Obama Calls For One-Third Reduction In Oil Imports
President Barack Obama announced the setting of a new energy goal today: to reduce U.S. oil imports by one-third in about a decade. Obama called this goal “reasonable,” “achievable” and “necessary.”
This can be done, he said, by “finding and producing more oil at home, and reducing our dependence on oil with cleaner alternative fuels and greater efficiency."
Obama framed this goal with the issues that have arisen regarding energy “security” because of the nuclear crisis in Japan and the war in oil-rich Libya. The crisis in Japan led the president last week to call for a review of nuclear power plant safety.
Gas prices have topped $4 a gallon in parts of the country such as Los Angeles, and economists worry that out-of-control oil prices worldwide could derail economic recovery.
The president also called on government agencies to start purchasing only alternative-fuel vehicles for their fleets by 2015.
Senate Energy and Natural Resources Committee Chairman Jeff Bingaman said that Obama’s goals are reasonable.
Still, reports suggest that reduced dependency on foreign oil will not make a significant impact on domestic gas prices.
Even if U.S. consumption of oil drops, it will have little if any impact on gasoline prices, since oil is priced globally and increased demand from China and other developing nations continues to push prices up.
Obama argued the U.S. cannot continue to rely so heavily on a resource that will run out.
Reach Ryan Faughnder here.