President Obama in Reno: Invest Now in Tomorrow’s Energy Sources

Posted by

Throughout the week, President Obama has traveled the country talking about his plan for America’s future – a plan for prosperity through shared responsibility. In each of his three town hall meetings, the President addressed a different pillar of his vision:investing in education on Tuesday, supporting innovative technology on Wednesday, and creating a clean-energy economy yesterday.

Electra Therm, the company that hosted President Obama at yesterday’s Reno event, has become an industry leader by generating sustainable energy sources and accessing the federal resources and capital to expand. The President featured this company as a model for the type of innovative business that will help end America’s addiction to oil, growing the market for stable, more efficient, and domestic sources of energy.

The President also confronted the political hurdles and rhetoric that come along with rising gas prices:

[E]very time gas prices go up like this, like clockwork, suddenly politicians look around and they discover high gas prices. And they’re shocked, and they get in front of TV and they say, we’ve got a three-point plan to bring gas down to two bucks a gallon. And then when gas prices go down, nothing ever happens, and we’re back into the same old patterns, and we don’t have a comprehensive energy strategy for the future.

But there are measures the administration is taking right now to protect the American public:   

Last month I asked my attorney general to look into any cases of price gouging so we can make sure nobody is being taken advantage of at the pump. Today, I’m going to go a step further. The attorney general is putting together a team whose job it is to root out any cases of fraud or manipulation in the oil markets that might affect gas prices, and that includes the role of traders and speculators. We’re going to make sure that nobody is taking advantage of American consumers for their own short-term gain.

And while we’re at it, if we’re looking for places to save money that we can then use to invest in clean energy projects like Electra Therm, let’s start with the $4 billion in taxpayer subsidies that right now are going to big oil companies even though they are making billions of dollars a year as it is because of these high oil prices.

Read the President’s full remarks from the event at Electra Therm