President George W. Bush participated in a demonstration of alternative fuel vehicles on the South Lawn drive of the White House Monday with the CEOs of the three largest auto makers.

The president said he “found it very interesting that by 2012, 50 percent of the automobiles in America will be flex-fuel vehicles. That means that the American consumer will be able to either use gasoline or ethanol, depending upon, obviously, price and convenience.”

Rick Wagoner, Chairman and CEO, General Motors Corporation said that flex fuel vehicles offer the best opportunity right now for America to lessen its dependence on foreign oil. “There are millions on the road today. As a group, we’ve agreed to double our production by the year 2010, and then have 50 percent of our production E85-capable by the year 2012.”

According to Alan Mulally, President and CEO, Ford Motor Company, there are more ways to help coming soon. “And the fact that we have ethanol solutions today, hybrids coming along, and plus hydrogen and fuel cells and new battery technology, gives some great options to satisfy our need for flexibility, as well as being good stewards of the environment.”

Tom LaSorda, President and CEO, DaimlerChrysler Corporation said their company has “committed, as well, by 2012, to have 50 percent of our production not only in E85, but biodiesel. This Jeep Grand Cherokee here today is going into production as we speak, being shipped from the factory with B5.”

Secretary of Transportation Mary Peters also met with the group.