Renewable energy key to less dependence on oil, more jobs

Renewable energy key to less dependence on oil, more jobs

Renewable energy is one of the key factors that could bring down rising gas prices and create more jobs for Americans, President Barack Obama said in his weekly Internet and radio address.

Too much dependence on oil has left the U.S. more vulnerable to oil price fluctuations brought about by outside influences like conflicts in the Middle East, disasters or China's economic boom.

President Obama reiterated his call to reduce oil imports by up to a third by the year 2025. Among other projects to boost development of renewable energy, he wants the U.S. to increase oil exploration on home soil and encourage the auto industry to build more energy-efficient cars.

"By doing so, we're going to make our economy less vulnerable to wild swings in oil prices," the President said. "We're going to use cleaner sources of energy that don't imperil our climate."

He also wants the creation of new ventures that is focused on renewable energy, ahead of his visit of a builder of wind farms in Philadelphia on Wednesday.

"And we're going to spark new products and businesses all over the country by tapping America's greatest resource: our ingenuity," Obama added.

According to the American Automobile Association (AAA), gas prices have hit $3.619 per gallon on average last Friday. Overall, the price has jumped 81 cents in the past 12 months and 23.2 cents in the last month alone.

The shift from foreign oil will help create more jobs as new businesses will be formed to develop projects based on renewable energy.

Posted by James Fried on Sunday April 03 2011, 1:45 AM EDT. Ref: AP. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0