2,031. 5/17/2001

President George W. Bush expressed a need for change in the “energy equation”: “The plan addresses all three key aspects of the energy equation: demand, supply, and the means to match them. First, it reduces demand by promoting innovation and technology to make us the world leader in efficiency and conservation. Second, it expands and diversifies America’s supply of all sources of energy — oil and gas, clean coal, solar, wind, biomass, hydropower and other renewables, as well as safe and clean nuclear power. Third, and finally, the report outlines the ways to bring producers and consumers together, by modernizing the networks of pipes and wires that link the power plant to the outlet on the wall. … Where oil is found underneath sensitive landscapes, rigs can stand miles away from the oil field and tap a reservoir at an angle. In Arctic sites like ANWR, we can build roads of ice that literally melt away when summer comes, and the drilling then stops to protect wildlife. ANWR can produce 600,000 barrels of oil a day for the next 40 years. What difference does 600,000 barrels a day make? Well, that happens to be exactly the amount we import from Saddam Hussein’s Iraq. We’re not just short of oil, we’re short of the refineries that turn oil into fuel. So while the rest of our economy is functioning at 82 percent of capacity, our refineries are gasping at 96 percent of capacity. A single accident, a single shutdown can send prices of gasoline and heating oil spiraling all over the country. The major reason for dramatic increase in gasoline prices today is the lack of refining capacity. And my plan gives the needed flexibility and certainty so refiners will make the investments necessary to expand supply, by increasing capacity.”

 – Transcript, “Remarks by the President to Capital City Partnership,” George W. Bush – White House Archives online, Accessed on 6/21/2016

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