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By Barry Wood
Washington
28 April 2006
President Bush Friday said that the tripling of the price of oil since he became president in 2001 is a wake-up call that should hasten the development of alternative sources of energy.
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George Bush talks about US economy in the White House Rose Garden, April 28, 2006
At a White House news conference, President Bush said he saw no evidence that oil companies are manipulating prices. But he called on U.S.-based multinationals1 to pump their multi-billion-dollar profits back into new investment to help bring down gasoline prices.
He also said higher gasoline prices should spur the demand for new technologies that would lessen2 America's dependence3 on imported oil.
"The American people have got to understand that we're living in a global economy," he said. "So when China and India demand more oil, it affects the price of gasoline at the pump."
Motorists drive by Sunoco Philadelphia Refinery4, April 28, 2006
Despite record high gasoline prices, the U.S. economy registered impressive four point eight percent growth in the first three months of this year. It's the best performance in over two years. Mr. Bush also called attention to recent data showing that consumer confidence has reached its highest level since 2002.
"This confidence is largely driven by the many jobs being created in our country, 5.1 million since August 2003," he said. "This good news cannot be taken for granted. With gas prices on the minds of Americans, we need to keep our foot on the pedal of this strong economy."
While U.S. growth rebounded5 sharply from the more subdued6 level of less than two percent in the fourth quarter, economists7 expect growth to moderate to a three percent pace later this year. Higher gasoline prices depress economic activity since consumers have less disposable income to spend. The doubling of gasoline prices over the past three years has also boosted inflationary pressure, which the central bank seeks to contain through higher interest rates.
1 multinationals | |
跨国公司( multinational的名词复数 ) | |
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2 lessen | |
vt.减少,减轻;缩小 | |
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3 dependence | |
n.依靠,依赖;信任,信赖;隶属 | |
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4 refinery | |
n.精炼厂,提炼厂 | |
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5 rebounded | |
弹回( rebound的过去式和过去分词 ); 反弹; 产生反作用; 未能奏效 | |
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6 subdued | |
adj. 屈服的,柔和的,减弱的 动词subdue的过去式和过去分词 | |
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7 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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