Bush calls for energy independence, stands by ethanol although
environmental benefits of the corn-based fuel are questioned while it
is blamed for surging food prices.
WA****NGTON (CNNMoney.com) -- President Bush said the United States
should "get off oil" Wednesday as crude prices hit record highs and
renewed his sup****t for ethanol use despite concerns the corn-based
fuel is driving up food prices and isn't more environmentally friendly
than gasoline.
"We gotta get off oil, American has got to change its habits," Bush
told a crowd at the Wa****ngton International Renewable Energy
Conference, a meeting of global energy officials and an adjoining
trade show that's the largest all-renewables show ever held in the
United States. "It should be obvious to all, demand has outstripped
supply, which makes prices go up."
As the conference got into its second day, crude oil on the New York
mercantile exchange jumped nearly $4 on falling oil inventories,
trading over $104 a barrel and setting a new all-time record.
Part of Bush's plan to wean the country off oil includes big
investments in ethanol.
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