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Obama's Energy Plan
Posted: Mar 30, 2011
In a speech Wednesday at Georgetown University, President Obama outlined his goals for reducing American energy dependence, heavily emphasizing new technology and alternative sources in addition to "safe and responsible" offshore drilling. He was quick to add that the BP oil spill in the Gulf of Mexico had not been forgotten, and that "today we're working to expedite new drilling permits for companies that meet these higher standards."
The president pointed to rising prices at the pump, which have yet again drawn attention to an issue that was a focus of the 2008 presidential campaigns. "When gas prices finally did fall, it was because the global recession had led to less demand for oil," he said, and that now higher fuel prices are again correlating with a recovering economy.
"The ups and downs in gas prices historically have tended to be temporary but when you look at the long-term trends there are going to be more ups in gas prices than downs in gas prices," he said, citing steadily rising demand from growing economies like China and India.
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