Statement from Secretary of Energy Samuel W. Bodman Regarding EIA's Long-Term Energy Outlook

If oil prices remain over $60/barrel (see EIA report), hybrid sales should continue to increase, while SUV sales continue to drop. The American public may cry that they want to be able to make a choice, but for how long will they continue to pay at the pump for it?

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Statement from Secretary of Energy Samuel W. Bodman Regarding EIA's Long-Term Energy Outlook

WASHINGTON, DC – Earlier today the Department of Energy's Energy Information Administration released their Long-Term Energy Outlook. Energy Secretary Samuel Bodman's made the following statement regarding the EIA’s Long-Term Energy Outlook:

“Today’s forecast from EIA emphasizes something we already know – demand for energy around the world will continue to grow as economies expand and prosperity spreads.

“It also demonstrates that many aspects of President Bush’s National Energy Policy and the energy bill he signed this summer will have a positive impact for decades to come: we will see more hybrids on the road as tax incentives continue to spur consumer interest and make them more affordable; nuclear power will expand as companies receive protections against bureaucratic delay; expanded use of coal, America’s most abundant energy resource, can occur in an environmentally friendly manner thanks to investments in clean coal technology; and the use of renewable energy will continue to grow as development and deployment are assisted by new tax incentives.

“However, along with anticipated increases in demand come forecasts for higher prices, demonstrating that there is more to do - we will continue to encourage Americans to be more energy efficient; we will continue to urge energy companies to invest in new production and refining capacity to meet demand; we will continue to encourage the participants in the Alaska Natural Gas Pipeline to complete their negotiations and begin development so that the vast natural gas resources in Alaska can reach the lower 48 states; and we must expand domestic production of oil and natural gas in environmentally responsible ways, starting with ANWR.”