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Thank you very much Arnold, for your kind introduction. I’m glad to be here in the Detroit area. There is something I’ve been curious about. I am a dedicated fan of hockey. And I have a high regard for the Red Wings. Coming from a rather staid, eastern hockey background, I’ve often wondered about one of your quaint, local hockey traditions. Why would Detroit fans throw a 50-pound octopus onto the ice to celebrate a Red Wings victory? If you do that when things go right, what happens here when things go poorly? And should I be concerned about any of you throwing anything at the end of my remarks?

Arnold Mikon, President Beth Chappell, members of the Detroit Economic Club and guests. Good afternoon and thank you for being here.

Just over a year ago, Bill Gates spoke to you about the future of technology. I realize of course that I maintain a slightly lower public profile than Mr. Gates. But my message today is no less significant than his. If we do not immediately and aggressively pursue a strong energy policy for this country, the world Mr. Gates envisions will not be possible. The robust American economy as we know it will no longer be recognizable. The question is: Are we going to be able to power America’s future?

In the time I have today, I want to focus on one area of our energy challenges—electric power. What it will take to meet America’s future power requirements? Let’s start with this point: Demand for electric power is steadily increasing—pretty much in lockstep with our economic growth. And projections indicate that demand will continue to grow substantially. Our goal must be to ensure that America continues to have reliable, affordable and sustainable electric power. Reaching that goal is going to be complicated; it’s going to be difficult; and it is going to be expensive.