Bush Aides, in Shift, Say Oil a Drag on Economy
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CRAWFORD, Texas  - President Bush's economic  advisers are warning that high energy prices have become a drag  on the U.S. economy and not merely a threat to growth, chipping  away at Bush's upbeat election-year projections and increasing  pressure on him to act.
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The Bush administration said Thursday it is weighing a request from several U.S. refiners to borrow crude oil from the nation's emergency stockpile to help offset supply disruptions along the Gulf Coast from Hurricane Ivan.
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With oil near $50 a barrel, the Bush  administration is set to allow oil refineries to borrow from  the government's emergency petroleum stockpile to make up for  supplies disrupted by Hurricane Ivan, a congressional source  briefed on the pending decision told Reuters on Thursday.
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Oil prices fell again on Tuesday on  signs that high energy costs are slowing the economic growth  that has fueled this year's sharp increase in world oil  consumption.
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The UN conference envoys of President Bushâs Administration along with some developing countries and oil producing nations have blocked a more resolute and committed effort to cap fossil fuel emissions such as coal and oil after reductions already
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President George W. Bush said on Tuesday oil prices were "very high" and tough for the U.S. economy to bear.
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PINEY POINT, Maryland  - President Bush on Monday   pitched his tax cuts as the best way to help U.S. workers, but   said the country's dependence on foreign oil was threatening   economic growth.
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An index of US services dropped to a 16-month low in September, suggesting high energy prices may limit economic expansion. Yet a gain of more than 50 percent in the cost of oil this year didn't prevent executives from increasing hiring.
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The worst of the housing slump might be over, although some pain is likely to linger, an adviser to President Bush suggested Tuesday.
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A government advisory panel will  delay a report on ways to boost U.S. oil refining capacity  because the Bush administration wants to avoid a fight over  environmental regulations before the national elections,  according to a source knowledgeable about the report.
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President George W. Bush is under pressure from European allies to give ground on climate change at next week's meeting of the world's richest countries, but policy experts say prospects for a breakthrough are slim.
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Oil prices ended lower on Tuesday on signs that high energy costs are slowing the economic growth that has fueled this year's sharp increase in world oil consumption.
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PLEAS FOR OIL: President Bush warned Tuesday that surging oil prices threaten the U.S. economy and urged OPEC nations to boost their output. His plea drew little sympathy from oil-rich Saudi Arabia, which said production levels appear normal.
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President Bush said Monday the economy is growing steadily and jobs are plentiful, but America must work harder to break its dependency on foreign oil. Making a Labor Day appearance at Maryland's Paul Hall Center for Training and Education, which offers vocational training to Seafarer's International Union members, Bush said "dependence on foreign oil jeopardizes our ability to grow."
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High crude oil prices have  had some impact on U.S. economic growth but the pain is not on  the level seen during the energy price shocks of the 1970s,  U.S. Energy Secretary Sam Bodman said on Wednesday.
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Sluggish fuel production from the nation's oil refiners is a key factor behind soaring pump prices, a White House economic adviser said on Wednesday.
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High oil prices, a stagnant labor market -- and the lack of a more forceful response from the Bush campaign -- have sparked worry among White House allies that the administration's economic team has been too content cheerleading instead of setting more detailed plans for a second term.