President Obama creates a plan to facilitate innovation in the fuel industry

President Barack Obama recently announced a proposal that would slash oil imports by one-third by 2025 as part of a initiative called Blueprint for A Secure Energy Future, Trucking Info reports.

President Obama said that recent events have contributed to the short-term rise oil and fuel prices. Furthermore, the cost will likely not see a decrease anytime soon due to the increased demand worldwide.

" [A] big area of concern has been the cost and security of our energy." President Obama said in a speech at Georgetown University. "Obviously, the situation in the Middle East implicates our energy security. The situation in Japan leads us to ask questions about our energy sources."

He later went on to say that Americans need to look at importing oil from more stable sources, such as Canada and Brazil, while increasing the amount of oil produces domestically. As such, the administration is working on releasing new drilling permits for companies that meet higher standards in the industry.

According to the U.S. Department of Energy, the price of diesel currently stands at $3.93 per gallon, which is almost a dollar more than this time last year.

By Anna Byrne

President Obama creates a plan to facilitate innovation in the fuel industry

Thursday, March 31st, 2011