White House spokeswoman Dana Perino said the Republican-sponsored American Energy Act will open up access to the Outer Continental Shelf and the Arctic National Wildlife Refuge, as well as spurring development of oil shale resources.

"The president recognizes, as do Republicans in Congress, that we don't need just one energy source, we need all of them," Perino told the daily press briefing. "That's why we are making critical investments in things like solar and wind, hydrogen fuel cell technologies, hybrid plug-in vehicles, as well as cutting-edge clean coal plants and advanced nuclear power technologies.

"Backers of this legislation clearly understand that we need to increase domestic fuel supply with appropriate safeguards for the environment. We hope Democratic leaders will recognize this critical need, and stop standing between the American people and the vast energy resources we have at home."

Perino said the president's decision rescinding the executive order banning new offshore drilling sent a strong signal to markets, but stopped short of saying the action has resulted in the recent downturn in oil and gasoline prices.