion of the nation's mortgages — nearly half the total.

Treasury Secretary Henry Paulson is lobbying Congress for quick approval of a plan that would temporarily empower the government to extend unlimited lines of credit to Fannie Mae and Freddie Mac and to buy their stock, if needed, to bolster their reserves against losses. The companies' shares have plummeted because of fears about their financial stability.

"I urge Congress to swiftly enact this plan into law," Bush said.

All the housing and financial market turmoil has raised fears that the country could be pushed into a recession.

Bush worked to ally those fears, saying the U.S. economy has demonstrated 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," he said.

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{"commentId":2175458,"authorDomain":"roxanne123"}

Please do something to save your american people from starving, homeless and no gas because its so high.shame on congress and all

{"commentId":2175458,"threadId":"311834","contentId":"1659681","authorDomain":"roxanne123"}
    Reply#1 - Sat Jul 12, 2008 7:39 PM EDT
    {"commentId":2175973,"authorDomain":"bluecollarbytes"}

    What's so hard about developing new sources of oil while simultaneously advancing alternative fuels technologies ? Do Democrats just expect to slow down the economy until an alternative fuel technology is affordable?

    {"commentId":2175973,"threadId":"311834","contentId":"1659681","authorDomain":"bluecollarbytes"}
      Reply#2 - Sat Jul 12, 2008 9:15 PM EDT
      {"commentId":2177434,"authorDomain":"thecivicvoice"}

      8 years of Bush, and 12 years of a Republican Congress and people want to blame the Democrats, who've faced veto after veto? Please.

      What's so hard about developing new sources of oil

      Ask the oil companies. They have 68 million acres to available to them.

      {"commentId":2177434,"threadId":"311834","contentId":"1659681","authorDomain":"thecivicvoice"}
      • 1 vote
      #2.1 - Sun Jul 13, 2008 3:07 AM EDT
      {"commentId":2177442,"authorDomain":"thecivicvoice"}

      And just so you know, 68 million acres is roughly 2 times the size of Florida.

      {"commentId":2177442,"threadId":"311834","contentId":"1659681","authorDomain":"thecivicvoice"}
      • 1 vote
      #2.2 - Sun Jul 13, 2008 3:12 AM EDT
      Reply
      {"commentId":2176109,"authorDomain":"abro915"}

      As usual, idiot George remains oblivious to what his $4.3 trillion foray into the Middle East has done to us. And he thinks drilling more wells is going to save us.
      All I can say is Thanks to idiot and all his followers, I've made a tidy profit on oil, shorts and put options. Now that we're at the bottom, I'm just waiting to dump my oil, buy back shorts reinvest into financials and alternative energy.
      Thanks for a great ride, George. And by the way Dick, I dumped Halliburton last month.

      {"commentId":2176109,"threadId":"311834","contentId":"1659681","authorDomain":"abro915"}
      • 1 vote
      Reply#3 - Sat Jul 12, 2008 9:44 PM EDT
      {"commentId":2179106,"authorDomain":"pokerking1313"}

      abro915, it's great that you made a bundle on your investments, now if you really want to make a great investment try donating some money to the homeless shelters, or a food bank. This may not seem like much but these people especially need help and we the people have to pull together.
      This government isn't doing anything to help the unfortunate in our society, especially children.

      {"commentId":2179106,"threadId":"311834","contentId":"1659681","authorDomain":"pokerking1313"}
        Reply#4 - Sun Jul 13, 2008 1:01 PM EDT
        {"commentId":2179462,"authorDomain":"veggichick"}

        I know that gas prices are high, oil companies - along with government - are doing nothing to give the citizens of this country relief, and we are left with paying almost $5 per gallon every time we encounter the pump. But this was more the cause of Bush's wars and threat of war against Iran, which has done more to drive oil prices up than anything.

        All this talk about oil drilling is all well and good, but Investing in drilling in new areas will still take 5-10 years to develop so will not help with gas prices at least until then. I'm most concerned about global warming. Why aren't people talking about this very important issue? We need to look at every available energy and fuel source we can, which would make oil cheaper because of the reduced demand and will help us with the much bigger problem of climate change.

        It's crucial that we ask our current presidential candidates, not only what they plan to do about trying to bring our gas prices down (which, let's be frank, it could take two presidential terms to clean up Bush's mess), but how they are going to go about instituting a much needed carbon cap to stave off the effects of global warming.

        Yes, oil is an immediate issue, but I believe that our very lives depend on how we choose to treat global warming. I guess that is one way to deal with this problem. We won't care how expensive gas is when we are dead. But it is not the best way. We are already seeing the effects in our country and all over the world, and I'm not just talking about the temperatures. I'm also including melting ice in the Arctic and rising ocean temperatures that are threatening to kill off important marine life, both very important to the Earth's eco-system.

        {"commentId":2179462,"threadId":"311834","contentId":"1659681","authorDomain":"veggichick"}
          Reply#5 - Sun Jul 13, 2008 2:11 PM EDT
          {"commentId":2183748,"authorDomain":"LYCEJ08"}

          it's one of the issue right now oil crisis...The soaring oil prices are affecting the costs of everything from food to housing market crisis. There are also significant issues on local and global environmental impact. While there are many issues, we need to look at our next leader and determine which will have the best course of action going forward…I recently watch the two video in about this issue, Obama and McCain talk about this…

          {"commentId":2183748,"threadId":"311834","contentId":"1659681","authorDomain":"LYCEJ08"}
            Reply#6 - Mon Jul 14, 2008 9:15 AM EDT
            {"commentId":2183780,"authorDomain":"LYCEJ08"}

            but as i watch the video in pollclash between obama and McCain about the issue and the housing market crisis...

            {"commentId":2183780,"threadId":"311834","contentId":"1659681","authorDomain":"LYCEJ08"}
              Reply#7 - Mon Jul 14, 2008 9:19 AM EDT
              {"commentId":2184795,"authorDomain":"radicalhippie"}

              NO to bush! NO to the goberment!!!

              it's been stated over & over drilling for crude will NOT lower the price at the pump

              it's been stated over & over it will be 8 to 10 years before the crude is processed and available at the pump

              spend the time, effort, & money on alternative energy

              {"commentId":2184795,"threadId":"311834","contentId":"1659681","authorDomain":"radicalhippie"}
              • 1 vote
              Reply#8 - Mon Jul 14, 2008 10:53 AM EDT
              {"commentId":2185641,"authorDomain":"theseetons"}

              ONE ANSWER TO GASOLINE, FUEL PRICES, & LOW MPG AUTOS

              1.Oil and natural gas prices are created by supply and demand.
              2.Supply and production create fuel use and gasoline prices.
              3. Food, building supplies, retail and commodity that moves by truck, air, and rail has added value impact.

              1.USA based refineries are at a max output.
              2.The last USA based refinery was built over 30 years ago. 3.It would take over seven (7) years to add any more refineries now.
              4.Increase USA drilling for oil will not lower our fuel demand.
              5.40% of our spending dollars leave this county to OPEC for fuel.

              The increased and decreased use of fuel will only become from our demand use. Any increase in refinery facility funding for the above is just keeping the existing status quo for us.

              MY ANSWER

              1.We are a Mobile on Wheels County. 2.Our way of life depends on dependable and low cost fuel.
              3.Our whole life style is based on wheels.
              4.We need to replace every state-registered automobile, regardless of age or size with new 70-MPG automobiles that will run on fuel to the user. 5.Who Pays? The USA taxpayer! We give every year in the billions of dollars aid to other counties. We can give ourselves the aid that will reduce our demand, provide new and enlargement of jobs, maintain our lifestyles, and restraint our fuel cost on all items.

              How it can be accomplished! Every state-registered automobile owner is given an USA state run voucher that gives a one (1) year time frame to go to an automobile dealer to pick out the equivalent proportion of a 50-MPG automobile. The dealer must show that the turned in state-registered automobile was destroyed for USA vouchers payment. The old registered ID automobile number is placed in every state data bank to not allow renewed of the old registered automobile.
              After the one- (1) year time frame any old state-registered automobile at a renewed state registration has an "added USA tax of $1000 per year" added to the cost of the state registration.
              Any lien title on the old automobile is transferred to the new 70-MPG automobile.

              1.This will cost about 15 billion. This is currency that will not be going to OPEC. 2.It will bring our USA balance of payments in line, create new jobs, and lower our fuel cost for all items.
              3.A drop of imported material from the recycled autos.
              4.Automobile manufactures will produce the needed vehicles.
              5.It will lower funding to OPEC and bring our USA high MPG automobiles to world markets.

              {"commentId":2185641,"threadId":"311834","contentId":"1659681","authorDomain":"theseetons"}
                Reply#9 - Mon Jul 14, 2008 11:49 AM EDT
                {"commentId":2190286,"authorDomain":"SthPacific"}
                1.This will cost about 15 billion. This is currency that will not be going to OPEC. 2.It will bring our USA balance of payments in line, create new jobs, and lower our fuel cost for all items.
                3.A drop of imported material from the recycled autos.
                4.Automobile manufactures will produce the needed vehicles.
                5.It will lower funding to OPEC and bring our USA high MPG automobiles to world markets.

                Great plan, now you just need to build a time machine to take you back to the 10th of september 2001 to implement it

                {"commentId":2190286,"threadId":"311834","contentId":"1659681","authorDomain":"SthPacific"}
                • 1 vote
                #9.1 - Mon Jul 14, 2008 4:19 PM EDT
                Reply
                {"commentId":2186003,"authorDomain":"jhr317"}

                steal a little and they throw you in jail..steal alot and they make you king.............if you dont see how the benificiary of drilling is plain and simple..the oil companies period...then you are living in lala sean hannity rush limbaugh land....this is no more than organized crime

                {"commentId":2186003,"threadId":"311834","contentId":"1659681","authorDomain":"jhr317"}
                  Reply#10 - Mon Jul 14, 2008 12:12 PM EDT
                  {"commentId":2186227,"authorDomain":"webslinger"}

                  wonderful news! So, 10 years from now I can actually pay $4.00 for a gallon of gas instead of $4.00 today, $5.00 tomorrow and up a dollar every year until then......Meanwhile, we still won't invest in ALTERNATIVE energy or change our foreign policy to help us TODAY!

                  {"commentId":2186227,"threadId":"311834","contentId":"1659681","authorDomain":"webslinger"}
                  • 1 vote
                  Reply#11 - Mon Jul 14, 2008 12:26 PM EDT
                  {"commentId":2188536,"authorDomain":"gneubeck"}

                  America Urgently Needs A National Discourse On Our Energy Crisis BEFORE Our Economy Implodes.

                  The average American is appalled at the ever escalating price of gasoline/transportation costs and the impact that these costs are having on the family budget. Further, as we're well aware, transportation costs ripple through the entire American economy on every essential commodity that we're required to purchase such as food. The latter being accentuated by an erroneous emphasis on an inefficient petroleum substitute, ethanol, which actually inhibits our attempts to achieve higher mileage standards. Although, it must be noted that the replacement of lead via the 10% ethanol blend was certainly a positive step. In an America with POTENTIALLY vast energy resources, why have we allowed ourselves to become willing victims of cartel energy piracy from highly unstable, unfriendly fanatical regimes, from whom we now import a substantial segment of our petroleum needs? Imports which continuously drain wealth from America in the form of an unfavorable balance of trade; and, conversely flow petro-dollars into the coffers of Islamofacists and others who would destroy America given the opportunity. For a sobering example Iran, with the 3rd largest oil reserves in the world, has been stockpiling huge quantities of excess oil; has converted it's oil trading currency to the Euro; has withdrawn its financial assets from Europe; and, could precipitously dump these oil reserves on the world market in an effort to collapse the dollar as a world currency. SPECULATORS BEWARE. Were it not for America's dependence on these Middle-East petroleum imports, we could conveniently extricate ourselves from this cauldron of fanaticism; and, allow the fanatics to wallow in their self imposed misery and virulent hatred for Western culture.

                  The fundamental question is WHO do we blame for this self-imposed dilemma?

                  America originated nuclear power; and yet, we produce only 20% of our domestic electrical energy from the nuclear option while countries such as France produce 78%, and have programmed significantly more, dramatically reducing their dependence on fossil fuels. The safety issue on nuclear power is a non-sequitur given the hundreds of thousands of operating hours on U.S. Naval nuclear propulsion systems without incident. But yet, LEFT-WING FRINGE ELEMENTS in our society THAT COMPRISE A SIGNIFICANT PORTION OF THE BASE OF THE DEMOCRAT PARTY have for 30yrs. managed to bring America's nuclear industry to a standstill. In the absence of large-scale nuclear energy the plug-in automobile will not reach its full potential.

                  Our Nation possesses an abundance of untapped petroleum reserves; off our coastlines; in the Alaskan wilderness; in the Bakken formation; and, in the form of hi-quality shale oil in the Rocky Mountain region where we have the equivalent of ten(10) Saudi Arabia's in recoverable reserves. And yet, we have permitted LEFT-WING FRINGE ELEMENTS to inhibit our access to such deposits. The incredible irony is that the CHICOM are exploring for oil 45miles South of Key West, while we have prohibited ourselves from exploiting the same resources. Had Bill Clinton, in '95, not vetoed the Republican controlled Senate approval of drilling in ANWAR, exploration which has been previously proven to be beneficial to the Alaskan Caribou herds, we would have had an additional one million barrels of domestic oil production on-line TODAY; and, a concurrent reduction in the at-pump price of gasoline of $1/gallon. Further, there is an inherent synergy to be exploited between Nuclear Power and Shale Oil Extraction. Concurrently, Hillary Clinton and Barrack Obama, ensconced in their own vision of scuttling fossil fuels, have both pledged to confiscate the profits of America's Energy Companies. A move that would cripple our capacity to explore/develop additional petroleum reserves; greatly exacerbate our dependence on foreign sources; and, dramatically further increase the price of fuel at the pump. Granted that the commitment to drill would experience a lag before additional petroleum products could be brought to market; but, the mitigation on speculative factors on price would be immediate. To note; an increase in margin requirements to further dampen speculation woud be a positive step.

                  America has the largest reserves of coal in the world; and, a full 50% of our domestic electrical energy generation is dependent on this resource; and yet, LEFT-WING FRINGE ELEMENTS continuously attempt to restrict the use of these coal reserves; and, to impede attempts to develop technologies/facilities for the gasification of coal. Bill Clinton struck a major blow to America's accessible coal reserves when he unilaterally, over the objection of State officials, placed the Red Hills of Utah with an estimated Four(4) Trillion $s worth of high quality coal assets off-limits. Fearful of mass protests, Clinton wouldn't even go to Utah to announce his heinous restriction; but, rather chose to make his proclamation from the relative security of Arizona. Clinton's actions represented a major financial windfall for his Riady Bros. bankrollers who were in competition with Utah to sell their Indonesian coal holdings to the CHICOM. Ever wonder why Clinton refuses to release the Donor list for his "Foundation"!

                  Even our Hydro-Electric potential has been brought to a standstill by LEFT-WING FRINGE ELEMENTS over such nonsense as the Snail-Darter. Water resources which could as well now be playing a major role in mitigating the effects of the drought that has recently griped the SouthEast.

                  Much of the hype over fossil fuels has again been exploited by LEFT-WING FRINGE ELEMENTS over the mythical impact of MAN MADE CO2 emissions on Global Warming. Such proclamations totally disregard the complete lack of correlation between recorded atmospheric CO2 levels and recorded Global temperatures. On Earth as on Mars, where no controversy of Man Made Global Warming factors exist, surface temperature variations precisely track the recorded fluctuations in Solar irradiance. Further, satellite observations, which are NOT influenced by proximity to ground based heat-sources, have confirmed that there has been NO global temperature increase over the last ten years. Ask our self-inflicted dyslexic friend, Al Gore, to explain these recorded contradictions to his Man Made Global Warming hype. The silence is deafening Albert!

                  Imposition of overly burdensome regulatory criteria and an application morass principally sponsored by LEFT-WING FRINGE ELEMENTS, have made the expense and reduced profitability of investing in additional refinery installations prohibitive. The inevitable result being that a new refinery has not been built in the U.S. since 1976 as corporations have shunned such capital projects creating a restrictive "choke point" in the availability of gasoline products. This "choke point" where refineries are continuously required to operate at peak capacities makes the availability/distribution of refined products within our Nation readily vulnerable to supply disruptions. Further, the dictated multiple blends of gasoline, frequently multiple blends within the same metropolis, have seriously complicated and inflated the time factor in the refinery task. Our entire Nation should express our gratitude and admiration to Union County, South Dakota for stepping forward to rescue America from such myopia with the programmed construction of the first refinery in 32 years; but, the LEFT is already circling the wagons, and looking for a liberal Federal Judge to obstruct.

                  To be certain, we CAN and we MUST achieve total energy independence; but, our Nation can only extricate ourselves from this self imposed dilemma by a broad-based, comprehensive NATIONAL ENERGY STRATEGY that BLENDS all of the elements of: conservation; major increases in transportation efficiencies, such as increased mileage standards; exploitation of our indigenous petroleum resources; fast-tracking of regulatory criteria; a significant expansion of our refinery facilities; major investments in nuclear energy; supplementation of our electrical grid with solar, wind, geo-thermal, and hydro technologies; and, a major investment in Research and Development to bring a Hydrogen and Fusion based economy to fruition. Unfortunately, to dig ourselves out of this self-created coffin-corner will require TIME. Time which simply means that, in the interim, we must protect our access to unstable Middle East suppliers until we bring our own assets on line. The latter exigency which could readily be scuttled by the Cut-And-Run crowd on Iraq. The regional chaos which would be precipitated by an Iranian regional hegemony subsequent to a precipitous American withdrawal from Iraq would make the current cost-escalation in energy supplies from the Middle East seem like the Golden Age of Yesteryear by comparison; and, most certainly would induce a much wider conflict/conflagration. The myopia of the Left on these circumstances is astounding. As history has repeatedly taught with grim consequences, PEACE and STABILITY are won only THRU STRENGTH; and, NOT THRU the nebulous psychosis of HOPE.

                  The ability of a LEFT-WING minority, that has repeatedly demonstrated the ability to whiplash the Democrat Party, to dictate such onerous/debilitating restrictions in the energy sector of the American economy has been made possible ONLY by the passive acceptance of these militant's demands by the more rational majority of the American electorate. The RATIONAL MAJORITY: that believes in the 2nd Amendment to our Constitution; that is proud of our Country; that daily expresses such pride by the furling of an American flag on their property, or the wearing of an American Flag lapel pin on their chest; that proudly places their hand over their heart at the singing of our National Anthem while even shedding a tear or two; that is unashamed to actively recognize the Judeo/Christian heritage of America; that believe that Judges should NOT legislate from the bench; and, that proudly proclaims the unparallel contribution of America to the protection and sustenance of democratic values throughout the pages of world history, as opposed to LEFT-WING FRINGE ELEMENTS that believe America to be the greatest EVIL in the world. As the Pope so eloquently proclaimed on his recent visit to our homeland, "God Bless America".

                  However, with the current composition of the U.S. Senate that believes we can TAX our way out of our energy crisis, our Nation doesn't stand a prayer of extricating ourselves from this self imposed dilemma. Simply review the recent Senate action on HR 3121 where Harry Reid and his minions such as Clinton and Obama, in sync with the Left-Wing Fringe Elements in our society, voted AGAINST the opening of a miniscule portion of ANWAR; AGAINST shale oil extraction of which America has the equivalent of ten Saudi Arabia's in recoverable reserves; and, AGAINST accelerated efforts to facilitate the gasification of America's abundant reserves of coal.

                  The task then for the RATIONAL MAJORITY in our Nation is SIMPLY to recognize the SOURCE that sustains and provides the base of support for the LEFT-WING FRINGE ELEMENTS in our society; and, to undertake a decisive role at the ballot box to isolate and relegate these FRINGE ELEMENTS THAT COMPRISE A SIGNIFICANT PORTION OF THE BASE OF THE DEMOCRAT PARTY to a decibel level that is barely audible. ANY TIME you vote for a Democrat, ANY DEMOCRAT, you're unmistakably multiplying the capacity of these LEFT-WING FRINGE ELEMENTS to continue to promote their radical agenda, and to bring our Nation to its knees. A circumstance that no external power ever could have accomplished.

                  The ability to restore our Nation's status; and, to sustain this Sacred Land that the RATIONAL MAJORITY so proudly calls AMERICA, resides in your hands at the ballot box.

                  GREG NEUBECK

                  {"commentId":2188536,"threadId":"311834","contentId":"1659681","authorDomain":"gneubeck"}
                  • 1 vote
                  Reply#12 - Mon Jul 14, 2008 2:43 PM EDT
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