President Bush has laid out proposals designed to bring down energy prices and lessen U.S. reliance on foreign sources of oil.
Speaking in Washington Wednesday, Mr. Bush said the nation must use modern technology to exploit new sources of energy. He said it is time to construct new oil refineries and nuclear power plants, suggesting refineries be built on abandoned military bases. He said consumers should receive tax incentives to buy hybrid automobiles and cars that burn clean diesel fuel.
President called on Congress to allow oil drilling in the Arctic National Wildlife Refuge, saying companies can reach underground oil deposits there with almost no impact on the environment. Following Mr. Bush's comments, oil prices fell more than two-and-a-half dollars to 51-dollars, 61-cents a barrel.