Just days before he was scheduled to head to the G8 summit in Japan, President Bush last week called for more oil production at home and abroad, while emphasizing that the global community is entering a "transitional period" in terms of energy usage. Bush said the world economy needs as much oil as it can get to help tamp down prices that have surged above $140 per barrel. He argued that having more oil in the market would ultimately help the world "transition away from hydrocarbon" fuels. Bush said more oil is needed because newer, cleaner technologies, such as cellulosic ethanol, have not been fully commercialized. "We're now just in a transitional period and we need more oil to be able to do so," he said in a briefing on his trip to the G8 summit. In addition to Bush, the leaders of Canada, France, Germany, Italy, Japan, Russia and the United Kingdom will attend the meeting. The summit, which will take place in Toyako, Japan, from July 7-9, will include discussions of energy security and climate change. Energy has become a focal point of all major international meetings over the past year, as the price of oil has doubled. The current situation even prompted the world's largest oil producer, Saudi Arabia, to hold a meeting last month with the world's largest producers and consumers, although that meeting did little to slow the price spike.
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