MR. FRATTO: He has a view on the tax moratorium and that's his position, and we talked about looking for it. The President has been looking at it, but what the President has been focused on is the root of the problem, which is supply and demand. And we've done a lot on the demand side, in terms of conservation. We passed an energy bill last year that increased CAFE fuel standards, and that will put billions of alternative fuels out there that our cars are going to run on. We have done a great deal of investment in technologies for long term, for future automobiles and other forms of alternative fuels. That's on the demand side.

Now what we really need to do is something on the supply side. I gave the statistic earlier today in the gaggle that over the past three years or so, maybe a little bit longer, the annual -- 85 million barrels per day of oil being produced in the world, and we have seen millions of consumers out there -- in this country and in places like China and India and South Africa and Brazil and Russia and other emerging countries -- that are putting millions of new cars out on the road and they're increasing demand. So we see demand increasing and we're not seeing a corresponding increase in supply. And we have supply here at home and we should use it.

Yes, Wendell.

seen at 09:00, 18 June in Whitehouse Press Briefings. Email this to a friend.
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