Treasury Secretary Tim Geithner and Energy Secretary
Steven Chu today announced $502 million in the first round
of awards from a Recovery Act program that provides cash
assistance to energy production companies in place of earned
tax credits.
Estimated energy demand is charted to grow by almost 50% in the next 20 years.
In 2007, about 58% of the petroleum consumed in the U.S. was imported from foreign countries--primarily Canada, Saudia Arabia, Venezuela, Mexico and Nigeria. (Source: EIA)
Crude oil, taxes, refining, distribution and marking are the four main components that make up the retail price of a gallon of gasoline. (Source: EIA)
55 of the world's 65 largest oil producing countries are past their production peaks and in decline.
Today’s challenges of reducing greenhouse gas emissions while meeting the country’s steadily rising demand for electricity make it essential for legislatures and public utility commissions to shift their focus toward mechanisms that make demand reduction as profitable for utilities as increasing supply. (Source: Institute for 21st Century Energy)
