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Almost every way we make electricity today, except for the emerging renewables and nuclear, puts out CO2. And so, what we're going to have to do at a global scale, is create a new system. And so, we need energy miracles.
First, by 2020, North America will be energy independent by taking full advantage of our oil and coal and gas and nuclear and renewables.
It's important to understand that oil and renewables do different things. Wind and solar are for power generation, so they don't replace oil. About 70% of all oil produced is used for transportation fuel. Renewables are good projects, but they don't get us off of foreign oil.
T. Boone Pickens
The second thing is, if you want to do something about global warming, you have to think much more long-term. There is something wrong with saying we should start using renewables now, while they are still incredibly expensive.
Interestingly, the oil companies know very well that in less than 30 years they will not only be charging very high prices, but that they will be uncompetitive with renewables.
Now, China, India have set goals. We're going to be able to review what they're doing. We're going to be able to challenge them if they don't meet those goals. We're going to pursue this anyway, because the President understands that our future lies with a clean energy economy. We've doubled renewables this year. There are millions of jobs to be had there, more energy security, so we're going to pursue this.
I came here to help make America more competitive and prosperous by developing an energy policy that increases conservation, promotes cleaner technologies, encourages development of renewables and enhances domestic production of gas and oil.
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