Bush said Congress failed to pass bills that expand safe oil exploration and build new refineries that would help to reduce energy prices. The president said his proposal to expand oil production at home would result in about a 20% increase of crude oil production and it would likely mean lower gas prices.
He added that the farm bill that Congress is considering is “bloated,” and would do little to reduce the cost of food.
“The bill Congress is now considering would fail to eliminate subsidy payments to multimillionaire farmers,” said Bush. “America’s farm economy is thriving … and this is the right time to reform our nation’s farm policies.”
The president also called out Congress for failing to pass his proposed legislation to help modernize the home loan industry through Freddie Mac (FRE, Fortune 500) and Fannie Mae (FNM, Fortune 500) reforms, and by allowing state housing agencies to issue tax-free bonds to refinance subprime loans.
Hey oldmarin- Yes I understand we do not get that much oil form the middle east. We import more oil form Canada than any other country.
Hey southwin, how about this!! Their is enough oil in Colorado and Utah to lat the world for 500 years. It is about 8 times what Saudi Arabia has and 3 times more than all OPEC countries have combined and it can be extracted for $12.00 a barrel and 80% of this oil is on government ground.
