Bush claims credit on energy, economy

WACO, Texas, July 18 (UPI) -- U.S. President George W. Bush Saturday trumpeted steps his administration took this week on rising energy costs and sagging home values.

In his weekly radio address, the president chided Congress for refusing to lift its ban on drilling for oil in key areas of the Outer Continental Shelf.

"Experts believe that these areas of the OCS could eventually produce nearly 10 years' worth of America's current annual oil production," Bush said. "So on Monday I lifted an executive branch prohibition on exploration in these areas.

"Unfortunately, a full month has passed since I called on Congress to lift a similar legislative ban, and Congress has done nothing."

Bush said long-term energy policy will require wider use of energy sources other than oil.

"So my administration has worked to expand the use of alternative fuels and raise fuel efficiency standards," he said. "We're investing in new advanced batteries, plug-in hybrids and hydrogen fuel cells. We're working to expand the use of clean, safe nuclear power, solar and wind power and clean coal technology."

Bush also claimed credit for action taken this week to rescue mortgage giants Fannie Mae and Freddie Mac and reminded listeners that U.S. taxpayers had received $91 billion under the tax stimulus plan enacted by Congress this year.