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WASHINGTON, DC — At a speech at the National Press Club today, Senator Hillary Rodham Clinton called for a “Strategic Energy Fund” to jumpstart research and investment in clean energy technologies, and to help America reach the goal of reducing oil imports by 50 percent by 2025.

“Our present system of energy is weakening our national security, hurting our pocketbooks, violating our common values and threatening our children's future. Right now, instead of national security dictating our energy policy, our failed energy policy dictates our national security,” said Senator Clinton. “Today I want to suggest a concrete goal of reducing our dependence on foreign oil 50 percent by 2025, a reduction in oil consumption of just under 8 million barrels a day. I believe a 50 by 25 initiative will energize our economy, not undermine it.”

In the speech, Senator Clinton announced that she is introducing legislation to create a “Strategic Energy Fund” to help pay for the clean energy transition. The legislation places a temporary fee on major oil company profits that exceed a 2000-2004 profit baseline. The fee would be in place for two years, and companies could offset their fee by investing in refinery capacity, ethanol production, or electricity generation from wind and other renewable sources. The proposal also eliminates oil company tax breaks that the companies have said they don’t need, and ensures that oil companies pay their fair share of royalties for drilling on public lands. It would raise more than $50 billion to fund research, development and deployment of energy technologies that will reduce America’s oil dependence and greenhouse gas emissions. The Strategic Energy Fund will:

• Invest in Renewable Energy. Move America towards the goal of producing 20 percent of electricity from renewable sources by 2020 by extending the production tax credit for generating electricity from wind and other renewable sources for 10 years.

• Transform America’s Vehicles. Put more efficient vehicles on the road by doubling the consumer tax breaks for hybrids, clean diesel, and other advanced vehicles, and creating a tax incentive for fleet owners to purchase more efficient vehicles.

• Accelerate Homegrown Biofuels. Speed the development of cellulosic ethanol by providing loan guarantees for the first billion gallons of commercial production capacity, and providing $1 billion for research.

• Speed Infrastructure Conversion. Increase availability of “E85” fuel pumps to 50 percent of gas stations by 2015 by providing gas station owners with a 50% tax credit for the cost of installing pumps.

• Unleash American Ingenuity. Accelerate energy research by creating a $9 billion “Advanced Research Projects Agency” for energy.

Senator Clinton also discussed renewable electricity, clean coal technology, and making better use of the strategic petroleum reserve to buffer the economy from oil price shocks.

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