He said his budget proposal to be released on Thursday will invest $15 billion a year on [image-nocss] wind and solar power, advanced biofuels, clean coal and American-built cars and trucks that are more fuel efficient. "We know the country that harnesses the power of clean, renewable energy will lead the 21st century," said Obama, who took office five weeks ago.
However, he said while the United States invented solar technology, America has fallen behind Germany and Japan in producing it. While new plug-in hybrid vehicles roll off U.S. assembly lines, Obama said they have to run on advanced batteries made in South Korea.
To address those shortcomings, he reiterated his goal to double U.S. renewable energy production over the next three years and touted the billions of dollars his administration will invest in energy research. "We will soon lay down thousands of miles of power lines that can carry new energy to cities and towns across this country. And we will put Americans to work making our homes and buildings more efficient so that we can save billions of dollars on our energy bills," Obama said.
Obama also said, "We have known for decades that our survival depends on finding new sources of energy. Yet we import more oil today than ever before."
An Associated Press report, however, citing Energy Information Administration (EIA) data, said that oil imports peaked in 2005 at just over 5 billion barrels and have been declining slightly since. The figure in 2007 was 4.9 billion barrels, or about 58% of total consumption. The nation is on pace this year to import 4.7 billion barrels, and government projections are for imports to hold steady or decrease a bit over the next two decades. (Click here for EIA data.)
The American Petroleum Institute (API) issued the following statement from President Jack Gerard: "President Obama's speech tonight elevates energy as a critical national priority and signals to the American people the importance of developing a comprehensive energy policy. That policy should include all forms of energy, including oil and natural gas. America needs all the energy it can get to fuel a recovery and create jobs. While alternatives, efficiency and conservation will play an important role in the future, oil and natural gas are needed now and will be needed for decades as a bridge to fuel America's economy. The American people should not be deprived access to the nation's onshore and offshore oil and natural gas resources, including those in federal waters on the Outer Continental Shelf off the Atlantic, Pacific and in the Gulf of Mexico. The oil and natural gas industry is ready to safely develop those resources and create jobs, spur economic growth, reduce our dependence on foreign oil and generate new tax revenues for federal, state and local governments."
Click hereto view a full transcript of President Obama's speech. Click here for video.
Andclick here for a full transcript of Louisiana Governor Bobby Jindal's Republican response.
Click herefor video.
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