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President Obama Promotes the Use of Fuel Efficient Technology

In his weekly internet and radio address on Saturday, President Obama focused on the ideal of utilizing fuel efficient technology as a means to lower the cost of energy, as well as decrease the dependency the US has on foreign sources of oil.

On Friday during an excursion to a factory in Virginia that makes jet components, an address by the present was logged in which he said the parts which are produced at the plant in Petersburg would be put to use in “lighter, faster and more fuel-efficient” planes of the next generation.

Now the Greece has been placed on the back burner, the attention of investors could be focused on a Federal meeting, sentiments of consumers and what both opinions echo on the rising cost of oil and improving the labor market. This was reported by Laura Mandaro from MarketWatch.

Obama stated that he felt one of the simplest ways of saving money as well as reducing our nations dependency on overseas oil was to use technology that has been designed specifically to use less fuel per mile. This statement was directed to all forms of travel, including air travel. The recent jump in gas prices seems to be part of the Presidents stance on the fuel efficient technology, aside from overall environmental benefit.

Despite the recent criticism heard lately from the Republican party on Obama’s administrations energy policies, the President defended himself by rebutting that United States oil production is at its highest in over 80 years with millions of acres being set aside and prepared for oil drilling on US soil. However, the president did express concerns over the fact that the US has only approximately 2% of global oil. He seems to think that wind, solar and technologically produced energy is going to be the best method of getting ourselves back to lower gas prices.

Of course the Republican response, not unexpected, was that Obama has been standing in the way of projects that would help us realize a higher amount of domestic oil, specifically pointing out the Keystone XL pipeline as an example. He said this in only one of many that have been squelched by the Obama administration.

The state of North Dakota has literally doubled its production of oil over the past 4 years and there was a plan to feed the pipeline with about one hundred thousand barrels of crude oil each day. However, that has not been able to be implemented as a large north-south pipeline would be needed in order to facilitate this.

The cost of crude oil and gasoline have gone up significantly in the past several weeks, as has the anxiety over the global standoff with Iran because of its nuclear program that is being disputed. These things could both be a contributing factor in the reason supplies have been disrupted. Gas prices all over the US can be seen on a steady rise with California having a ridiculous high of $4.35 per gallon of standard unleaded fuel.

 

 

 

 

 

 

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