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198208
Sat, 07/30/2011 - 13:28
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https://www.oananews.org//node/198208
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'Increasing oil demand in India, China leading to price rise'
OBAMA-CHINOINDIA
'Increasing oil demand in India, China leading to price rise'
From Lalit K Jha
Washington, July 30 (PTI) US President Barack Obama has
said that the increasing demand of oil in countries
like India and China is leading to the rise in oil prices.
"For decades, we've left our economy vulnerable to
increases in the price of oil. And with the demand for oil
going up in countries like China and India, the problem is
only getting worse," Obama said on Friday in his speech on
fuel efficiency standards for cars and light-duty trucks
location.
"The demand for oil is inexorably rising, far faster than
supply. And that means prices will keep going up unless we do
something about our own dependence on oil. That's the
reality," he said.
However, he added that there is no quick fix to the
problem. "There's no silver bullet here. But there are steps
we can take now that will help us become more energy
independent."
"So I've laid out an energy strategy that would do that.
In the short term, we need to increase safe and responsible
oil production here at home to meet our current energy needs.
And even those who are proponents of shifting away from fossil
fuels have to acknowledge that we're not going to suddenly
replace oil throughout the economy. We're going to need to
produce all the oil we can," he said.
He added, "While we're at it, we need to get rid of, I
think, the USD 4 billion in subsidies we provide the oil and
gas companies every year at a time when they're earning
near-record profits and put that money toward clean energy
research, which would really make a big difference."
Obama further stated that in the long run they'll "have
to harness the potential of startups and clean energy
companies across America."
"We've set an aggressive target, and the companies here
are stepping up to the plate. By 2025, the average fuel
economy of their vehicles will nearly double, to almost 55
miles per gallon," Obama said.
"It means filling up your car every two weeks instead of
filling it up every week. It will save a typical family more
than USD 8,000 in fuel costs over time. And consumers in this
country as a whole will save almost USD 2 trillion in fuel
costs. That's trillion with a T," Obama said. PTI LKJ
AVT
'Increasing oil demand in India, China leading to price rise'
From Lalit K Jha
Washington, July 30 (PTI) US President Barack Obama has
said that the increasing demand of oil in countries
like India and China is leading to the rise in oil prices.
"For decades, we've left our economy vulnerable to
increases in the price of oil. And with the demand for oil
going up in countries like China and India, the problem is
only getting worse," Obama said on Friday in his speech on
fuel efficiency standards for cars and light-duty trucks
location.
"The demand for oil is inexorably rising, far faster than
supply. And that means prices will keep going up unless we do
something about our own dependence on oil. That's the
reality," he said.
However, he added that there is no quick fix to the
problem. "There's no silver bullet here. But there are steps
we can take now that will help us become more energy
independent."
"So I've laid out an energy strategy that would do that.
In the short term, we need to increase safe and responsible
oil production here at home to meet our current energy needs.
And even those who are proponents of shifting away from fossil
fuels have to acknowledge that we're not going to suddenly
replace oil throughout the economy. We're going to need to
produce all the oil we can," he said.
He added, "While we're at it, we need to get rid of, I
think, the USD 4 billion in subsidies we provide the oil and
gas companies every year at a time when they're earning
near-record profits and put that money toward clean energy
research, which would really make a big difference."
Obama further stated that in the long run they'll "have
to harness the potential of startups and clean energy
companies across America."
"We've set an aggressive target, and the companies here
are stepping up to the plate. By 2025, the average fuel
economy of their vehicles will nearly double, to almost 55
miles per gallon," Obama said.
"It means filling up your car every two weeks instead of
filling it up every week. It will save a typical family more
than USD 8,000 in fuel costs over time. And consumers in this
country as a whole will save almost USD 2 trillion in fuel
costs. That's trillion with a T," Obama said. PTI LKJ
AVT
