A weak U.S. dollar and instability in the Middle East exacerbate the problem.
We need to forge a long-term energy strategy that takes these factors into account, moves our nation away from fossil fuels and invests in renewable energy resources. We need to promote conservation and develop clean technologies and clean fuels -- like cellulosic ethanol. We need to continue to raise fuel economy standards for vehicles and improve the energy efficiency of our buildings by 50%.
It's also time to crack down on excessive speculation in critical energy markets. In May, Congress took a first step by closing the "Enron loophole," which brought more energy trading under federal oversight. Congress now needs to eliminate other loopholes and to get serious with large institutional investors who are trading energy futures with no speculation limits.
Changing our nation's fuel consumption pattern is an enormous endeavor. It will take years. But this is the reality we face. And there's no time to waste.
