Bush: Dependence On Oil Rises Day By Day

The US President George Bush yesterday pushed for the long-stalled energy bill, referring to record oil prices. During his speech in Ohio he cautioned against rising dependence on overseas oil.

The bill's more controversial elements would open up the Alaska National Wildlife Refuge to oil and gas drilling, relax pollution standards and give massive tax breaks and incentives to energy producers, including coal.

Bush also called for Americans to build nuclear power plants again after a gap of more than 30 years. "Uncertainties about energy supply are dragging on our economy," he said. "It's hard to plan with confidence if you're not sure the lights are going to stay on".

Oil prices surged toward $55 Tuesday amid cold weather in the US Northeast and the weaker dollar and the speculations that OPEC will not increase output and the US data showed plentiful stocks of crude failed to ease longer term concerns about possible shortages.