What the President Meant to Say

Defending Big Oil

And just in case you thought Bush, himself an oil man by profession, had suddenly turned all populist on the issue: Never fear. High oil prices have taken an enormous toll on working Americans while contributing to world-record profits for the oil companies. But Bush doesn't see a problem there.

Terence Hunt writes for the Associated Press: "President Bush defended the huge profits of Exxon Mobil Corp. Wednesday, saying they are simply the result of the marketplace and that consumers socked with soaring energy costs should not expect price breaks. . . .

"Early this week, Exxon reported record profits of $10.71 billion for the fourth quarter and $36.13 billion for the year -- the largest of any U.S. company. While some politicians raised furious objections, Bush had a different reaction.

" 'There is a marketplace in American society,' he said."

In a short interview with the Associated Press on Air Force One yesterday morning -- several hours before Bodman and Hubbard's briefing -- Bush offered an even "more ambitious hope than in his State of the Union speech for cutting imports from the volatile Mideast," Hunt writes.

" 'I believe in a relatively quick period of time, within my lifetime, we'll be able to reduce if not end dependence on Middle Eastern oil by this new technology' of converting corn, wood, grasses and other products into ethanol, he said."

Here are excerpts from the interview.

Guzzler Watch

Kenneth R. Bazinet writes in the New York Daily News to remind us that "President Bush is one of the biggest gas guzzlers in the country and his first stop to sell the idea of breaking the nation's oil addiction burned up thousands of gallons of jet fuel and hundreds of gallons of gasoline."

Reuters Interview

Bush also sat down for a short interview with Reuters.

Glenn Kessler writes in The Washington Post: "President Bush said yesterday the United States would defend Israel militarily if necessary against Iran, a statement that appeared to be his most explicit commitment to Israel's defense. . . .

"The White House played down Bush's comments, saying they are in line with previous remarks and do not represent new policy. But examples provided by the White House were not as explicit, with Bush publicly saying he was 'committed to the security of Israel as a vibrant Jewish state' or 'committed to the safety of Israel.' "

Steve Holland writes for Reuters: "President Bush on Wednesday called for overhauling the way lobbyists do business in Washington in the wake of the Jack Abramoff scandal. . . .