So what we need to do that also is a long-term energy policy is to increase mileage standards and take away the tax breaks that are going to the oil companies and steer them to alternative agency. Incidentally, ExxonMobil, which made $40 billion this year, spent $32 billion buying its stock back rather than producing oil on these leaseholds. We also have to have a new energy policy so we can keep our money at home. We're sending $1 trillion to the oil-producing states like Russia, Saudi Arabia and Venezuela, not particularly our friends. If we keep that money at home, we're going to strengthen our economy.
Peter Welch: “So what we need to do that also is a long-term energy policy is to increase mileage standards and take away the tax…”
Editor's note · Context
Discussing the need for a long-term energy policy and economic implications of oil dependency.
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