Obama to end US oil era

Barack Obama’s democratic national convention speech last night is probably sending shivers down an oil company’s spine (and perhaps the petroleum industry as well??) as he promised to end America’s oil dependence from the Middle East in 1o years if he’s elected president.

In his speech, Obama said he will invest $150 billion over the next decade in solar, wind, next generation biofuels, clean coal, natural gas, nuclear (as long as it’s safe!) and other affordable renewable energy sources.

“[This is]….an investment that will lead to new industries and five million new jobs that pay well and can’t ever be outsourced…I’ll help our auto companies re-tool, so that the fuel-efficient cars of the future are built right here in America. I’ll make it easier for the American people to afford these new cars.”

And oh yeah, he is definitely opposed to lifting the Congress ban on US offshore drilling.

“Now is the time….to understand that drilling is a stop-gap measure, not a long-term solution. Not even close.”

And for that I guess that makes him persona non grata within the chemical industry as well? We will see what other energy platforms he’ll proposed as the US presidential election goes along.

Next week is the Republican’s turn to officially nominate John McCain. We already know that he is for offshore drilling but we have to find out what is his specific platforms for renewable energy



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