America’s dependency on foreign oil is a major strategic vulnerability for our nation. One element in al Qaeda’s war against us is to target the U.S. economy by driving up the price of oil in the hope that severe recession and higher inflation will follow. Osama bin Laden and other al Qaeda terrorists have spoken many times about the need to “mount … operations accordingly” in order to hit energy supply points in the Middle East and other regions to spike oil prices. Moreover, while most of the world’s known reserves are in the Persian Gulf, oil supplies are no more secure elsewhere on the globe. In Russia and Venezuela, Vladimir Putin and Hugo Chavez have rolled back democracy and utilized oil and gas as foreign policy weapons. Nigerian supplies — our fifth-largest supplier — are endangered by internal strife. Oil’s availability is uncertain and its price at the mercy of countries where our values aren’t typically shared and our interests aren’t their first priority.
We must not leave the “lifeblood” of America’s economy in the hands of foreign cartels, or bet our future on a commodity located in countries in which authoritarians repress their people, and terrorists find their main support. Terrorists understand the seriousness of our vulnerability. A little over a year ago, a suicide attack at a major Saudi Arabian oil refinery came close to disabling its target. Had the attack succeeded, some price experts speculated that it would have driven the price of oil above $150 dollars a barrel and kept it extremely high for some time.
The flow of oil has many chokepoints — pipelines, refineries, transit routes, and terminals — most of which are outside our jurisdiction and control. Our enemies understand the effects on America of a significant disruption in supply — a crippled transportation system, gasoline too expensive for many Americans to purchase, and businesses closed. As we sacrifice blood and treasure, some of our gas dollars flow to the fanatics who build the bombs, hatch the plots and carry out attacks on our soldiers and citizens. Iran made over $45 billion from oil sales in 2005, and it is the number one state sponsor of terrorism.
The transfer of American wealth to the Middle East helps sustain the conditions on which terrorists prey. Some of the most oil-rich nations are also the most stagnant societies on earth. As long as petro-dollars flow freely to them, these regimes have little incentive to open their politics and economies so that all their people may benefit from their countries’ natural wealth. The Middle East’s example is spreading to our own hemisphere. Venezuela’s Hugo Chavez is using his country’s oil revenues to establish a dictatorship, bully his neighbors and succeed Castro as Latin America’s leading antagonist of the United States.
National security depends on energy security, which we cannot achieve if we remain so dependent on imported oil from Middle Eastern governments who support or foment, by their own inattention and inequities, the rise of terrorists or on swaggering demagogues and would be dictators in our hemisphere. Additionally, by mid-century there will be three-and-a-half billion cars worldwide — over four times the number today. As world demand for oil soars, higher prices, severe economic volatility, and heightened international tensions follow. These unpredictable forces could seriously circumscribe our future if we let them.
As president, I won’t let that happen.
I’ll implement an energy plan that won’t be another grab bag of handouts, a full employment act for lobbyists, nor another round of tax breaks and other subsidies to big oil. It will recognize the fundamental truth that our oil problem is an automobile fuel problem and break the dominance of oil in our transportation sector just as we diversified away from oil use in electric power generation 30 years ago.
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