America is Held Over an Oil Barrel

 

December 16, 2005

Oil prices are projected to remain well above $50 a barrel for years to come, according to an analysis released by the Energy Department this week. The analysis reflected a sharp change from projections a year ago, when the Energy Department predicted oil prices would decline to $31 a barrel by 2025.

The Energy Information Administration report projects oil will cost an average $54 a barrel in 2025 and $57 a barrel in 2030. Crude oil prices have hovered around $60 a barrel this year, soaring as high as $70.

"America is held over an oil barrel. We need to work together to provide new energy to hope and think big again," said Ringo. "We are calling for a movement for energy independence from foreign energy sources. President Bush and Congress must invest in clean energy technology and new infrastructure that will create new jobs and make our country a leader in innovation again."

The Apollo Alliance has a 10-step national agenda to create energy independence by the year 2015. The alliance represents a coalition of national security, labor, environmental, civil rights and business leaders who are fighting for energy independence from foreign energy sources.

Ringo joined Senate Minority Leader Harry Reid, D-Nev., Senator Hillary Clinton, D-N.Y., Senator Chuck Schumer, D-N.Y. and Governor Edward Rendell, D-Pa., in New York's Times Square to discuss the Apollo plan and the urgent need to take action to achieve energy independence.