Why Does the US have an Energy Policy?
Written By: Laurence M. Vance | Posted: Thursday, September 29th, 2011
President Obama has authorized the release of 30 million barrels of oil from the Strategic Petroleum Reserve (SPR). The oil reserve is currently at a historically high level of 727 million barrels. "We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery," said Energy Secretary Steven Chu.
The president has also called for a one-third cut in oil imports by 2025, wider use of natural gas, incentives to use natural gas to fuel fleets of vehicles such as city buses, greater production of biofuels, the establishment of four commercial scale refineries producing cellulosic ethanol or advanced biofuels within the next two years, higher fuel efficiency standards for heavy trucks, and for oil companies to make greater use of federal leases to increase domestic oil output. Obama's 2009 "stimulus package" set aside $70 billion in grants and loan guarantees to promote renewable energy, energy efficiency, and advanced batteries for electric cars.
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