|Excerpts From Speech:
We meet at a moment when this country is facing a set of challenges greater than any we've seen in generations. Right now, our brave men and women in uniform are fighting two different wars while terrorists plot their next attack. Our changing climate is placing our planet in peril. Our economy is in turmoil and our families are struggling with rising costs and falling incomes; with lost jobs and lost homes and lost faith in the American Dream. And for too long, our leaders in Washington have been unwilling or unable to do anything about it.
That is why this election could be the most important of our lifetime. When it comes to our economy, our security, and the very future of our planet, the choices we make in November and over the next few years will shape the next decade, if not the century. And central to all of these major challenges is the question of what we will do about our addiction to foreign oil. Without a doubt, this addiction is one of the most dangerous and urgent threats this nation has ever faced - from the gas prices that are wiping out your paychecks and straining businesses to the jobs that are disappearing from this state; from the instability and terror bred in the Middle East to the rising oceans and record drought and spreading famine that could engulf our planet. It's also a threat that goes to the very heart of who we are as a nation, and who we will be.
I believe we should immediately give every working family in America a $1,000 energy rebate, and we should pay for it with part of the record profits that the oil companies are making right now. I also believe that in the short-term, as we transition to renewable energy, we can and should increase our domestic production of oil and natural gas. But we should start by telling the oil companies to drill on the 68 million acres they currently have access to but haven't touched. And if they don't, we should require them to give up their leases to someone who will. We should invest in the technology that can help us recover more from existing oil fields, and speed up the process of recovering oil and gas resources in shale formations in Montana and North Dakota; Texas and Arkansas and in parts of the West and Central Gulf of Mexico. We should sell 70 million barrels of oil from our Strategic Petroleum Reserve for less expensive crude, which in the past has lowered gas prices within two weeks. Over the next five years, we should also lease more of the National Petroleum Reserve in Alaska for oil and gas production. And we should also tap more of our substantial natural gas reserves and work with the Canadian government to finally build the Alaska Natural Gas Pipeline, delivering clean natural gas and creating good jobs in the process.
We need a much bolder and much bigger set of solutions. We have to make a serious, nationwide commitment to developing new sources of energy and we have to do it right away.
Creating a new energy economy isn't just a challenge to meet, it's an opportunity to seize - an opportunity that will create new businesses, new industries, and millions of new jobs. Jobs that pay well. Jobs that can't be outsourced. Good, union jobs.
If I am President, I will immediately direct the full resources of the federal government and the full energy of the private sector to a single, overarching goal - in ten years, we will eliminate the need for oil from the entire Middle East and Venezuela. To do this, we will invest $150 billion over the next ten years and leverage billions more in private capital to build a new energy economy that harnesses American energy and creates five million new American jobs.
There are three major steps I will take to achieve this goal - steps that will yield real results by the end of my first term in office. First, we will help states like Michigan build the fuel-efficient cars we need, and we will get one million 150 mile-per-gallon plug-in hybrids on our roads within six years. I know how much the auto industry and the auto workers of this state have struggled over the last decade or so. But I also know where I want the fuel-efficient cars of tomorrow to be built - not in Japan, not in China, but right here in the United States of America. Right here in the state of Michigan. We can do this. When I arrived in Washington, I reached across the aisle to come up with a plan to raise the mileage standards in our cars for the first time in thirty years - a plan that won support from Democrats and Republicans who had never supported raising fuel standards before. I also led the bipartisan effort to invest in the technology necessary to build plug-in hybrid cars. As President, I will accelerate those efforts to meet our urgent need. With technology we have on the shelf today, we will raise our fuel mileage standards four percent every year. We'll invest more in the research and development of those plug-in hybrids, specifically focusing on the battery technology. We'll leverage private sector funding to bring these cars directly to American consumers, and we'll give consumers a $7,000 tax credit to buy these vehicles. But most importantly, I'll provide $4 billion in loans and tax credits to American auto plants and manufacturers so that they can re-tool their factories and build these cars. That's how we'll not only protect our auto industry and our auto workers, but help them thrive in a 21st century economy. What's more, these efforts will lead to an explosion of innovation here in Michigan. At the turn of the 20th century, there were literally hundreds of car companies offering a wide choice of steam vehicles and gas engines. I believe we are entering a similar era of expanding consumer choices, from higher mileage cars, to new electric entrants like GM's Volt, to flex fuel cars and trucks powered by biofuels and driven by Michigan innovation.
The second step I'll take is to require that 10% of our energy comes from renewable sources by the end of my first term - more than double what we have now. To meet these goals, we will invest more in the clean technology research and development that's occurring in labs and research facilities all across the country and right here at MSU, where you're working with farm owners to develop this state's wind potential and developing nanotechnology that will make solar cells cheaper. I'll also extend the Production Tax Credit for five years to encourage the production of renewable energy like wind power, solar power, and geothermal energy. It was because of this credit that wind power grew 45% last year, the largest growth in history. Experts have said that Michigan has the second best potential for wind generation and production in the entire country. And as the world's largest producer of the material that makes solar panels work, this tax credit would also help states like Michigan grow solar industries that are already creating hundreds of new jobs. We'll also invest federal resources, including tax incentives and government contracts, into developing next generation biofuels. By 2022, I will make it a goal to have 6 billion gallons of our fuel come from sustainable, affordable biofuels and we'll make sure that we have the infrastructure to deliver that fuel in place. Here in Michigan, you're actually a step ahead of the game with your first-ever commercial cellulosic ethanol plant, which will lead the way by turning wood into clean-burning fuel. It's estimated that each new advanced biofuels plant can add up to 120 jobs, expand a local town's tax base by $70 million per year, and boost local household income by $6.7 million annually. In addition, we'll find safer ways to use nuclear power and store nuclear waste. And we'll invest in the technology that will allow us to use more coal, America's most abundant energy source, with the goal of creating five "first-of-a-kind" coal-fired demonstration plants with carbon capture and sequestration. Of course, too often, the problem is that all of this new energy technology never makes it out of the lab and onto the market because there's too much risk and too much cost involved in starting commercial-scale clean energy businesses. So we will remove some of this cost and this risk by directing billions in loans and capital to entrepreneurs who are willing to create clean energy businesses and clean energy jobs right here in America. As we develop new sources of energy and electricity, we will also need to modernize our national utility grid so that it's accommodating to new sources of power, more efficient, and more reliable. That's an investment that will also create hundreds of thousands of jobs, and one that I will make as President.
Finally, the third step I will take is to call on businesses, government, and the American people to meet the goal of reducing our demand for electricity 15% by the end of the next decade. This is by far the fastest, easiest, and cheapest way to reduce our energy consumption - and it will save us $130 billion on our energy bills. Since DuPont implemented an energy efficiency program in 1990, the company has significantly reduced its pollution and cut its energy bills by $3 billion. The state of California has implemented such a successful efficiency strategy that while electricity consumption grew 60% in this country over the last three decades, it didn't grow at all in California. There is no reason America can't do the same thing. We will set a goal of making our new buildings 50% more efficient over the next four years. And we'll follow the lead of California and change the way utilities make money so that their profits aren't tied to how much energy we use, but how much energy we save. In just ten years, these steps will produce enough renewable energy to replace all the oil we import from the Middle East. Along with the cap-and-trade program I've proposed, we will reduce our dangerous carbon emissions 80% by 2050 and slow the warming of our planet. And we will create five million new jobs in the process.
If these sound like far-off goals, just think about what we can do in the next few years. One million plug-in hybrid cars on the road. Doubling our energy from clean, renewable sources like wind power or solar power and 2 billion gallons of affordable biofuels. New buildings that 50% more energy efficient.
So there is a real choice in this election - a choice about what kind of future we want for this country and this planet. I ask you to draw hope from the improbable progress this nation has made and look to the future with confidence that we too can meet the great test of our time.
I ask you to join me, in November and in the years to come, to ensure that we will not only control our own energy, but once again control our own destiny, and forge a new and better future for the country that we love.