Obama: energy bill will transform US economy

29th June 2009

President Barack Obama has praised the House of Representatives for passing the energy bill that Americans believe will lessen their dependence on foreign oil and transform their economy.

‘For more than three decades, we have talked about our dependence on foreign oil. And for more than three decades, we have seen that dependence grow. We have seen our reliance on fossil fuels jeopardise our national security. We have seen it pollute the air we breathe and endanger our planet. And most of all, we have seen other countries realise a critical truth: the nation that leads in the creation of a clean energy economy will be the nation that leads the 21st century global economy,’ the US president said.

The energy bill will create a set of incentives to spur the development of a low carbon economy, spanning everything from wind and solar to cleaner coal. President Obama hopes that the legislation will make clean energy profitable, encouraging the creation of new businesses and entire new industries.

‘I have often talked about the need to build a new foundation for economic growth so that we do not return to the endless cycle of bubble and bust that led us to this recession. Clean energy and the jobs it creates will be absolutely critical to this new foundation,’ President Obama continued.

In response to concerns that this legislation could lead to spiraling costs, the president said it is to be paid for by the polluters who currently emit dangerous levels of carbon emissions. In addition, it will give rural communities the opportunities to participate in climate solutions

‘We have been talking about energy for decades. But there is no longer a disagreement over whether our dependence on foreign oil is endangering our security. It is. There is no longer a debate about whether carbon pollution is placing our planet in jeopardy. It’s happening. And there is no longer a question about whether the jobs and industries of the 21st century will be centered around clean, renewable energy. The question is, which country will create these jobs and these industries? I want that answer to be the United States of America,’ President Obama concluded.

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