John McCain

thank you all veri much __PUNCT__

governor perri __PUNCT__ lieuten_governor dewhurst __PUNCT__ and other distinguish guest __PUNCT__ i appreci your join us todai __PUNCT__

and thank you all for the warm welcom to houston __PUNCT__

among it other distinct __PUNCT__ thi great_citi is known as the oil capit of america __PUNCT__

but peopl in houston and all of texa understand as well as anyon that the high_price of oil and ga todai is caus great harm all across our economi __PUNCT__

peopl ar hurt __PUNCT__ small_farmer __PUNCT__ trucker __PUNCT__ and taxi_driver unabl to cover their cost __PUNCT__ small_busi busi_owner struggl to meet payrol __PUNCT__ the cost of live rise and the valu of paycheck fall __PUNCT__

all of thi __PUNCT__ in larg_part __PUNCT__ becaus the price of oil is too high __PUNCT__ and the suppli of oil too uncertain __PUNCT__

these citizen believ their govern ha a duti to final assur the energi_secur of thi countri __PUNCT__ and thei ar right __PUNCT__

i first address thi issu at the outset of my primari_campaign __PUNCT__

and in just that time __PUNCT__ a littl more than a year __PUNCT__ the price of a barrel of oil ha more than doubl __PUNCT__

and the price of a gallon of ga in america stand at more than four dollar __PUNCT__

yesterdai __PUNCT__ a barrel of oil cost about __NUM___dollar __PUNCT__

and variou oil minist and invest firm have confid inform us that soon we can expect to pai___NUM__ __NUM___dollar for everi barrel __PUNCT__ and as much as seven dollar for everi gallon of ga __PUNCT__

that mai come as good new in moscow __PUNCT__ riyadh __PUNCT__ or caraca __PUNCT__ where econom_growth and rise oil_price ar more or less the same_thing __PUNCT__

but their oil prosper is our energi vulner __PUNCT__

and the job __PUNCT__ famili budget __PUNCT__ and futur of the american_peopl should not depend on the whim of foreign_power __PUNCT__

oil and gasolin ar the most vital of all commod in a modern_economi __PUNCT__

their price affect the cost of thing even more basic and essenti __PUNCT__

america depend on foreign_oil is a matter of larg and far __PUNCT__ reach consequ __PUNCT__ none of them good __PUNCT__

whoever control oil control much more than oil __PUNCT__

and in our time __PUNCT__ much of the world_oil suppli is control by state __PUNCT__ regim __PUNCT__ and a cartel for which america well be is not exactli a prioriti __PUNCT__

mani occupi a violent part of the world __PUNCT__ a region all the more violent for the influenc of oil_wealth __PUNCT__

their opinion of america run the full spectrum from indiffer to hatr __PUNCT__

and yet these regim ar todai the master of the oil market __PUNCT__

somehow the unit_state __PUNCT__ in so mani wai the most self __PUNCT__ reliant of nation __PUNCT__ ha allow and at time even encourag thi state of affair __PUNCT__

thi wa a troubl situat __NUM___year_ago __PUNCT__

it wa an alarm situat twenti_year year_ago __PUNCT__

it is a danger situat todai __PUNCT__

and start in the term of the next presid __PUNCT__ we must take control over our own energi futur __PUNCT__ and becom onc again the master of our fate __PUNCT__

the next presid must be will to break with the energi_polici not just of the current administr __PUNCT__ but the administr that preced it __PUNCT__ and lead a great_nation nation_campaign to achiev energi_secur for america __PUNCT__

so in the dai ahead i plan to return to the subject in a seri of discuss to explain my reform agenda __PUNCT__

and i will set forth a strategi to free america onc and for all from our strateg depend on foreign_oil __PUNCT__

energi_polici ha enorm implic for america_econom econom_secur __PUNCT__ our environment secur __PUNCT__ and __PUNCT__ abov all __PUNCT__ our nation_secur __PUNCT__

each on of these challeng demand our concentr consider __PUNCT__

and each on requir that we look beyond the special_interest that too often domin energi_polici __PUNCT__

we need to draw on the best idea of both parti __PUNCT__ and work togeth for the common_good __PUNCT__

as in other challeng that confront our nation __PUNCT__ we must shape event __PUNCT__ and not simpli manag crise __PUNCT__

we must steer far clear of the error and fals assumpt that have mark the energi_polici of nearli twenti congress and seven presid __PUNCT__

there ar danger in the long_term and danger in the short_term __PUNCT__

some task will be the work of decad __PUNCT__ and some the work of year __PUNCT__

and thei all will begin in the term of the next presid __PUNCT__

among these is a challeng we hardli even understood back when america first learn to associ the word __PUNCT__ energi __PUNCT__ with __PUNCT__ crisi __PUNCT__

we now know that fossil_fuel emiss __PUNCT__ by retain heat within the atmospher __PUNCT__ threaten disastr chang in climat __PUNCT__

no challeng of energi is to be taken lightli __PUNCT__ and least of all the need to avoid the consequ of global_warm __PUNCT__

in the face of climat chang and other seriou challeng __PUNCT__ energi conserv is no longer just a moral luxuri or a person virtu __PUNCT__

conserv serv a critic nation goal __PUNCT__

over time __PUNCT__ we must shift our entir energi_economi toward a sustain mix of new and cleaner power sourc __PUNCT__

thi will includ some we us alreadi __PUNCT__ such as wind __PUNCT__ solar __PUNCT__ biofuel __PUNCT__ and other sourc yet to be invent __PUNCT__

it will includ a varieti of new automot and fuel technolog __PUNCT__ clean __PUNCT__ burn coal and nuclear_energi __PUNCT__ and a new system of incent __PUNCT__ under a cap __PUNCT__ and __PUNCT__ trade_polici __PUNCT__ to put the power of the market on the side of environment_protect __PUNCT__

but to make the great turn awai from carbon __PUNCT__ emit fuel __PUNCT__ we will need all the invent geniu of which america is capabl __PUNCT__

we will need as well an economi strong enough to support our nation_great shift toward clean_energi __PUNCT__

and thi give us onli further incent to protect ourselv from the sudden shock and ever __PUNCT__ rise_price that come with our depend on foreign_oil __PUNCT__

up to a point __PUNCT__ these sudden rise in the price of oil ar explain in the term of basic_econom __PUNCT__

when demand exce suppli __PUNCT__ price alwai rise __PUNCT__ and thi ha happen veri dramat in the demand for oil __PUNCT__

two power_forc in the oil market todai ar china and india __PUNCT__ nation in which a third of human is suddenli enter the industri era __PUNCT__ with all the car __PUNCT__ construct __PUNCT__ and consumpt of oil that involv __PUNCT__

there is the further problem of specul on the oil futur_market __PUNCT__ which in mani case ha noth to do with the actual sale __PUNCT__ purchas __PUNCT__ or deliveri of oil __PUNCT__

when crude_oil becam a futur __PUNCT__ trade commod in the __NUM__ __PUNCT__ the idea wa to afford a measur of protect against the histor volatil of oil_price __PUNCT__

it take sever week to ship oil from the arabian peninsula to the offshor port of louisiana __PUNCT__

and for the buyer __PUNCT__ it help to know that the price will not suddenli fall while the oil is in transit __PUNCT__

a futur contract assur import that thei can sell the oil at a profit __PUNCT__

that the theori __PUNCT__ anywai __PUNCT__

but we all know that some peopl on wall_street ar not abov game the system __PUNCT__

when you have enough specul bet on the rise_price of oil __PUNCT__ that itself can caus oil_price to keep on rise __PUNCT__

and while a few reckless specul ar count their paper profit __PUNCT__ most american ar come up on the short end __PUNCT__ us more and more of their hard __PUNCT__ earn paycheck to bui ga for the truck __PUNCT__ tractor __PUNCT__ or famili car __PUNCT__

investig is underwai to root out thi kind of reckless wager __PUNCT__ unrel to ani kind of product commerc __PUNCT__ becaus it can distort the market __PUNCT__ drive price beyond ration limit __PUNCT__ and put the invest and pension of million of american at risk __PUNCT__

where we find such abus __PUNCT__ thei need to be swiftli punish __PUNCT__

and to make sure it never happen again __PUNCT__ we must reform the law and regul govern the oil futur_market __PUNCT__ so that thei ar just as clear and effect as the rule appli to stock __PUNCT__ bond __PUNCT__ and other financi_instrument __PUNCT__

in all of these market __PUNCT__ reform must assur transpar __PUNCT__ prevent abus __PUNCT__ and protect the public_interest __PUNCT__

of cours __PUNCT__ with the format of the opec cartel __PUNCT__ and the oil embargo of the earli___NUM__ __PUNCT__ we alreadi left behind pure econom in the oil market __PUNCT__ and we enter a new era of power_polit __PUNCT__

no longer wa crude_oil simpli a commod __PUNCT__

now __PUNCT__ suddenli __PUNCT__ it wa a strateg weapon __PUNCT__

at the time of opec oil embargo __PUNCT__ we import roughli a third of our oil __PUNCT__

now we import two third __PUNCT__

at that time __PUNCT__ everi dai __PUNCT__ we produc more than nine million_barrel of oil domest __PUNCT__

now america produc five million barrel a dai __PUNCT__

five million barrel sound like a lot until we compar the number with the oil we us __PUNCT__ which come to __NUM___million million_barrel __PUNCT__ or a quarter of all the oil us everi dai across the earth __PUNCT__

of that total __PUNCT__ a littl more than half come from canada __PUNCT__ from mexico __PUNCT__ and from our own domest_product __PUNCT__

that a heavi relianc on these two nation __PUNCT__

but there is a world of differ between reli on two democrat neighbor and partner in nafta __PUNCT__ and reli on often hostil and undemocrat regim in the middl_east and elsewher __PUNCT__

when critic of trade talk about unilater renegoti nafta __PUNCT__ as my oppon ha done __PUNCT__ that on more concern thei might want to keep in mind __PUNCT__

it take a veri short leap in logic to wonder why we produc less and less crude_oil __PUNCT__ while we us more and more of it __PUNCT__ or why politician talk so much about promot altern_energi energi_sourc __PUNCT__ but often do so littl to promot these altern __PUNCT__

a reason observ __PUNCT__ present onli with these number of consumpt and product __PUNCT__ might draw the conclus that america ha accept thi fate becaus we have no choic in the matter __PUNCT__ or becaus we have no resourc of our own __PUNCT__

but just the opposit is true __PUNCT__ we do have resourc __PUNCT__ and we do have a choic __PUNCT__

in oil __PUNCT__ ga __PUNCT__ and coal deposit __PUNCT__ we have enorm energi reserv of our own __PUNCT__

and we ar gain the mean to us these resourc in cleaner __PUNCT__ more respons wai __PUNCT__

as for offshor_drill __PUNCT__ it safe enough these dai that not even hurrican_katrina and rita could caus signific spillag from the batter rig off the coast of new orlean and houston __PUNCT__

yet for reason that becom less convinc with everi rise in the price of foreign_oil __PUNCT__ the feder_govern discourag offshor product __PUNCT__

at the veri least __PUNCT__ on might assum __PUNCT__ america had sure been build new refineri to achiev a more effici deliveri of gasolin to market __PUNCT__ and therebi to lower the price paid by the american_peopl __PUNCT__ especi in the summer season __PUNCT__

but the policymak in washington haven't got around to that __PUNCT__ either __PUNCT__

there so much regul of the industri that the last american refineri wa built when jerri ford wa presid __PUNCT__

as for nuclear_energi __PUNCT__ a proven energi_sourc that requir zero emiss __PUNCT__ we haven't built a new reactor in __NUM___year __PUNCT__

in europ and elsewher __PUNCT__ thei have been expand their us of nuclear_energi __PUNCT__

but we wait so long that we lost our domest capabl to even build these power_plant __PUNCT__

nuclear_power is among the surest wai to gain a clean __PUNCT__ abund __PUNCT__ and stabl energi_suppli __PUNCT__ as other nation understand __PUNCT__

on nation todai ha plan to build almost __NUM__ new reactor by __NUM__ __PUNCT__

anoth countri plan to build __NUM__ major nuclear station __PUNCT__

a third nation plan to build enough nuclear_plant to meet on quarter of all the electr need of it peopl __PUNCT__ a popul of more than a billion_peopl __PUNCT__

those three countri ar china __PUNCT__ russia __PUNCT__ and india __PUNCT__

and if thei have the vision to set and carri out great goal in energi_polici __PUNCT__ then why don't we __PUNCT__ so __PUNCT__ take stock of our energi situat __PUNCT__ it is time we draw a few sensibl conclus of our own __PUNCT__

in their sum effect on the american_economi __PUNCT__ the polici of our govern could hardli have left us more depend had thei been design to do precis that __PUNCT__

thi vulner is clear in mani wai __PUNCT__ and never more than when american_leader ar reduc to supplic for lower_price befor the sheik and princ of opec __PUNCT__

of cours __PUNCT__ thei ar unmov by our troubl __PUNCT__

thei regard even the need to ask as a sign of weak __PUNCT__

and in the end __PUNCT__ thei take their cue not from our entreati for relief __PUNCT__ but from our failur to diversifi and to produc __PUNCT__

quit rightli __PUNCT__ i believ __PUNCT__ we confer a special statu on some area of our countri that ar best left undisturb __PUNCT__

when america set asid the arctic nation wildlif refug __PUNCT__ we call it a __PUNCT__ refug __PUNCT__ for a reason __PUNCT__

but the stake ar high for our citizen and for our economi __PUNCT__

and with gasolin run at more than four buck a gallon __PUNCT__ mani do not have the luxuri of wait on the far __PUNCT__ off plan of futurist and politician __PUNCT__

we have proven oil_reserv of at least __NUM___billion barrel in the unit_state __PUNCT__

but a broad feder moratorium stand in the wai of energi explor and product __PUNCT__

and i believ it is time for the feder_govern to lift these restrict and to put our own reserv to us __PUNCT__

we can do thi in wai that ar consist with sensibl standard of environment_protect __PUNCT__

and in state that choos to permit explor __PUNCT__ there must be an appropri share of benefit between feder and state_govern __PUNCT__

but as a matter of fair to the american_peopl __PUNCT__ and a matter of duti for our govern __PUNCT__ we must deal with the here and now __PUNCT__ and assur afford fuel for america by increas domest_product __PUNCT__

we should set the highest goal for ourselv for the year and decad to come __PUNCT__ and i am a believ in the technolog that on dai will free us from oil entir __PUNCT__

but to get there at all __PUNCT__ a more pragmat approach will serv us better __PUNCT__

in the short_term __PUNCT__ we must take the world as it is and our resourc where thei ar __PUNCT__ even as we press on with new and cleaner sourc of energi __PUNCT__

we must be bold in our plan to break our strateg depend on oil __PUNCT__ and over the next two week __PUNCT__ i be offer a vision that will be bold __PUNCT__

but we must also address the concern of american __PUNCT__ who ar struggl right now to pai for gasolin __PUNCT__ groceri __PUNCT__ and other necess of life __PUNCT__

what is certain in energi_polici is that we have learn a few clear lesson along the wai __PUNCT__

somehow all of them seem to have escap my oppon __PUNCT__

he sai that high oil_price ar not the problem __PUNCT__ but onli that thei rose too quickli __PUNCT__

he doesn't support new domest_product __PUNCT__

he doesn't support new nuclear_plant __PUNCT__

he doesn't support more tradit us of coal __PUNCT__ either __PUNCT__

so what doe senat_obama obama_support in energi_polici __PUNCT__ well __PUNCT__ for starter he support the energi_bill of __NUM__ __PUNCT__ a grab __PUNCT__ bag of corpor favor that i oppos __PUNCT__

and now he support new tax on energi produc __PUNCT__

he want a windfal profit tax on oil __PUNCT__ to go along with the new tax he also plan for coal and natur_ga __PUNCT__

if the plan sound_familiar __PUNCT__ it becaus that wa presid jimmi_carter big_idea too __PUNCT__ and a lot of good it did us __PUNCT__

now as then __PUNCT__ all a windfal profit tax will accomplish is to increas our depend on foreign_oil __PUNCT__ and hinder exactli the kind of domest explor and product we need __PUNCT__

i all for recycl __PUNCT__ but it better appli to paper and plastic than to the fail polici of the __NUM__ __PUNCT__

oddli enough __PUNCT__ though __PUNCT__ senat_obama doesn't want to lower the ga tax paid by consum __PUNCT__ which would be the most direct and obviou wai to give american a break at the ga_station __PUNCT__

even in tough_time for our economi __PUNCT__ when folk ar struggl to pai for ga and groceri __PUNCT__ tax_relief just isn't chang he can believ in __PUNCT__

along with the harm that america depend on foreign_oil ha inflict on our economi __PUNCT__ there remain other cost that ar even greater and harder to count __PUNCT__

the massiv wealth we have spent over the year on foreign oil is not flow to the most upstand citizen of the world __PUNCT__

when trillion of dollar ar transfer to other nation in exchang for oil __PUNCT__ the consequ ar seriou and pervas __PUNCT__

but thei can be understood in three simpl wai __PUNCT__

the first take the form of a current account_deficit that ha drain vast sum out of the american_economi __PUNCT__

we ar borrow from foreign lender to bui oil from foreign produc __PUNCT__

in the world_capit capit_market __PUNCT__ often we ar even borrow saudi monei for saudi oil __PUNCT__

for them __PUNCT__ the happi result is that thei ar both supplier and creditor to the most product economi on earth __PUNCT__

for us __PUNCT__ the result is both depend and debt __PUNCT__

over time __PUNCT__ in interest_payment __PUNCT__ we lose trillion of dollar that could have been better invest in american_enterpris __PUNCT__

and we lose valu in the dollar itself __PUNCT__ as our debt portfolio undermin confid in the american_economi __PUNCT__

as bad as all that is __PUNCT__ the second consequ is wors by far __PUNCT__

oil revenu ar enrich the enemi of the unit_state __PUNCT__ and potenti limit our own option in contain the threat thei present __PUNCT__

iran alon receiv more than __NUM___billion billion_dollar a year from oil sale __PUNCT__ even as that regim financ terrorist __PUNCT__ threaten israel __PUNCT__ and endang the peac of the world with it design on nuclear_weapon __PUNCT__

moreov __PUNCT__ by reli upon oil from the middl_east __PUNCT__ we not onli provid wealth to the sponsor of terror __PUNCT__ we provid high __PUNCT__ valu target to the terrorist themselv __PUNCT__

across the world ar pipelin __PUNCT__ refineri __PUNCT__ transit rout __PUNCT__ and termin for the oil we reli on __PUNCT__ and al_qaeda qaeda_terrorist know where thei ar __PUNCT__

osama_bin_laden ha been quit explicit in direct terrorist to attack the oil facil on which so much of america_economi depend __PUNCT__

thei have come close more than onc __PUNCT__

and we ar on success at tack awai from an econom_crisi of monument proport __PUNCT__

even if our economi were somehow immun to thi threat __PUNCT__ the vast wealth we shift to the middl_east __PUNCT__ venezuela __PUNCT__ angola __PUNCT__ and elsewher would still have a third harm and pervers effect __PUNCT__

it would continu to enrich undemocrat __PUNCT__ unjust __PUNCT__ and often corrupt regim __PUNCT__

some of the most oil __PUNCT__ rich nation ar also the most stagnant societi on earth __PUNCT__

and among the mani luxuri their oil_wealth afford them is the luxuri of ignor their own peopl __PUNCT__

in effect __PUNCT__ our petrodollar ar underwrit tyranni __PUNCT__ anti __PUNCT__ semit __PUNCT__ the brutal_repress of women in the middl_east __PUNCT__ and dictat and crimin syndic in our own hemispher __PUNCT__

we cannot allow the world_greatest democraci to be complicit in such corrupt and injustic __PUNCT__

america most vital_interest call us to the mission of energi_secur __PUNCT__ and so doe our sens of honor __PUNCT__

and the straightest __PUNCT__ swiftest path to energi secur is to produc more __PUNCT__ us less __PUNCT__ and find new sourc of power __PUNCT__ so that no commod can determin our secur __PUNCT__ and no crisi can undermin our economi __PUNCT__

thi will requir great ingenu and resolv of the american_peopl __PUNCT__ and these ar not in short_suppli __PUNCT__

american like to sai that there is no problem we can't solv __PUNCT__ howev complic __PUNCT__ and no obstacl we cannot overcom if we meet it togeth __PUNCT__

i believ thi about our countri __PUNCT__

i know thi about our countri __PUNCT__

and now it is time to show those qualiti onc again __PUNCT__

thank you __PUNCT__