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

Weekly Compilation of Presidential Documents, May 2, 2005

And as we make our homes more energy-efficient, we're doing the same with our automobiles. Hybrid vehicles are one of the most promising technologies immediately available to consumers. These cars are powered by a combination of gasoline and electricity. They provide better fuel efficiency, ultra-low emissions, and exceptional performance. And their electronic systems are paving the way for tomorrow's hydrogen-powered vehicles.

We're encouraging automakers to produce a new generation of modern, clean diesel cars and trucks. My administration has issued new rules that' will remove more than 90 percent of the sulfur in diesel fuel by 2010. Clean diesel technology will allow consumers to travel much farther on each gallon of fuel, without the smoke and pollution of past diesel engines. We've proposed $2.5 billion over 10 years in tax credits that will encourage consumers to buy energy-efficient hybrid ears and trucks, and we need to extend these incentives to include clean diesel vehicles as well.

As we conserve energy at home and on the road, technology will help us deliver it more efficiently. New technologies such as superconducting powerlines can help us bring our electrical grid into the 21st century and protect American families and businesses from damaging power outages. Some of you who live in the Midwest and on the east coast know what I'm talking about, damaging power outages. We have modern interstate grids for our phonelines and our highways. It's time for America to build a modern electricity grid.

The electricity title is an important part of the energy bill. As a matter of fact, a lot of which I've discussed so far is an important part of the energy bill that needs to get passed by the United States Congress before August of this year. The House acted, and I appreciate the leadership in the House. Now it's time for the United States Senate to act. And then it's time for them to get together and iron out their differences and get me a bill so I can sign.

The fourth essential step toward greater energy independence is to make sure other nations can take advantage in advances--take advantage of the advances in technology to reduce their own demand. Listen, we need to remember that the market for energy is a global one, and we're not the only large consumer. Much of the current projected rise in energy prices is due to rising energy consumption in Asia. As Asian economies grow, their demand for energy is growing, and the demand for energy is growing faster than the supply of energy is increasing. And as small-business people, you understand what happens when demand is larger than supply; you hope that's the ease for the products you produce. [Laughter] Our costs--our prices are going up. It is in our interest to help these countries become more energy self-sufficient. That will help reduce demand, which will help take pressure off price and, at the same time, help protect the environment.

I'm looking forward to going to a G--8 meeting in July in Great Britain. And there I'm going to work with developed nations, our friends and allies to help developing nations, countries like China and India to develop and deploy clean energy technology. Like us, some of these countries have got substantial coal reserves. We need to find practical ways to help these countries take advantage of clean coal technology.