Peak Oil & George Bush Press Conference
Most Important Quotes from U.S. President George Bush, April 29, 2008:
...One of the main reasons for high gas prices is that global oil production is not keeping up with growing demand.
...I think we better understand that there's not a lot of excess capacity in this world right now.
...demand is rising faster than supply. And that's why you're seeing global energy prices rise.
...But there is no magic wand to wave right now. It took us a while to get to this fix.
The Details:
Here are a few important points from U.S. President George Bush's press conference from today. Each line is a snip. Check the full transcript for the full talk. Bold red emphasis is added.
Across our country, many Americans are understandably anxious about issues affecting their pocketbook, from gas and food prices to mortgage and tuition bills.
The past 18 months, gas prices have gone up by $1.40 per gallon. Electricity prices for small business and families are rising as well.
One of the main reasons for high gas prices is that global oil production is not keeping up with growing demand.
Americans are concerned about rising food prices. Unfortunately, Congress is considering a massive, bloated farm bill that would do little to solve the problem.
It's not the time to ask American families who are already paying more in the checkout line to pay more in subsidies for wealthy farmers.
Americans are concerned about making their mortgage payments and keeping their homes. And I don't blame them.
Americans should not have to wait any longer for their elected officials to pass legislation to help more families stay in their homes.
The average person wants to know whether or not we know that they're paying higher gasoline prices and they're worried about staying in their homes.
You know, we're transitioning to a new era, by the way, a new era where we're going to have batteries in our cars that will power - you know, enable people to drive 40 miles on electricity. There's going to be more ethanol in the market, more alternative fuels. Our driving habits will change.
...on the Saudis, look, I have made the case that, you know, the high price of oil injures economies. But I think we better understand that there's not a lot of excess capacity in this world right now.
You know, hopefully, high prices will spur more exploration to bring excess capacity on. But demand is rising faster than supply. And that's why you're seeing global energy prices rise.
...if we would buy food from local farmers as a way to help deal with scarcity, but also as a way to put in place ... an infrastructure so that nations can be self- sustaining and self-supporting.
...the American people, they got to understand that here in the White House, we are concerned about high gasoline prices, we're concerned about high food prices, we're concerned about people staying in their homes and we're concerned about student loans...
Wowie, look at this one...
QUESTION: Mr. President, you just said there's not a lot of excess supply out there. Some energy experts think we may have already passed or be within a couple of years of passing the maximum oil-pumping capability [i.e. peak oil]. In other words, we may be close to tapping all we've got.
Do you think that's the case? And if you do, why haven't you put more resources into renewable energy research, sir?
BUSH: We've put a lot into, you know, ethanol. And matter of fact, the solution to the issue of corn-fed ethanol is cellulosic ethanol, which is a fancy word for saying we're going to make ethanol out of switchgrasses or wood chips. And we're spending a lot of money along those lines.
But energy policy needs to be comprehensive. And we got to understand we're in a transition period.
The problem is there's been a lot of focus by the Congress in the intermediate steps and in the long-term steps, the long-term steps being hydrogen, the intermediate steps being, you know, biofuels, for example, and research into biofuels, and battery technology, but not enough emphasis on the here and now.
And so you ask - you say that people think we can't - there's not any more reserves to be found. Well, there are reserves to be found in ANWR. That's a given.
You know, I just told you that there's about 27 million gallons of diesel and gasoline that could be from domestically produced crude oil that's not being utilized.
And not only that, we can explore in environmentally friendly ways. New technologies enables for - to be able to drill like we've never been able to do so before; slant-hole technologies and the capacity to use a drill site - a single drill site to be able to explore a field in a way that doesn't damage the environment.
And, yet, this is a litmus-test issue for many in Congress. Somehow if you mention ANWR it means you don't care about the environment.
Well, I'm hoping now people, when they say ANWR, it means you don't care about the gasoline prices that people are paying.
Wow, that was a golden opportunity. Interesting his response on that.
World demand is 85 million barrels a day. So the purchases for SPRO account for 0.1 percent of global demand, and I don't think that's going to affect price when you affect 0.1 percent. And I do believe it is in our national interest to get the SPRO filled, in case there is a major disruption of crude oil around the world.
And if I thought it would affect the price of oil positively, I would seriously consider it. But when you're talking about 0.1 percent of global demand, I think the -- you know, I think, if you kind of (inaudible) a cost-benefit analysis, I don't think you'd get any benefits from making the decision. I do think it costs you, you know, oil, in the case of a national security risk.
But there is no magic wand to wave right now. It took us a while to get to this fix.
Transcript: Part 1
Transcript: Part 2
Analysis: Bush basically answered that we may very well be at global peak oil. The answers? Explore more, drill more, buy new cars that can use electricity, grow more biofuels, add more refineries, and hope for cellulosic ethanol.
...One of the main reasons for high gas prices is that global oil production is not keeping up with growing demand.
...I think we better understand that there's not a lot of excess capacity in this world right now.
...demand is rising faster than supply. And that's why you're seeing global energy prices rise.
...But there is no magic wand to wave right now. It took us a while to get to this fix.
The Details:
Here are a few important points from U.S. President George Bush's press conference from today. Each line is a snip. Check the full transcript for the full talk. Bold red emphasis is added.
Across our country, many Americans are understandably anxious about issues affecting their pocketbook, from gas and food prices to mortgage and tuition bills.
The past 18 months, gas prices have gone up by $1.40 per gallon. Electricity prices for small business and families are rising as well.
One of the main reasons for high gas prices is that global oil production is not keeping up with growing demand.
Americans are concerned about rising food prices. Unfortunately, Congress is considering a massive, bloated farm bill that would do little to solve the problem.
It's not the time to ask American families who are already paying more in the checkout line to pay more in subsidies for wealthy farmers.
Americans are concerned about making their mortgage payments and keeping their homes. And I don't blame them.
Americans should not have to wait any longer for their elected officials to pass legislation to help more families stay in their homes.
The average person wants to know whether or not we know that they're paying higher gasoline prices and they're worried about staying in their homes.
You know, we're transitioning to a new era, by the way, a new era where we're going to have batteries in our cars that will power - you know, enable people to drive 40 miles on electricity. There's going to be more ethanol in the market, more alternative fuels. Our driving habits will change.
...on the Saudis, look, I have made the case that, you know, the high price of oil injures economies. But I think we better understand that there's not a lot of excess capacity in this world right now.
You know, hopefully, high prices will spur more exploration to bring excess capacity on. But demand is rising faster than supply. And that's why you're seeing global energy prices rise.
...if we would buy food from local farmers as a way to help deal with scarcity, but also as a way to put in place ... an infrastructure so that nations can be self- sustaining and self-supporting.
...the American people, they got to understand that here in the White House, we are concerned about high gasoline prices, we're concerned about high food prices, we're concerned about people staying in their homes and we're concerned about student loans...
Wowie, look at this one...
QUESTION: Mr. President, you just said there's not a lot of excess supply out there. Some energy experts think we may have already passed or be within a couple of years of passing the maximum oil-pumping capability [i.e. peak oil]. In other words, we may be close to tapping all we've got.
Do you think that's the case? And if you do, why haven't you put more resources into renewable energy research, sir?
BUSH: We've put a lot into, you know, ethanol. And matter of fact, the solution to the issue of corn-fed ethanol is cellulosic ethanol, which is a fancy word for saying we're going to make ethanol out of switchgrasses or wood chips. And we're spending a lot of money along those lines.
But energy policy needs to be comprehensive. And we got to understand we're in a transition period.
The problem is there's been a lot of focus by the Congress in the intermediate steps and in the long-term steps, the long-term steps being hydrogen, the intermediate steps being, you know, biofuels, for example, and research into biofuels, and battery technology, but not enough emphasis on the here and now.
And so you ask - you say that people think we can't - there's not any more reserves to be found. Well, there are reserves to be found in ANWR. That's a given.
You know, I just told you that there's about 27 million gallons of diesel and gasoline that could be from domestically produced crude oil that's not being utilized.
And not only that, we can explore in environmentally friendly ways. New technologies enables for - to be able to drill like we've never been able to do so before; slant-hole technologies and the capacity to use a drill site - a single drill site to be able to explore a field in a way that doesn't damage the environment.
And, yet, this is a litmus-test issue for many in Congress. Somehow if you mention ANWR it means you don't care about the environment.
Well, I'm hoping now people, when they say ANWR, it means you don't care about the gasoline prices that people are paying.
Wow, that was a golden opportunity. Interesting his response on that.
World demand is 85 million barrels a day. So the purchases for SPRO account for 0.1 percent of global demand, and I don't think that's going to affect price when you affect 0.1 percent. And I do believe it is in our national interest to get the SPRO filled, in case there is a major disruption of crude oil around the world.
And if I thought it would affect the price of oil positively, I would seriously consider it. But when you're talking about 0.1 percent of global demand, I think the -- you know, I think, if you kind of (inaudible) a cost-benefit analysis, I don't think you'd get any benefits from making the decision. I do think it costs you, you know, oil, in the case of a national security risk.
But there is no magic wand to wave right now. It took us a while to get to this fix.
Transcript: Part 1
Transcript: Part 2
Analysis: Bush basically answered that we may very well be at global peak oil. The answers? Explore more, drill more, buy new cars that can use electricity, grow more biofuels, add more refineries, and hope for cellulosic ethanol.