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Bush Says U.S. Must Build Refineries to Increase Supply - ASHARQ AL-AWSAT English Archive
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Washington — President George W. Bush on Tuesday at a White House press conference urged Congress to consider the problem of U.S. energy prices, bemoaning the shortage of U.S. refineries, which he blamed for the shortfall of oil production.

&#34I want to make sure that Congress continues to focus on energy,&#34 Bush told reporters. &#34The storm created a short-term problem, and that is when you shut down refineries, it creates a bubble in the system.&#34

The president said one of his actions in response to Hurricane Katrina”s effect on U.S. refineries was to suspend &#34all blending rules in order to be able to more likely import foreign gasoline.&#34 Bush said this &#34helped make up the difference between the refinery capacity shutdown and the demands of the American people.&#34

However, Bush said, &#34there is a bubble moving throughout the system.&#34 The president said that the Congress must recognize that there are &#34tight energy supplies…and one way to deal with tight energy supplies is to increase supply. And a good way to increase supply is to build refineries.&#34

The president said it was &#34amazing&#34 to think about the fact that the United States has not built a new refinery since the 1970”s. &#34And then we had the storm and it took refinery capacity off,&#34 Bush said. That &#34creates a tight supply situation which causes prices to go up…so Congress needs to deal with .&#34

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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