President George W. Bush on Friday cautioned that US energy policy has not been effective in helping alleviate the world's richest economy's dependence on foreign oil.
"We frankly have got policies that make it more difficult for us for us to become less dependent on oil," he said in answering questions after speaking to a group of economists here. Bush separately reiterated his long-held stance that the US supports a strong dollar. "You talk about the price of oil, yeah it's high. It's high because demand is greater than supply," Bush said. "It's a difficult period for our folks at the pump and there's no quick fix," he said.
His comments came as US crude oil futures hit a record $111 a barrel this week, and analysts are now warning that drivers in some parts of the country could pay as much as $4 a gallon for gasoline in coming months.