Embracing an All-of-the-Above Approach to American Energy
Since taking office, President Obama has been committed to an all-of-the-above energy strategy for America. It’s a strategy that’s rooted in the idea that we should take full advantage of all of the energy resources that we have, while ensuring we do so in a safe and responsible way.
After four years of this strategy, its impact is clear. We have greater energy security now than any time in recent history. We have doubled our use of renewable power from wind, solar, and geothermal sources. Imports of foreign oil have fallen to the lowest level in decades. Domestic oil production is surging and America is currently the largest producer of natural gas in the world.
At the same time the President has made clear that he understands that coal has played a critical role in our country’s energy portfolio for decades and will continue to be an important source of energy in the future.
The President also believes that America must take a leadership role in developing and manufacturing technologies that allow us to burn coal more cleanly and efficiently. Achieving that goal will also boost our economy, promote public health, and position the United States as the leader in the global clean energy race.
That’s why President Obama has invested nearly $6 billion in clean coal technology and research and development – the largest such investment in U.S. history. Notably, this strategy has attracted over $10 billion in additional private sector capital investment. And these investments are already making a difference. For example, according to Bloomberg New Energy Finance, the United States leads the race to develop the world’s first large-scale carbon capture and storage (CCS) demonstration project.
The investments we are making in cutting-edge, clean coal technologies are not only vital to the future of this industry, but also to the larger goal of taking full advantage of America’s energy resources.