President George W. Bush triggered the biggest one-day jump in oil prices in 16 months on Tuesday when he set out plans in his State of the Union address to double US strategic oil reserves.| He didn't trigger it, prices rose because traders bought oil futures. But trust the MSM to blame Bush first. |
The speech marked Mr Bush’s strongest effort yet to slow the growth of greenhouse gases with a plan to cut US demand for petrol by 20 per cent over the next 10 years by raising fuel-economy standards and setting targets for a shift to alternative fuels. “The plan will confront climate change by stopping the projected growth of carbon dioxide emissions from cars, light trucks and SUVs within 10 years,” a White House document said.
In an echo of last year’s speech, when the president memorably warned that America was “addicted to oil”, Mr Bush said: “For too long, our nation has been dependent on foreign oil. And this dependence leaves us more vulnerable to hostile regimes, and to terrorists – who could cause huge disruptions of oil shipments.”
Mr Bush defended his strategy. “Many in this chamber understand that America must not fail in Iraq – because you understand that the consequences of failure would be grievous and far-reaching.”