U.S. President George Bush makes remarks on the economy, during a visit to World Wide Technology, Inc. in Maryland Heights, Missouri on May 2, 2008. The company, one of the largest African-American owned companies in the country,manufactures computer components and recorded record profits last year. (UPI Photo/Bill Greenblatt)

Both Sens. Hillary Clinton, D-N.Y., and John McCain, R-Ariz., called for a summer tax holiday; Clinton would tax oil companies' profits and McCain would not offset the losses to the U.S. Treasury.

"But ... this is a problem that's been a while in making and it's going to be a while that we solve it," Bush said in an interview from the White House South Lawn with ABC's "Good Morning America."

Bush said he understands why families are reconsidering vacation and travel plans, adding the economic stimulus checks should offer some relief. The checks began being distributed last week.

"But it's (rising energy prices) been a while in the making and it's going to be a while that we solve the problem," he said. "We're too dependent on foreign oil and we need to be exploring more at home."