President Bush Addresses the 2008 Annual Meeting of the West Virginia Coal Association

One of the real problems we have is that we haven't built a refinery in the United States in 30 years. Isn't that an interesting statistic? It's kind of a sad statistic, because -- you probably don't know this, but much of the gasoline that we use here in America is imported from overseas. We haven't built a refinery because there's typically a lot of regulatory burdens and costly litigation. And Congress can fix it, and they ought to fix it. I actually asked Congress a couple of times to allow for refineries to be built on abandoned military bases and expedite the regulatory process so we can get these refineries up so we can get more gasoline, U.S.-produced gasoline into the pumps for U.S. consumers.

Supply and demand works. And if you got a pinched supply relative to increasing demand, you're going to have higher prices. We can send a signal to the world that the United States is going to get after these reserves here in the United States of America; that we're going to have an aggressive policy that respects our environment to take the pressure off international price; and we can also relieve pressure on our own gasoline stocks by producing it right here in the United States of America.

So I'm talking about a comprehensive plan. But it starts with being wise about our own resources and having confidence that technology will enable us to extract those resources that accomplishes several objectives: one, an efficient way to get the product to market; two, keeping our money here at home; and three, protecting the environment. And I'm confident we can do all three.

We're in a interesting period of time. I happen to believe we're in a -- it's in our national security interest to become less dependent on foreign oil. Matter of fact, I know it's in our national security interest. I sometimes remind people that we have to buy oil from places where people don't particularly like us. And so therefore, finding oil here domestically helps, but it also helps to promote alternative energy sources. I like the idea of our farmers growing product that powers our automobiles. That's one way to keep money at home. And that's why I'm a big believer in ethanol. And I understand the pressure on corn. If you're a chicken raiser, you're not happy about things right now. If you're a hog raiser, you know that your feed prices are going up. And my answer is, it is just the beginning of an industry that is going to develop away from corn ethanol, because I feel pretty good about the fact that our research and development would allow us to use other sources of raw materials for ethanol, like wood chips. You got yourself a lot of wood here in West Virginia. Wouldn't it be possible -- (applause) -- and there is waste materials when it comes to the wood industry, the timber industry. Wouldn't it make sense to -- and I think this is going to happen -- to be able to use the waste material to produce energy that goes into our automobiles?

There's a lot of cars that are flex-fuel. I don't know if you pay attention to whether your car is flex-fuel or not, but that means you can either regular gasoline or ethanol. And the automobile industry has been responding to demands. In my part of the world, they could be growing switchgrass; it's a grass that grows where there's not a lot of rain. And that too could be converted. It's called cellulosic ethanol; that's a fancy term for using different kind of products to be able to manufacture ethanol. Biodiesel, as well, has got a lot of potential to it.

I believe that one really promising source of energy, so we can power our automobiles and become less dependent on foreign energy, is coal-to-liquids projects. I believe that it's worthwhile to -- (applause.) I appreciate the fact that the leaders here in this state have pushed this project hard. I want to thank the industry for making sure people explore all possibilities. This has got a lot of potential to be able to help us in America diversify away from foreign oil. And I'm not sure how long it's going to take, but don't be surprised if technological breakthroughs don't enable you to become gasoline producers.

One of these days we're going to be driving cars with battery technologies that will enable you to be able to have a car that doesn't look like a golf cart -- (laughter) -- but will be able to get you from point A to point B. It's estimated that new battery technologies will be on the market relatively quickly, where you can drive the first 40 miles on electricity. That takes the pressure off of crude oil because it means you're not using gasoline. Of course, we're going to have to have enough electricity to be able to drive the cars. That's the challenge.

We're working on hydrogen-powered automobiles. These little fellows will be driving -- maybe driving hydrogen-powered automobiles. That's not going to be happening any time soon, but there's a great potential in tapping hydrogen. I would repeat, in order to manufacture hydrogen you're going to have to have enough electricity to be able to do so, but there's some great promise. If you think back to the changes in America, I mean, it's remarkable progress in our country. Technology has changed a lot about how we live, and it's going to continue doing it.

And that's why we got -- that's why I'm confident in the future. I just want to make sure that we understand that there isn't a single solution, and to make sure the American people understand you're a part of the solution. You're a part of making sure that the country remains optimistic and hopeful. I talk a lot about our energy resources, but the best resource in America is the brain power and the optimism of the American people. We're a fabulous country. You know, I have seen America at its very best in seven and a half years. I marvel at the entrepreneurial spirit in our country. I love the fact that people go from nothing to something. Our small business owners are great people. I love the fact that we've got people who understand the dangers we face, understand we're facing ideological people that use murder to achieve their objectives, and want to hurt us again here at home.

I marvel at the fact that we've got a country where people say, "I want to serve, and to wear the uniform of the United States." (Applause.) And I am constantly amazed at the millions of acts of kindness and compassion that take place on a daily basis in the United States of America.

We've got people who feed the hungry, provide care for the homeless, love a neighbor in need -- and it doesn't require one law from Washington, D.C. Many of these folks respond to a higher law, a higher calling. This is a compassionate, decent, fantastic country, and it's been my honor to be your President for seven and a half years. (Applause.)

I'm proud to be here with you. I'm proud to call you friend. This is not a farewell address. (Laughter.) I'm sprinting to the finish. (Laughter.)

God bless. (Applause.)

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