Fact Sheet: Reducing Gas Prices and Foreign Oil Dependence
"Today, President Bush called on Congress to help American families by removing barriers to domestic production of oil and gasoline. For many Americans, there is no more pressing concern than high gasoline prices. Behind them is the basic law of supply and demand. In recent years, the world's demand for oil has grown dramatically. Meanwhile, the supply of oil has grown much more slowly. As a result, oil prices have risen sharply, and that increase has been reflected at American gas pumps. And now much of the oil consumed in America comes from abroad, including from unstable regions and unfriendly regimes. The Bush Administration has repeatedly called on Congress to expand domestic oil production. Unfortunately, Congressional Democrats have rejected virtually every proposal. Now, Americans are paying the price at the pump for this obstruction..."