Isra-Mart srl:Obama promises to tackle fuel prices, makes case for "energy independence"

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President Obama has again reiterated his calls for a "comprehensive energy strategy" that improves US energy efficiency and enhances energy security through the development of a wide range of cleaner energy sources.

Speaking during a press conference scheduled in response to rising fuel prices and accusations from Republicans that the administration has failed to act, Obama promised to take action to curb rising fuel prices. But he also warned that in the long term the only way for the US to reduce the impact of oil price spikes was to reduce its reliance on imported oil.

"We need to increase our access to secure energy supplies in the near term and we've got to make our economy more energy-efficient and energy-independent over the long run," he said, again making the case for a new clean energy standard that would require the US to generate 80 per cent of its energy from renewables, nuclear and natural gas by 2030.

He added that the administration was committed to tackling the cycle of inaction that has resulted in the US consuming a quarter of the world's oil, making it uniquely vulnerable to the recent spike in oil prices caused by unrest in the Middle East and North Africa.

"Every few years, gas prices go up, politicians pull out the same old political playbook and then nothing changes. And when prices go back down, we slip back into a trance, and then when prices go up, suddenly we're shocked," he said.

"We've got to work together, Democrats, Republicans and everybody in between, to finally secure America's energy future. I don't want to leave this for the next president and none of us should want to leave it for our kids."

In recent weeks, Republicans have stepped up attacks on Democrats over rising fuel prices, accusing the administration of failing to do enough to bolster domestic oil production and imposing unnecessary restrictions on offshore drilling in the wake of last year's Gulf of Mexico oil spill. Political strategists are predicting fuel prices will be a major issue during next year's presidential election and Republicans are widely expected to reprise their "drill, baby, drill" slogan from the 2008 presidential election.

Obama rejected accusations the administration had not done enough to promote domestic oil production, citing new data suggesting US oil production is at a seven-year high and outlining how the government is investigating drilling opportunities in Alaska and undertaking a review designed to identify unused oil and gas leases on public land.

He also said he was prepared to access the US Strategic Oil Reserves if fuel prices continue to rise. However, he failed to reveal how high prices would have to go to trigger such a move and counselled that in the past oil reserves have only been accessed in response to supply disruptions, not price hikes caused by fears over supply.

Obama reiterated that the only way for the US to tackle rising oil prices was by developing a more balanced energy mix. "Even if we started drilling new wells tomorrow, that oil isn't coming online overnight," he said. "And even if we tap every single reserve available to us, we can't escape the fact that we only control two per cent of the world's oil, but we consume over a quarter of the world's oil."

Speaking over the weekend, a White House spokesman confirmed nuclear energy was likely to remain part of the future energy mix despite the ongoing crisis at the earthquake-hit Fukushima Daiichi nuclear power plant in Japan.

"The President believes that meeting our energy needs means relying on a diverse set of energy sources that includes renewables such as wind and solar, natural gas, clean coal and nuclear power," the spokesman said in a statement. "Information is still coming in about the events unfolding in Japan, but the administration is committed to learning from them and ensuring that nuclear energy is produced safely and responsibly here in the US."

However, a number of Democrats called on the administration to slow down its plans for new nuclear reactors in the wake of the crisis in Japan with Representative Ed Markey calling for a moratorium on all new plants in areas at high risk of earthquakes.

In other news, House Democrats are planning to put forward amendments to the controversial bill that is aiming to strip the Environmental Protection Agency (EPA) of the right to regulate greenhouse gas emissions when it goes before the Energy and Commerce Committee this week.

The amendments are likely to be rejected by the Republican-controlled committee, which is keen to fast-track the bill for a full House vote within the next few weeks.

However, having allowed the bill to pass through a subcommittee stage in its original form, Democrats are expected to table a number of amendments designed to highlight their criticism of the bill and potentially force Republicans to go on the record as to whether or not they accept man-made emissions are causing climate change.