Washington: Underlining the global nature ofdependency on oil, President George W Bush today said it only made sense forthe US to help countries like India and China to makethem less dependent on hydrocarbons.

"This is a global issue, obviously when demand for oil goes up in a placelike India or China, itaffects the price that you pay at the pump", Bush said.

He was speaking on economic and trade issues in Peoria, Illinoisand at the Caterpillar Plant.

"And therefore, it makes sense for us to help these developing countrieswith new technologies that will not only make them less dependent onhydrocarbons, but better stewards of the environment." Specifying atime-frame of 10 years, the President urged for a reduction of consumption ofgasoline by US by 20 per cent.

"In in order for us to be competitive, in order for us to remain theeconomic leader of the world, we're going to have to promote new technologiesthat make us less dependent on oil. And it's coming. These are exciting times.I'm very optimistic about meeting the future, because of new technologies"Bush said.

Lauding Caterpillar for its initiatives relating to technology-transfers todeveloping countries, the USPresident said, "I appreciate what Caterpillar has done.We set up what'scalled the Asia Pacific Partnership on Clean Development and Climate."