President Bush sat down with a small group of reporters today, and Larry Kudlow has a few observations, disseminating what he can between the on-and-off-the-record rules.
First, the president will continue his strong push on energy deregulation to open up the offshore outer continental shelf, ANWR, and the shale fields. When asked if he would revoke the executive order moratorium on drilling, he said he was thinking about it. When asked whether he would give a prime-time nationally televised speech on the subject, he said he would think about that too.
He made it clear that the root cause of high gas pump prices and the $140 barrel price of oil is a lack of supply. He said we’re in a transition period from hydrocarbons to alternative technologies, but that drilling for more oil and gas is essential at this stage. He said taxing oil companies will not create any new supply. He also asserted that the marketplace works more effectively than a variety of new regulations.
Here’s the transcript of the President’s Rose Garden remarks on energy he made on June 18.
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