WASHINGTON, Apr. 29, 2008 (Reuters) — President George W. Bush said on Tuesday that U.S. gasoline prices are at record levels because global oil production is not keeping pace with demand.

"One of the main reasons for high gas prices is global oil production is not keeping up with growing demand," Bush said at a news conference.

(Reporting by Tom Doggett)

President Bush takes a question during a news conference in the Rose Garden of the White House in Washington, April 29, 2008. REUTERS/Jason Reed

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