Obama energy pick says will fight global warming
WASHINGTON (Reuters) - The Obama administration will tackle the threat of global warming by seeking a cap-and-trade system to cut greenhouse gas emissions, Steven Chu, President-elect Barack Obama’s pick to be U.S. energy secretary, told lawmakers on Tuesday.
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Chu reiterated Obama’s comments that the administration would be willing to consider expanded offshore drilling as part of a comprehensive energy policy. But he noted that the United States has only 2 percent of the world’s oil reserves and accounts for just 5 percent of global oil production.
Chu said he would also act quickly to get the Energy Department’s $18 billion guaranteed loan program for new nuclear power plant projects up and running. He said nuclear power was important in the climate change fight because it does not produce greenhouse gas emissions.
“Nuclear power is going to be an important part of our energy mix,” Chu said.