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Obama remarks highlight alternative energy, efficiency
WASHINGTON
Petroleumworld.com, Jan 09, 2009
President-elect Barack Obama said Thursday that advancing clean energy within his nearly trillion-dollar economic recovery package proposal would be one part of a plan that would ensure the US economy does not sink deeper into a recession that could "linger for years."In his speech, he laid out his bleakest economic forecast to date, saying that his government spending program was the only way to lay a foundation for sustained long-term economic growth. Otherwise, he said, a dire situation will continue to get worse.
"Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," he said. "Our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world."
Obama delivered the remarks Thursday during a speech at George Mason University near Washington.
His speech was the first major moment in a campaign he is mounting to convince the public that the plan is needed. He offered few specifics to the plan, calling for immediate action instead.
Obama and many of his advisers over the past several weeks have argued for a stimulus package that is estimated to cost $775 billion or more. The energy provisions he discussed revolved entirely around renewable energy, building efficiency and new infrastructure, such as a smart grid for electricity.
"To finally spark the creation of a clean energy economy, we will double the production of alternative energy in the next three years," he said. "We'll also do more to retrofit America for a global economy," he added. "That means updating the way we get our electricity by starting to build a new smart grid that will save us money, protect our power sources from blackout or attack and deliver clean, alternative forms of energy to every corner of our nation," Obama said.
Efficiency likely will be a huge initiative for Obama's administration and he said he would start with government buildings and private homes.
"We will modernize more than 75% of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills," he said.
He also highlighted the ability of renewable power production to create new jobs, help revitalize the economy and deal with the environment. "In the process, we will put Americans to work in new jobs that pay well and can't be outsourced," he said.
"Jobs building solar panels and wind turbines; constructing fuel-efficient cars and buildings and developing the new energy technologies that will lead to even more jobs, more savings and a cleaner, safer planet in the bargain."
He warned against double-digit employment and said he wants the two-year plan to create or keep 3 million jobs. Most of the jobs created will be in the private sector, while the saved jobs will be in the public sector, he said. Obama added that the focus must be on long-term priorities like energy, education, health care and new infrastructure.
"We could lose a generation of potential and promise," he said. "It's a plan that recognizes both the paradox and the promise of this moment--the fact that there are millions of Americans trying to find work, even as, all around the country, there is so much work to be done."
Government is the lone actor that can create such massive change, but that change will come at a price that will lead to greater short-term deficits, he said.
"Only government can break the vicious cycles that are crippling our economy... where a lack of spending leads to lost jobs which leads to even less spending; where an inability to lend and borrow stops growth and leads to even less credit."
Getting credit flowing again and addressing the foreclosure crisis will be significant challenges Obama said he intends to address.
Obama said any federal funds to financial institutions must have "maximum protection for taxpayers" and updating the regulatory system has to be another major goal.
"We should have an open and honest discussion about this recovery plan in the days ahead, but I urge Congress to move as quickly as possible on behalf of the American people," he said. "For every day we wait or point fingers or drag our feet, more Americans will lose their jobs."
The US Chamber of Commerce on Wednesday warned against a permanent expansion of government spending.
"The nation must avoid a big and permanent expansion of government payrolls and powers," CEO Tom Donahue said.
"We don't need and can't afford another New Deal," he added. "The 2008 election was all about change," Donahue said.
"It's not change if you go backwards to the policies and approaches of the 1930s."
Story by Alexander Duncan from Platts
- alexander_duncan@platts.com
Platts 01/08/2009
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