US Pres. Vows to Break 'Addiction' to Foreign Oil, Increase Domestic Prod.

US President Barack Obama spared no time in stepping up to energy issues, posting an energy agenda on the administration's new White House website on the day of his inauguration.

Equating US dependence on foreign oil to an "addiction," the plan focused both on alternative initiatives and increased domestic production of hydrocarbons. While in the short-term, the administration plans to pull oil from the strategic petroleum reserve to lower prices at the pump, a major long-term goal is to completely eradicate petroleum imports from both the Middle East and Venezuela within the next 10 years.

The new administration vowed to "crack down on excessive energy speculation," as well as to establish a "use it or lose it" policy for existing oil and gas leases in an effort to "promote the responsible domestic production of oil and natural gas." Additionally, the new energy plan places a high priority on the construction of the Alaska Natural Gas Pipeline.


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