A bipartisan group including the CEOs of Fedex, UPS and Dow Chemical, along with some of the nation"s best known retired generals, has come together to urge the White House to push for a new energy policy that reduces U.S. dependence on foreign oil. The group, which calls itself the Energy Security Leadership Council (ESLC), warns that weaning the country off foreign oil won"t be enough, and that the White House and Congress need to take decisive action to promote homegrown alternatives as soon as possible.
According to a new report ("Recommendations to the Nation on Reducing U.S. Oil Dependence") issued by the group, exposure to petroleum price shocks is a "function of how much oil a nation consumes and is not significantly affected by the ratio of "domestic oil" to so-called "foreign oil.""
The report also warns that the nation"s oil dependence makes it especially vulnerable to terrorist attacks, given that 97 percent of America"s transport system is dependent on oil with 90 percent of the world"s oil supply controlled by foreign governments. "America must address this critical weakness," says retired Marine Corps general P.X. Kelley of the ESLC. "An oil supply interruption cannot be reasonably dismissed as improbable," he adds.
The group timed the release of the report in hopes of influencing White House policy on the issue prior to President Bush"s January 2007 State of the Union address. But the chances of affecting federal policy on such a key transportation fuel is unlikely at this point. Meanwhile, environmentalists are hoping that the new Democrat-led Congress can pass veto-proof legislation in the new year focusing American attention on generating marketable alternatives to oil.
Source: Securing America’s Future Energy