US to cut oil imports from the Middle East 75% by 2025: Bush

Washington (Platts)--31Jan2006

US President George W. Bush Tuesday outlined a sweeping energy proposal
to reduce US oil imports from the Middle East by more than 75% by 2025 in a
move to break what he called the US' addiction to oil.
     "Keeping America competitive requires affordable energy," Bush said in
his annual State of the Union address. "Here we have a serious problem: 
America is addicted to oil, which is often imported from unstable parts of the
world."
     Bush said that while the US has spent nearly $10-bil to develop clean
alternative energy sources, he would boost funding for clean-energy research
by 22%. The Advanced Energy Initiative, which would be managed by the US
Energy Department, would bush for breakthroughs in the ways Americans power
their homes and offices, invest more in zero-emission coal-fired plants, solar
and wind technologies and nuclear energy.
     Bush also said the US would boost its research into finding new ways to
power automobiles. "We will increase our research in better batteries for
hybrid and electric cars, and in pollution-free cars that run on hydrogen," he
said.
     Bush also said the US would increase funding for new research into
producing ethanol, not just from corn, but also from wood chips, stalks and
switch grass. 
     "Our goal is to make this new kind of ethanol practical and competitive
within six years," he said. "Breakthroughs on this and other new technologies
will help us reach another great goal: to replace more than 75% of our oil
imports from the Middle East by 2025. By applying the talent and technology of
America, this country can dramatically improve our environment, move beyond a
petroleum-based economy, and make our dependence on Middle Eastern oil a thing
of the past," Bush said.
    As part of his plan, Bush proposed to double the federal commitment to
basic research programs in the physical sciences over the next ten years.
"This funding will support the work of America's most creative minds as they
explore promising areas such as nanotechnology, supercomputing, and
alternative energy sources," he said.
--Cathy Landry, cathy_landry@platts.com

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