Bush touts energy plans on Earth Day

With a hydrogen fuel cell car in the background, President Bush talks about reducing dependence on oil.

By Robert Schroeder, MarketWatch

WASHINGTON (MarketWatch) -- President Bush used the Earth Day holiday on Saturday to tout energy reforms including hybrid vehicles and investment in ethanol, one day after oil prices reached a new record high.

In his weekly radio address, Bush laid out plans for improving hybrid cars and trucks. He said the U.S. is funding research into hybrids that can be recharged in electrical outlets.

"By developing these and other new sources of clean renewable energy like ethanol, we will continue growing our economy, reduce energy prices and protect our environment, and make America less dependent on foreign oil," Bush said. An advance copy of his radio remarks was distributed to reporters.

Bush and other world leaders are facing record-high oil prices. On Friday, crude futures closed above $75 a barrel for the first time in New York trading, marking a gain of more than 6% for the week. Tight U.S. gasoline supplies, worries about Iran's nuclear ambitions and violence in oil-rich Nigeria fueled the uptick in crude prices. See full story. Read Full Story. Read, but "Pray the News". . .