Bush Administration on Having it All

1
President Bush onAddiction to Foreign Oil
...We have a serious problem America is
addicted to oil, which is often imported from
unstable parts of the world.
- President George W. Bush State of the Union
Address January 31, 2006
2
U.S. Petroleum Imports as a Percentage of Total
U.S. Consumption
2005
Imports 60
Domestic 40
Source Energy Information Administration (2006)
3
Dependence on Imported Energy Increases Trade
Deficit

• 260 billion of the trade deficit over the last
  year is due to imported petroleum products
• This represents over 1/3 of the total trade
  deficit

Source U.S. Census Bureau (March 2005 March
2006 data)
4
U.S. and Brazilian Petroleum Imports
1973 2005
80
60
35
9
Brazil
U.S.
Source DOE/EIA and CIA
5
Key Renewable Fuel Provisions in the BOLD Energy
Act

• 30 billion gallon renewable fuel standard by 2025
• Fuel-saving or flex-fuel technology for all U.S.
  vehicles by 2017
• Doubling of funding for the Department of
  Energys bioenergy program
• Extension of existing income and excise tax
  credits for renewable fuels through 2013
• Increase in credit for installation of
  alternativefuel pumps with 4-year extension