Bush: Strong Dollar is in U.S. Interest
President Bush said Monday a strong dollar was in the interest of the United States and the global economy, and that energy prices were high.
Bush's comments acknowledging Americans' concerns about the economy followed the biggest one-day price gain in the history of the oil market, which surged by nearly $11 a barrel on Friday to a new record above $139.
Record-high oil prices and U.S. dollar weakness have raised concerns about the U.S. economy.
"I'll talk about our nation's commitment to a strong dollar. A strong dollar is in our nation's interests. It is in the interests of the global economy," Bush said at the White House before departing for a U.S.-European Union summit in Slovenia.
"Our economy is large and it's open and flexible. Our capital markets are some of the deepest and most liquid. And the long-term health and strong foundation of our economy will shine through and be reflected in currency values," Bush said.
He said he recognized the public was concerned about the economy in the face of rising energy prices.
"A lot of Americans are concerned about our economy, I can understand why. Gasoline prices are high, energy prices are high," Bush said.
He said he would discuss with allies the need to advance technologies to become less dependent on hydrocarbons.
"The U.S. economy has continued to grow in the face of unprecedented challenges," Bush said.
"We got to keep our economies flexible. Both the U.S. economy and European economies need to be flexible in order to deal with today's challenges."
Bush also will visit Germany, Italy, France and Britain during the June 9-16 trip.