The Audacity of Hope, by Barack Obama: on Energy & Oil

Barack Obama: We cannot drill our way out of our addiction to oil

A large portion of the $800 million we spend on foreign oil every day goes to some of the world’s most volatile regimes. And there are the environmental consequences. Just about every scientist outside the White House believes climate change is real.

We cannot drill our way out of the problem. Instead of subsidizing the oil industry, we should end every single tax break the industry currently receives and demand that 1% of the revenues from oil companies with over $1 billion in quarterly profits go toward financing alternative energy research and infrastructure.

Over the last 30 years, countries like Brazil have used a mix of regulation and direct government investment to develop a biofuel industry; 70% of its new vehicles run on sugar-based ethanol.