Tom Udall: “I rise today to stress how important it is for the United States to take a bold new approach to our energy supplies. Our…”

“I rise today to stress how important it is for the United States to take a bold new approach to our energy supplies. Our economy and way of life depend on cheap oil. In many ways, cheap oil is responsible for our prosperity. Since oil provides about 40 percent of the world's energy, a peak in global oil production will be a great turning point in human history. Oil and natural gas literally transport, heat, and feed our country. Therefore, we must summon the political will to act immediately, diversify our energy supplies, and mitigate the negative changes that will undoubtedly accompany the world peak in oil and natural gas production. Peak oil is a fact, not a theory. Oil production has now peaked in 33 of the world's largest 48 oil-producing nations. {time} 1630 A recent Energy and Air Quality Subcommittee hearing showed that a growing number of energy experts agree that a peak in world oil production is either imminent or likely to occur by 2015. The United States demand for oil continues to increase by about 2 percent per annum. As global demand has increased faster than production, the once substantial cushion between world oil production and demand has decreased. This phenomenon has increased the price of oil. Consequently, huge amounts of American money, up to $25 million per hour, go abroad to pay for foreign oil. Middle eastern countries, flush in oil dollars, help fuel the terrorism we are fighting.…”