Bush Says Dems to Blame for High Gas Prices

"When I announced this policy the other day, Sen. Obama wasted no time in mischaracterizing it. He described my position as -- you guessed it -- another example of Bush's third term," McCain said today in Missouri. "I guess the senator has changed his position since voting for the 2005 Bush energy bill -- a grab-bag of corporate handouts that I opposed."

However, Democrats were quick to pick up on the Bush-McCain energy embrace.

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"After admitting he doesn't understand the economy, Sen. McCain is now trying to pass off failed Bush policies that have undermined America's energy security, our national security and our economy as his 'new' approach to energy independence," Democratic National Committee Communications Director Karen Finney said.

'Years' Until Relief at the Pump

Regardless of politics, Bush admitted his new proposals would not be an instant fix.

"The proposals I've outlined will take years to have their full impact," he said.

However, he argued that lifting the ban on offshore drilling could produce 18 billion barrels of oil in the future.

The president said restrictions on offshore drilling have become "outdated and counterproductive," and urged Congress to act on three other proposals in addition to offshore drilling. The other proposals include opening exploration in the Arctic National Wildlife Refuge, expanding and enhancing U.S. refineries, and leasing land for shale exploration in Colorado, Wyoming and Utah.

Democrats in Congress refute the president, saying shale is at least 10 years from commercial development, because technology isn't mature enough.

Sen. Dick Durbin, D-Ill., dismissed Bush's proposals, saying oil companies need to change their ways.

"We have to look to the reality," Durbin said. "The reality is oil companies are making profits at record-breaking levels. The reality is that speculation is driving the price of oil up. And the reality is that the president of the United States has yet to call the oil company executives into the Oval Office to tell them they're wrecking the economy."

He added that oil companies already have the rights to drill on 68 million acres of American soil that aren't currently under development.

Z. Byron Wolf contributed to this report.