Read this interview about the economy with Bush and Ron Insana

[linazelle]

http://www.energybulletin.net/5577.html

Excerpts:

Insana: And you've expressed your concern about rising oil prices. There are some people who worry that even as we wait for your energy bill to be passed we could see a $3 or $4 price-per-gallon for gasoline this summer. Before the bill passes, is there anything you can do to bring down the price so that it's not going to be a burden to the average American come this summer?

President Bush: A couple of points on that. First, you know, it took us awhile to get to where we are today and it's going to take us awhile to become less dependent on foreign sources of energy. Even signing an energy bill, you don't have an instant fix. Secondly, I fully understand high gas prices is beginning to really pinch a lot of our fellow citizens, and that's troubling. There are some things that we need to do in the energy bill, which is encourage more exploration, we need to look refining capacity -- how do we help put regulations in place that will encourage construction of refineries so, at the very minimum, there's a steady source of supply of gasoline. Thirdly, obviously, internationally I'll be talking to our friends about making sure that they understand that if they pinch the world economy too much, it'll affect their ability to sell crude oil in the long run.



Insana: Well, GM and Ford are getting hit pretty hard right now based on how gasoline prices are. Are you worried about what the impact of a weakened General Motors might be on the economy because oil prices and gasoline prices are so high?

President Bush: Well, I think they're going to have to learn to compete. In other words, if the consumer starts saying we want a different kind of automobile, they're going to compete once again with, say, the Japanese automobile manufacturers to, to, to, to get a, to keep their lion's share of market demand.




Insana: Some of your loyal opponents on Capitol Hill today made some cynical comments suggesting that you don't mind way high oil prices because they help some of your friends in the oil business. How would you respond to statements like that?

President Bush: I, I'm the president of everybody. And I -- look, I go to Fort Hood, Texas, and I sit down at a table with a young solider and we're talking about his tour of duty. And one of the first questions he asked me is what are you going to do about gasoline prices, Mr. President?

I mean, here's a kid who has, you know, put his life on the line for our nation's freedom and for peace and he's worried about gasoline prices. 'Course I'm worried about gasoline prices. And a high price of crude drives the price of gasoline.

And listen, I've been talking to Congress for three or four years now about getting a plan in place, getting a bill to my desk that reflects a comprehensive energy plan. And in all due respect to the members of Congress who are -- might be somewhat critical of the administration, it's time for them to stop debating and time for them to get a bill to my desk.



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