Remarks to the Small Business Administration's National Small Business Week Conference

Weekly Compilation of Presidential Documents, May 2, 2005

The first essential step toward greater energy independence is to apply technology to increase domestic production from existing energy resources. And one of the most promising sources of energy is nuclear power. Today's technology has made nuclear power safer, cleaner, and more efficient than ever before. Nuclear power is now providing about 20 percent of America's electricity, with no air pollution or greenhouse gas emissions. Nuclear power is one of the safest, cleanest sources of power in the world, and we need more of it here in America.

Unfortunately, America has not ordered a new nuclear powerplant since the 1970s. France, by contrast, has built 58 plants in the same period. And today, France gets more than 78 percent of its electricity from safe, clean nuclear power.

It's time for America to start building again. That's why, 3 years ago, my administration launched the Nuclear Power 2010 Initiative. This is a 7-year, $1.1 billion effort by Government and industry to start building new nuclear powerplants by the end of this decade. One of the greatest obstacles we face to building new plants is regulatory uncertainty, which discourages new plant construction. Since the 1970s, more than 35 plants were stopped at various stages of planning and construction because of bureaucratic obstacles. No wonder--no wonder the industry is hesitant to start building again. We must provide greater certainty to those who risk capital if we want to expand a safe, clean source of energy that will make us less dependent on foreign sources of energy.

To do so, I've asked the Department of Energy to work on changes to existing law that will reduce uncertainty in the nuclear plant licensing process and also provide Federal risk insurance that will protect those building the first four new nuclear plants against delays that are beyond their control. A secure energy future for America must include more nuclear power.

A secure energy future for America also means building and expanding American oil refineries. Technology has allowed us to better control emissions and improve the efficiency and environmental performance of our existing refineries. Yet there have been no new oil refineries built in the United States since 1976, and existing refineries are running at nearly full capacity. Our demand for gasoline grows, which means we're relying more on foreign imports of refined product.

To encourage the expansion of existing facilities, the EPA is simplifying rules and regulations. I will direct Federal agencies to work with States to encourage the building of new refineries on closed military facilities, for example, and to simplify the permitting process for such construction. By easing the regulatory burden, we can refine more gasoline for our citizens here at home. That will help assure supply and reduce dependence on foreign sources of energy.

Advances in technology will also allow us to open up new areas to environmentally responsible exploration for oil and natural gas, including the Arctic National Wildlife Refuge. Technology now makes it possible to reach ANWR's hydrocarbons by drilling on just 2,000 acres of the 19 million acres of land. That's just one-tenth of 1 percent of ANWR's total area. Because of the advances in technology, we can reach the oil deposits with almost no impact on land or local wildlife. Developing this tiny section, of ANWR could eventually yield up to a million barrels of oil per day. That's a million barrels less that we've depended on from foreign sources of energy. Listen, the more oil we can produce in environmentally sensitive ways here at home, the less dependent our economy is, the less reliant we are on other parts of the world.