Obama Calls for More US Oil and Gas Production, Less ImportsMar 30th, 2011 | By Michael Benenati | Category: Green Living
President Obama called for more US domestic oil and gas production and less reliance on foreign imports, speaking at Georgetown University in Washington Wednesday. The President laid out three steps towards achieving this goal: more tapping of domestic resources, less usage, and better alternatives to fossil fuels.
Setting the challenge against the crisis in the Middle East and other world events affecting the price of fuel, Obama announced a goal of cutting oil imports from 11 million barrels a day in 2008 to one third of this by 2025. He proposed to achieve this by offering new incentives to stimulate production of oil, gas, and biofuels; imposing tougher vehicle fuel efficiency standards; and increasing reliance on cleaner sources of energy, including nuclear power.
“We cannot keep going from shock when gas prices are up to trance when they go back down,” Obama said. “The United States of America cannot afford to bet our long-term prosperity and our long-term security on a resource that will eventually run out.”
The President’s speech followed up on the Department of the Interior releasing a report yesterday, in response to a Presidential request of March 11, reviewing how much public acreage leased to oil and gas companies remains undeveloped. The review concluded that more than two-thirds of offshore oil and gas leases are not being explored or used for production, and likewise, half of onshore oil and gas leases remain untapped. According to the report, the Gulf of Mexico alone may contain over 11 billion barrels of untapped crude, which is enough to meet domestic demand for almost two years, along with nearly 60 trillion cubic feet of natural gas.