We are actually very close to a solution to the petroleum problem.
Tomorrow, President Bush could make the following speech: "We are all
concerned that the industrialized world, and increasingly the
developing world, draw too much of their energy from one product,
petroleum, which comes disproportionately from one volatile region, the
Middle East. This dependence has significant political and
environmental dangers for all of us. But there is now a solution, one
that the United States will pursue actively.
"It is now possible to build cars that are powered by a combination of
electricity and alcohol-based fuels, with petroleum as only one element
among many. My administration is going to put in place a series of
policies that will ensure that in four years, the average new American
car will get 300 miles per gallon of petroleum. And I fully expect in
this period to see cars in the United States that get 500 miles per
gallon. This revolution in energy use will reduce dramatically our
dependence on foreign oil and achieve pathbreaking reductions in
carbon-dioxide emissions, far below the targets mentioned in the Kyoto
accords."