The White House probably got a call from Saudi Arabia after the speech saying "what the hell are you talking about?"
I suspect you are right:

http://news.ft.com/cms/s/8d5c9580-9368-11da-a978-0000779e2340.html

The Organisation of the Petroleum Exporting Countries on Wednesday warned that President George W. Bush's proposal to reduce US dependence on Middle Eastern oil could badly jeopardise needed investment in Gulf oil production and refining capacity.