thank you all veri much __PUNCT__
governor perri __PUNCT__ lieuten governor dewhurst __PUNCT__ and other distinguish guest __PUNCT__ i appreci your join us todai __PUNCT__
and thank you all for the warm welcom to houston __PUNCT__
among it other distinct __PUNCT__ thi great citi is known as the oil capit of america __PUNCT__
but peopl in houston and all of texa understand as well as anyon that the high price of oil and ga todai is caus great harm all across our economi __PUNCT__
peopl ar hurt __PUNCT__ small farmer __PUNCT__ trucker __PUNCT__ and taxi driver unabl to cover their cost __PUNCT__ small busi owner struggl to meet payrol __PUNCT__ the cost of live rise and the valu of paycheck fall __PUNCT__
all of thi __PUNCT__ in larg part __PUNCT__ becaus the price of oil is too high __PUNCT__ and the suppli of oil too uncertain __PUNCT__
these citizen believ their govern ha a duti to final assur the energi secur of thi countri __PUNCT__ and thei ar right __PUNCT__
i first address thi issu at the outset of my primari campaign __PUNCT__
and in just that time __PUNCT__ a littl more than a year __PUNCT__ the price of a barrel of oil ha more than doubl __PUNCT__
and the price of a gallon of ga in america stand at more than four dollar __PUNCT__
yesterdai __PUNCT__ a barrel of oil cost about __NUM__ dollar __PUNCT__
and variou oil minist and invest firm have confid inform us that soon we can expect to pai __NUM__ dollar for everi barrel __PUNCT__ and as much as seven dollar for everi gallon of ga __PUNCT__
that mai come as good new in moscow __PUNCT__ riyadh __PUNCT__ or caraca __PUNCT__ where econom growth and rise oil price ar more or less the same thing __PUNCT__
but their oil prosper is our energi vulner __PUNCT__
and the job __PUNCT__ famili budget __PUNCT__ and futur of the american peopl should not depend on the whim of foreign power __PUNCT__
oil and gasolin ar the most vital of all commod in a modern economi __PUNCT__
their price affect the cost of thing even more basic and essenti __PUNCT__
america depend on foreign oil is a matter of larg and far __PUNCT__ reach consequ __PUNCT__ none of them good __PUNCT__
whoever control oil control much more than oil __PUNCT__
and in our time __PUNCT__ much of the world oil suppli is control by state __PUNCT__ regim __PUNCT__ and a cartel for which america well be is not exactli a prioriti __PUNCT__
mani occupi a violent part of the world __PUNCT__ a region all the more violent for the influenc of oil wealth __PUNCT__
their opinion of america run the full spectrum from indiffer to hatr __PUNCT__
and yet these regim ar todai the master of the oil market __PUNCT__
somehow the unit state __PUNCT__ in so mani wai the most self __PUNCT__ reliant of nation __PUNCT__ ha allow and at time even encourag thi state of affair __PUNCT__
thi wa a troubl situat __NUM__ year ago __PUNCT__
it wa an alarm situat twenti year ago __PUNCT__
it is a danger situat todai __PUNCT__
and start in the term of the next presid __PUNCT__ we must take control over our own energi futur __PUNCT__ and becom onc again the master of our fate __PUNCT__
the next presid must be will to break with the energi polici not just of the current administr __PUNCT__ but the administr that preced it __PUNCT__ and lead a great nation campaign to achiev energi secur for america __PUNCT__
so in the dai ahead i plan to return to the subject in a seri of discuss to explain my reform agenda __PUNCT__
and i will set forth a strategi to free america onc and for all from our strateg depend on foreign oil __PUNCT__
energi polici ha enorm implic for america econom secur __PUNCT__ our environment secur __PUNCT__ and __PUNCT__ abov all __PUNCT__ our nation secur __PUNCT__
each on of these challeng demand our concentr consider __PUNCT__
and each on requir that we look beyond the special interest that too often domin energi polici __PUNCT__
we need to draw on the best idea of both parti __PUNCT__ and work togeth for the common good __PUNCT__
as in other challeng that confront our nation __PUNCT__ we must shape event __PUNCT__ and not simpli manag crise __PUNCT__
we must steer far clear of the error and fals assumpt that have mark the energi polici of nearli twenti congress and seven presid __PUNCT__
there ar danger in the long term and danger in the short term __PUNCT__
some task will be the work of decad __PUNCT__ and some the work of year __PUNCT__
and thei all will begin in the term of the next presid __PUNCT__
among these is a challeng we hardli even understood back when america first learn to associ the word __PUNCT__ energi __PUNCT__ with __PUNCT__ crisi __PUNCT__
we now know that fossil fuel emiss __PUNCT__ by retain heat within the atmospher __PUNCT__ threaten disastr chang in climat __PUNCT__
no challeng of energi is to be taken lightli __PUNCT__ and least of all the need to avoid the consequ of global warm __PUNCT__
in the face of climat chang and other seriou challeng __PUNCT__ energi conserv is no longer just a moral luxuri or a person virtu __PUNCT__
conserv serv a critic nation goal __PUNCT__
over time __PUNCT__ we must shift our entir energi economi toward a sustain mix of new and cleaner power sourc __PUNCT__
thi will includ some we us alreadi __PUNCT__ such as wind __PUNCT__ solar __PUNCT__ biofuel __PUNCT__ and other sourc yet to be invent __PUNCT__
it will includ a varieti of new automot and fuel technolog __PUNCT__ clean __PUNCT__ burn coal and nuclear energi __PUNCT__ and a new system of incent __PUNCT__ under a cap __PUNCT__ and __PUNCT__ trade polici __PUNCT__ to put the power of the market on the side of environment protect __PUNCT__
but to make the great turn awai from carbon __PUNCT__ emit fuel __PUNCT__ we will need all the invent geniu of which america is capabl __PUNCT__
we will need as well an economi strong enough to support our nation great shift toward clean energi __PUNCT__
and thi give us onli further incent to protect ourselv from the sudden shock and ever __PUNCT__ rise price that come with our depend on foreign oil __PUNCT__
up to a point __PUNCT__ these sudden rise in the price of oil ar explain in the term of basic econom __PUNCT__
when demand exce suppli __PUNCT__ price alwai rise __PUNCT__ and thi ha happen veri dramat in the demand for oil __PUNCT__
two power forc in the oil market todai ar china and india __PUNCT__ nation in which a third of human is suddenli enter the industri era __PUNCT__ with all the car __PUNCT__ construct __PUNCT__ and consumpt of oil that involv __PUNCT__
there is the further problem of specul on the oil futur market __PUNCT__ which in mani case ha noth to do with the actual sale __PUNCT__ purchas __PUNCT__ or deliveri of oil __PUNCT__
when crude oil becam a futur __PUNCT__ trade commod in the __NUM__ __PUNCT__ the idea wa to afford a measur of protect against the histor volatil of oil price __PUNCT__
it take sever week to ship oil from the arabian peninsula to the offshor port of louisiana __PUNCT__
and for the buyer __PUNCT__ it help to know that the price will not suddenli fall while the oil is in transit __PUNCT__
a futur contract assur import that thei can sell the oil at a profit __PUNCT__
that the theori __PUNCT__ anywai __PUNCT__
but we all know that some peopl on wall street ar not abov game the system __PUNCT__
when you have enough specul bet on the rise price of oil __PUNCT__ that itself can caus oil price to keep on rise __PUNCT__
and while a few reckless specul ar count their paper profit __PUNCT__ most american ar come up on the short end __PUNCT__ us more and more of their hard __PUNCT__ earn paycheck to bui ga for the truck __PUNCT__ tractor __PUNCT__ or famili car __PUNCT__
investig is underwai to root out thi kind of reckless wager __PUNCT__ unrel to ani kind of product commerc __PUNCT__ becaus it can distort the market __PUNCT__ drive price beyond ration limit __PUNCT__ and put the invest and pension of million of american at risk __PUNCT__
where we find such abus __PUNCT__ thei need to be swiftli punish __PUNCT__
and to make sure it never happen again __PUNCT__ we must reform the law and regul govern the oil futur market __PUNCT__ so that thei ar just as clear and effect as the rule appli to stock __PUNCT__ bond __PUNCT__ and other financi instrument __PUNCT__
in all of these market __PUNCT__ reform must assur transpar __PUNCT__ prevent abus __PUNCT__ and protect the public interest __PUNCT__
of cours __PUNCT__ with the format of the opec cartel __PUNCT__ and the oil embargo of the earli __NUM__ __PUNCT__ we alreadi left behind pure econom in the oil market __PUNCT__ and we enter a new era of power polit __PUNCT__
no longer wa crude oil simpli a commod __PUNCT__
now __PUNCT__ suddenli __PUNCT__ it wa a strateg weapon __PUNCT__
at the time of opec oil embargo __PUNCT__ we import roughli a third of our oil __PUNCT__
now we import two third __PUNCT__
at that time __PUNCT__ everi dai __PUNCT__ we produc more than nine million barrel of oil domest __PUNCT__
now america produc five million barrel a dai __PUNCT__
five million barrel sound like a lot until we compar the number with the oil we us __PUNCT__ which come to __NUM__ million barrel __PUNCT__ or a quarter of all the oil us everi dai across the earth __PUNCT__
of that total __PUNCT__ a littl more than half come from canada __PUNCT__ from mexico __PUNCT__ and from our own domest product __PUNCT__
that a heavi relianc on these two nation __PUNCT__
but there is a world of differ between reli on two democrat neighbor and partner in nafta __PUNCT__ and reli on often hostil and undemocrat regim in the middl east and elsewher __PUNCT__
when critic of trade talk about unilater renegoti nafta __PUNCT__ as my oppon ha done __PUNCT__ that on more concern thei might want to keep in mind __PUNCT__
it take a veri short leap in logic to wonder why we produc less and less crude oil __PUNCT__ while we us more and more of it __PUNCT__ or why politician talk so much about promot altern energi sourc __PUNCT__ but often do so littl to promot these altern __PUNCT__
a reason observ __PUNCT__ present onli with these number of consumpt and product __PUNCT__ might draw the conclus that america ha accept thi fate becaus we have no choic in the matter __PUNCT__ or becaus we have no resourc of our own __PUNCT__
but just the opposit is true __PUNCT__ we do have resourc __PUNCT__ and we do have a choic __PUNCT__
in oil __PUNCT__ ga __PUNCT__ and coal deposit __PUNCT__ we have enorm energi reserv of our own __PUNCT__
and we ar gain the mean to us these resourc in cleaner __PUNCT__ more respons wai __PUNCT__
as for offshor drill __PUNCT__ it safe enough these dai that not even hurrican katrina and rita could caus signific spillag from the batter rig off the coast of new orlean and houston __PUNCT__
yet for reason that becom less convinc with everi rise in the price of foreign oil __PUNCT__ the feder govern discourag offshor product __PUNCT__
at the veri least __PUNCT__ on might assum __PUNCT__ america had sure been build new refineri to achiev a more effici deliveri of gasolin to market __PUNCT__ and therebi to lower the price paid by the american peopl __PUNCT__ especi in the summer season __PUNCT__
but the policymak in washington haven't got around to that __PUNCT__ either __PUNCT__
there so much regul of the industri that the last american refineri wa built when jerri ford wa presid __PUNCT__
as for nuclear energi __PUNCT__ a proven energi sourc that requir zero emiss __PUNCT__ we haven't built a new reactor in __NUM__ year __PUNCT__
in europ and elsewher __PUNCT__ thei have been expand their us of nuclear energi __PUNCT__
but we wait so long that we lost our domest capabl to even build these power plant __PUNCT__
nuclear power is among the surest wai to gain a clean __PUNCT__ abund __PUNCT__ and stabl energi suppli __PUNCT__ as other nation understand __PUNCT__
on nation todai ha plan to build almost __NUM__ new reactor by __NUM__ __PUNCT__
anoth countri plan to build __NUM__ major nuclear station __PUNCT__
a third nation plan to build enough nuclear plant to meet on quarter of all the electr need of it peopl __PUNCT__ a popul of more than a billion peopl __PUNCT__
those three countri ar china __PUNCT__ russia __PUNCT__ and india __PUNCT__
and if thei have the vision to set and carri out great goal in energi polici __PUNCT__ then why don't we __PUNCT__ so __PUNCT__ take stock of our energi situat __PUNCT__ it is time we draw a few sensibl conclus of our own __PUNCT__
in their sum effect on the american economi __PUNCT__ the polici of our govern could hardli have left us more depend had thei been design to do precis that __PUNCT__
thi vulner is clear in mani wai __PUNCT__ and never more than when american leader ar reduc to supplic for lower price befor the sheik and princ of opec __PUNCT__
of cours __PUNCT__ thei ar unmov by our troubl __PUNCT__
thei regard even the need to ask as a sign of weak __PUNCT__
and in the end __PUNCT__ thei take their cue not from our entreati for relief __PUNCT__ but from our failur to diversifi and to produc __PUNCT__
quit rightli __PUNCT__ i believ __PUNCT__ we confer a special statu on some area of our countri that ar best left undisturb __PUNCT__
when america set asid the arctic nation wildlif refug __PUNCT__ we call it a __PUNCT__ refug __PUNCT__ for a reason __PUNCT__
but the stake ar high for our citizen and for our economi __PUNCT__
and with gasolin run at more than four buck a gallon __PUNCT__ mani do not have the luxuri of wait on the far __PUNCT__ off plan of futurist and politician __PUNCT__
we have proven oil reserv of at least __NUM__ billion barrel in the unit state __PUNCT__
but a broad feder moratorium stand in the wai of energi explor and product __PUNCT__
and i believ it is time for the feder govern to lift these restrict and to put our own reserv to us __PUNCT__
we can do thi in wai that ar consist with sensibl standard of environment protect __PUNCT__
and in state that choos to permit explor __PUNCT__ there must be an appropri share of benefit between feder and state govern __PUNCT__
but as a matter of fair to the american peopl __PUNCT__ and a matter of duti for our govern __PUNCT__ we must deal with the here and now __PUNCT__ and assur afford fuel for america by increas domest product __PUNCT__
we should set the highest goal for ourselv for the year and decad to come __PUNCT__ and i am a believ in the technolog that on dai will free us from oil entir __PUNCT__
but to get there at all __PUNCT__ a more pragmat approach will serv us better __PUNCT__
in the short term __PUNCT__ we must take the world as it is and our resourc where thei ar __PUNCT__ even as we press on with new and cleaner sourc of energi __PUNCT__
we must be bold in our plan to break our strateg depend on oil __PUNCT__ and over the next two week __PUNCT__ i be offer a vision that will be bold __PUNCT__
but we must also address the concern of american __PUNCT__ who ar struggl right now to pai for gasolin __PUNCT__ groceri __PUNCT__ and other necess of life __PUNCT__
what is certain in energi polici is that we have learn a few clear lesson along the wai __PUNCT__
somehow all of them seem to have escap my oppon __PUNCT__
he sai that high oil price ar not the problem __PUNCT__ but onli that thei rose too quickli __PUNCT__
he doesn't support new domest product __PUNCT__
he doesn't support new nuclear plant __PUNCT__
he doesn't support more tradit us of coal __PUNCT__ either __PUNCT__
so what doe senat obama support in energi polici __PUNCT__ well __PUNCT__ for starter he support the energi bill of __NUM__ __PUNCT__ a grab __PUNCT__ bag of corpor favor that i oppos __PUNCT__
and now he support new tax on energi produc __PUNCT__
he want a windfal profit tax on oil __PUNCT__ to go along with the new tax he also plan for coal and natur ga __PUNCT__
if the plan sound familiar __PUNCT__ it becaus that wa presid jimmi carter big idea too __PUNCT__ and a lot of good it did us __PUNCT__
now as then __PUNCT__ all a windfal profit tax will accomplish is to increas our depend on foreign oil __PUNCT__ and hinder exactli the kind of domest explor and product we need __PUNCT__
i all for recycl __PUNCT__ but it better appli to paper and plastic than to the fail polici of the __NUM__ __PUNCT__
oddli enough __PUNCT__ though __PUNCT__ senat obama doesn't want to lower the ga tax paid by consum __PUNCT__ which would be the most direct and obviou wai to give american a break at the ga station __PUNCT__
even in tough time for our economi __PUNCT__ when folk ar struggl to pai for ga and groceri __PUNCT__ tax relief just isn't chang he can believ in __PUNCT__
along with the harm that america depend on foreign oil ha inflict on our economi __PUNCT__ there remain other cost that ar even greater and harder to count __PUNCT__
the massiv wealth we have spent over the year on foreign oil is not flow to the most upstand citizen of the world __PUNCT__
when trillion of dollar ar transfer to other nation in exchang for oil __PUNCT__ the consequ ar seriou and pervas __PUNCT__
but thei can be understood in three simpl wai __PUNCT__
the first take the form of a current account deficit that ha drain vast sum out of the american economi __PUNCT__
we ar borrow from foreign lender to bui oil from foreign produc __PUNCT__
in the world capit market __PUNCT__ often we ar even borrow saudi monei for saudi oil __PUNCT__
for them __PUNCT__ the happi result is that thei ar both supplier and creditor to the most product economi on earth __PUNCT__
for us __PUNCT__ the result is both depend and debt __PUNCT__
over time __PUNCT__ in interest payment __PUNCT__ we lose trillion of dollar that could have been better invest in american enterpris __PUNCT__
and we lose valu in the dollar itself __PUNCT__ as our debt portfolio undermin confid in the american economi __PUNCT__
as bad as all that is __PUNCT__ the second consequ is wors by far __PUNCT__
oil revenu ar enrich the enemi of the unit state __PUNCT__ and potenti limit our own option in contain the threat thei present __PUNCT__
iran alon receiv more than __NUM__ billion dollar a year from oil sale __PUNCT__ even as that regim financ terrorist __PUNCT__ threaten israel __PUNCT__ and endang the peac of the world with it design on nuclear weapon __PUNCT__
moreov __PUNCT__ by reli upon oil from the middl east __PUNCT__ we not onli provid wealth to the sponsor of terror __PUNCT__ we provid high __PUNCT__ valu target to the terrorist themselv __PUNCT__
across the world ar pipelin __PUNCT__ refineri __PUNCT__ transit rout __PUNCT__ and termin for the oil we reli on __PUNCT__ and al qaeda terrorist know where thei ar __PUNCT__
osama bin laden ha been quit explicit in direct terrorist to attack the oil facil on which so much of america economi depend __PUNCT__
thei have come close more than onc __PUNCT__
and we ar on success at tack awai from an econom crisi of monument proport __PUNCT__
even if our economi were somehow immun to thi threat __PUNCT__ the vast wealth we shift to the middl east __PUNCT__ venezuela __PUNCT__ angola __PUNCT__ and elsewher would still have a third harm and pervers effect __PUNCT__
it would continu to enrich undemocrat __PUNCT__ unjust __PUNCT__ and often corrupt regim __PUNCT__
some of the most oil __PUNCT__ rich nation ar also the most stagnant societi on earth __PUNCT__
and among the mani luxuri their oil wealth afford them is the luxuri of ignor their own peopl __PUNCT__
in effect __PUNCT__ our petrodollar ar underwrit tyranni __PUNCT__ anti __PUNCT__ semit __PUNCT__ the brutal repress of women in the middl east __PUNCT__ and dictat and crimin syndic in our own hemispher __PUNCT__
we cannot allow the world greatest democraci to be complicit in such corrupt and injustic __PUNCT__
america most vital interest call us to the mission of energi secur __PUNCT__ and so doe our sens of honor __PUNCT__
and the straightest __PUNCT__ swiftest path to energi secur is to produc more __PUNCT__ us less __PUNCT__ and find new sourc of power __PUNCT__ so that no commod can determin our secur __PUNCT__ and no crisi can undermin our economi __PUNCT__
thi will requir great ingenu and resolv of the american peopl __PUNCT__ and these ar not in short suppli __PUNCT__
american like to sai that there is no problem we can't solv __PUNCT__ howev complic __PUNCT__ and no obstacl we cannot overcom if we meet it togeth __PUNCT__
i believ thi about our countri __PUNCT__
i know thi about our countri __PUNCT__
and now it is time to show those qualiti onc again __PUNCT__
thank you __PUNCT__
