Obama urges cutting oil dependence by a third

Reuters News
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Posted: Mar 30, 2011 11:42 AM
Obama urges cutting oil dependence by a third

WASHINGTON (Reuters) - President Barack Obama on Wednesday set a goal of cutting U.S. oil imports by a third over the next 10 years and said it must be done by both boosting domestic energy production and reducing consumption.

"There are no quick fixes," Obama said in a speech that came amid a jump in energy prices driven by unrest in the Middle East. "And we will keep on being a victim to shifts in the oil market until we get serious about a long-term policy for secure, affordable energy."

(Writing by Caren Bohan; Editing by Neil Stempleman)