U.S. Relations With the People's Republic of China (2008)

The White House

For Immediate Release
Office of the Press Secretary
July 29, 2008

President Bush Discusses Energy and Economy

Lincoln Electric Company
Euclid, Ohio

3:46 P.M. EDT

THE PRESIDENT:

[ ...Intervening Text... ]

The reason why your gasoline prices are high is because the demand for oil is greater than the supply of oil. The worldwide demand for oil has increased faster than the supplies of oil. Why? Well, one reason why is because there's some new emerging economies. China, for example -- billions of people; more and more people are being able to afford cars. So the demand for crude oil is going up. Same in India. I don't know if you know this or not, but there's 350 million in India who are middle class citizens. That's more than all America total. So these economies are beginning to grow and there's more demand.

[ ...Intervening Text... ]