[Weekly Compilation of Presidential Documents Volume 36, Number 27 (Monday, July 10, 2000)]
[Pages 1578-1579]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

July 1, 2000

    Good morning. Millions of Americans will hit the highway this 
weekend to join their families in celebrating the birth of our Nation 
and the independence we enjoy. While our Nation has never been stronger 
or more prosperous, we must do more to free working families from the 
grip of rising energy costs, especially the price we pay at the pump.
    We're all feeling the effects of higher gas prices. That's why our 
administration is taking action to meet America's energy needs in both 
the short and long term. Right now the Federal Trade Commission is 
conducting an investigation to determine if oil companies are engaging 
in illegal gasoline pricing practices.
    In the 2 weeks since the investigation began, prices have fallen 8 
cents a gallon at the pump in the Midwest and more than 12 cents a 
gallon at the pump in the Chicago region. We're also continuing to work 
with foreign countries to close the gap between oil production and 
consumption. While that's good news, we still have more to do to 
strengthen our security over the long term. That's the most important 
thing.
    Over the last 7 years, with the Vice President's leadership, our 
administration has pursued a forward-looking and balanced strategy that 
increases both our energy supply and our energy efficiency, saving 
consumers money and preparing for unexpected energy shortages in the 
future. For example, we've invested in new technologies to more 
efficiently develop our domestic oil reserves and to promote wind, 
solar, and other alternative sources of energy. My budget this year 
includes several other measures to further enhance our energy security.
    Unfortunately, the Republican Congress has failed to act on key 
elements of our strategy to meet America's energy needs in the 21st 
century. They want to revert to an old 19th century approach that 
endangers our environment instead of one that invests in the future.

[[Page 1579]]

    Since 1993, the Congress has approved only 12 percent of the 
increases I've proposed to develop clean, efficient sources of energy. 
Now the Republican leadership wants to gut the programs they've already 
approved, like our partnership with Detroit to develop ultra-efficient 
cars of the future. And they want to turn back the progress we've made 
to protect our treasured lands by expanding drilling in our most 
precious natural areas, from the Arctic National Wildlife Refuge in 
Alaska to Federal lands in the Rockies and along the California coast. 
That's a shortsighted approach to a long-term problem.
    Instead of drilling holes in our progress, I ask Congress again to 
approve the steps we have proposed to increase our energy supply, to 
protect the environment, to increase energy conservation, and keep our 
economy strong.
    First, I propose tax incentives to support domestic oil production 
and the development of alternative energy sources. I've also proposed 
commonsense tax credits to help families and businesses buy fuel-saving 
cars, energy-efficient homes, buildings, and appliances. These measures 
won't just save energy; they'll also reduce pollution and put money back 
in the pockets of consumers. Only by developing new technologies can we 
ensure a cleaner future where we're not as reliant on fossil fuels and 
foreign oil.
    Second, in my budget this year I've asked for more than $1 billion 
to accelerate the research and development of cleaner, more efficient 
energy technology. These investments will help to develop the 
technologies that will allow us to convert corn and other crops into the 
fuels of tomorrow.
    Third, I've proposed comprehensive legislation to foster a new era 
of competition in the electricity industry. By allowing consumers all 
across our country to choose their own electric supplier, we can enhance 
the reliability of electric power and save consumers nearly $20 billion 
a year on energy costs.
    Fourth, I've asked Congress to reauthorize the Strategic Petroleum 
Reserve, a critical part of our Nation's insurance policy against 
national emergencies caused by interruptions in the supply of oil.
    Once again, I ask Congress also to establish a home heating oil 
reserve in the Northeast to reduce the likelihood that future heating 
oil shortages will harm consumers as they did this past winter. I've 
also asked Secretary Richardson to take the steps necessary to create a 
reserve through administrative authority if Congress does fail to act, 
so that a heating oil reserve will be in place by next winter.
    At the beginning of the 20th century, Teddy Roosevelt reminded us, 
``Neither man nor nation can prosper unless, in dealing with the 
present, thought is steadily taken for the future.'' That's the vision 
that guided our Founding Fathers. It's especially true today when it 
comes to our energy security. If we take the right steps now, we can 
secure our independence, protect our environment, and continue to grow 
our economy for generations to come.
    Have a happy and healthy Fourth of July, and thanks for listening.

 Note:  The address was recorded at 10:21 a.m. on June 30 in the 
Pennsylvania Convention Center in Philadelphia, PA, for broadcast at 
10:06 a.m. on July 1. The transcript was made available by the Office of 
the Press Secretary on June 30 but was embargoed for release until the 
broadcast.