June 18, 2008
Posted: June 18th, 2008 10:05 AM ET
President Bush urged Congress to allow oil drilling Wednesday.
WASHINGTON (CNN) – President Bush asked Congress Wednesday to permit drilling for oil off America's coasts - on the outer continental shelf - to combat rising oil and gas prices. Bush also renewed his demand that Congress allow drilling in Alaska's Arctic National Wildlife Refuge, or ANWR, clear the way for more refineries and encourage efforts to recover oil from shale in areas such as the Green River Basin of Colorado, Utah and Wyoming. Bush said that the basin potentially contains more than three times as much recoverable oil as Saudi Arabia's proven reserves, and that the high price of oil makes it profitable to extract it. "In the short run, the American economy will continue to rely largely on oil, and that means we need to increase supply here at home," said Bush, adding there is no more pressing issue than gas prices for many Americans. Filed under: President Bush
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