As the price of gasoline continues to take a tremendous toll on the finances of America's families, it is becoming increasingly clear that the very economic independence of our country in jeopardy. Underscoring our nation's reliance on foreign sources of energy is the fact that our nation possesses 2% of the proven world oil reserves while we use 25% of the world's energy. This imbalance fuels our trade deficit and sends hundreds of billions of dollars abroad each year.
We need innovative solutions that look to the domestic resources of our nation that are readily available. These include the most productive farm economy in the world, hundreds of years of untapped coal resources and both wind and solar. However, this countries biggest resource is by far our intellectual capacity to develop the technologies needed for the next century.
From hydrogen based automobiles, to geothermal, cryogenic power systems, offshore wind farms, tidal energy and biomass based fuel, our ability to compete depends on our ability to innovate.
In response to this crisis, The House of Representatives has acted on the following issues during the 111th Congress:
As the price of gasoline continues to take a tremendous toll on the finances of America's families, it is becoming increasingly clear that the very economic independence of our country in jeopardy. Underscoring our nation's reliance on foreign sources of energy is the fact that our nation possesses 2% of the proven world oil reserves while we use 25% of the world's energy. This imbalance fuels our trade deficit and sends hundreds of billions of dollars abroad each year.
We need innovative solutions that look to the domestic resources of our nation that are readily available. These include the most productive farm economy in the world, hundreds of years of untapped coal resources and both wind and solar. However, this countries biggest resource is by far our intellectual capacity to develop the technologies needed for the next century.
From hydrogen based automobiles, to geothermal, cryogenic power systems, offshore wind farms, tidal energy and biomass based fuel, our ability to compete depends on our ability to innovate.