Chu likened America's fuel crisis to a beef-eater who can no longer afford to buy beef. With crude oil prices at well over $100 per barrel, producers are investing in riskier sources, Chu said. Arctic or deepwater oil wells cost as much as $5 billion each to start up, so producers want to get the highest price possible for the investment. "That's why it's so important to diversify, to be able to use pork and chicken and pasta," Chu said.
Tuesday, March 6, 2012
U.S. Dept. of Energy Secretary Chu Recommends Natural Gas
Speaking at this year's Green Truck Summit in Indianapolis, Secretary Chu said "We want to diversify our source of transportation energy."
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