President Obama received a progress report earlier this morning on American energy independence. According to the White House:
The accomplishments in this report, which represent the efforts of six federal agencies, underscore the administration’s commitment over the past three years to promoting an all-hands-on-deck, all-of-the-above approach to American energy and building a more secure energy future …
- Increasing American Energy Independence: A year ago, the President set a bold but achievable goal of reducing oil imports by a third in a little over a decade, relative to where they were when he ran for office. Thanks to booming U.S. oil and gas production, more efficient cars and trucks, and a world-class refining sector that last year was a net exporter for the first time in sixty years, we have already cut net imports by ten percent—or a million barrels a day—in the last year alone. And with the new fuel economy standards the President announced last year, we are on pace to meet our goal by the end of the decade.
- Expanding Domestic Oil and Gas Production: Domestic oil and natural gas production has increased every year President Obama has been in office. In 2011, American oil production reached the highest level in nearly a decade and natural gas production reached an all-time high.
- Setting Historic New Fuel Economy Standards: The Obama administration has put in place the first-ever fuel economy standards for heavy-duty trucks, and proposed the toughest fuel economy standards for passenger vehicles in U.S. history, requiring an average performance equivalent of 54.5 miles per gallon by 2025. Over time, these new standards will save consumers more than $8,000 in lower fuel costs.
Read the full report online.