Today President Obama gave a great speech touching upon issues relating to American energy. He called for a comprehensive energy policy that would end oil subsidies and boost biofuels and other renewables to reduce our reliance on the volatile world oil market that is subject to so much turmoil in the Middle East. Obama told the students gathered at the University of Miami in Coral Gables, Florida that, while his administration is doing everything in their power to tap domestic oil and gas resources, it is politically dishonest to tell the American people that "drill, baby, drill" will realistically solve all our energy problems. The president said that public investments in energy efficiency and clean energy technologies will spur entire new industries and create millions of new jobs. As an example, he cited homegrown algae-based biofuel as having the potential to eventually replace imported petroleum entirely as a transportation fuel for airplanes and automobiles.
President Obama said the following about algae:
“We’re making new investments in the development of gasoline and diesel and jet fuel that’s actually made from a plant-like substance — algae. You’ve got a bunch of algae out here, right? (Laughter.) If we can figure out how to make energy out of that, we’ll be doing all right. Believe it or not, we could replace up to 17 percent of the oil we import for transportation with this fuel that we can grow right here in the United States. And that means greater energy security. That means lower costs. It means more jobs. It means a stronger economy.”
Here is video of the speech at the University of Miami.