    [Public Papers of the Presidents of the United States: WILLIAM J. CLINTON (2000, Book I)]
    [March 18, 2000]
    [Pages 489-490]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    March 18, 2000

         Good morning. In recent months, we've seen a rapid increase in the
    price of oil, and many are concerned about the effect on our economy.
    It's important to remember that while prices are higher now than they
    have been for some time, our overall economy is still the strongest

    [[Page 490]]

    it's ever been. Inflation and unemployment remain at historically low
    levels. But high oil prices are causing hardship for many Americans:
    Americans on modest incomes that have to drive a long way to work,
    independent truckers that have big fuel costs.
        We need to take action now for both the short and the long term, to
    protect consumers and strengthen America's energy security. In the short
    term, I'll continue to work with foreign countries to help close the gap
    between production and consumption. Several important oil-producing
    countries already have expressed their support for a production
    increase. But we also need to take a longer view, one that rejects
    environmentally damaging alternatives like drilling in the protected and
    treasured natural habitats of Alaska.
        Today I am announcing important new steps to reduce our reliance on
    foreign oil and fossil fuels, to protect our environment, and to keep
    our economy strong. First, to reduce the likelihood that future heating
    oil shortages will harm consumers as they did this winter, I am
    proposing the creation of an environmentally sound home heating oil
    reserve in the Northeast that could supply additional heating oil to the
    market in the event of a future shortage.
        Second, to ensure that we have all available tools in the event of a
    crisis, I'm calling on Congress to immediately reauthorize the Strategic
    Petroleum Reserve, a critical part of our Nation's insurance against
    national emergencies caused by interruptions in the supply of oil.
        Third, for over 2 years, Congress has refused to pass commonsense
    tax credits I've proposed to promote fuel-saving cars of the future and
    energy-efficient homes, buildings, and equipment. I'm proposing a
    comprehensive package of tax incentives to improve the energy efficiency
    of our society, to promote the use of alternative fuels, and to support
    increased domestic oil production. I call on Congress to act now and
    pass these critical measures without further delay.
        Finally, it's long past time for Congress to fully fund the more
    than $1 billion I've requested to accelerate the research and
    development of more efficient energy technologies, including the use of
    alternative and more efficient fuels. We have to be clear: There's no
    overnight solution to this problem. Instead of taking short-sighted and
    risky steps now we might regret later, we should use this opportunity to
    start down the right path toward real, long-term energy security.
        At the dawn of the 20th century, Theodore Roosevelt defined
    America's central task as leaving this land even a better land for our
    descendants than it is for us. If we take responsible action on energy
    security now, we can meet Roosevelt's challenge. We can also protect our
    environment and grow our economy well into the 21st century.
        Thanks for listening.

     Note:  The address was recorded at 7:30 p.m. on March 17 in the Oval
    Office at the White House for broadcast at 10:06 a.m. on March 18. The
    transcript was made available by the Office of the Press Secretary on
    March 17 but was embargoed for release until the broadcast.