Excerpts From President Bush's Speech

WE stand today at a unique and extraordinary moment. The crisis in the Persian Gulf, as grave as it is, also offers a rare opportunity to move toward a historic period of cooperation. Out of these troubled times a new world order can emerge ... freer from the threat of terror, stronger in the pursuit of justice, and more secure in the quest for peace. On oil:

Iraq, itself, controls some 10 percent of the world's proven oil reserves. Iraq plus Kuwait controls twice that. An Iraq permitted to swallow Kuwait would have the economic and military power, as well as the arrogance to intimidate and coerce its neighbors - neighbors who control the lion's share of the world's remaining oil reserves.

On domestic responsibility:

As I have pointed out before, conservation efforts are essential to keep our energy needs as low as possible. We must then take advantage of our energy sources across the board: coal, natural gas, hydro, and nuclear. ... Let no one even contemplate profiteering from this crisis.

On the budget deficit:

Higher oil prices slow our growth, and higher defense costs would only make our fiscal deficit problem worse. To my friends in Congress, together we must act this very month before the next fiscal year begins Oct. 1 to get America's economic house in order. First, the Congress should, this month, within a budget agreement, enact growth-oriented tax measures - to help avoid recession in the short term and to increase savings, investment, productivity, and competitiveness for the longer term.