I welcome this opportunity to speak about the U.S. energy outlook and its implications for domestic and foreign policy. Recent events provide persuasive evidence that energy problems, in all their many ramifications, will rank high on our list of national priorities for at least the next two decades.

My remarks will be divided into three parts. First, I will summarize the facts with regard to the U.S. energy outlook. Second, I will outline some of the economic and political implications of those facts. And third, I will suggest some of the priorities and constraints which the facts will impose on our domestic and foreign policies in the years ahead.