[Weekly Compilation of Presidential Documents Volume 36, Number 12 (Monday, March 27, 2000)]
[Pages 581-582]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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 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

[[Page 582]]

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. This 
transcript was made available by the Office of the Press Secretary on 
March 17 but was embargoed for release until the broadcast.