(Image Source: Reuters)

In his latest State of the Union Address, U.S. President George W. Bush addressed a Congress divided with sharply mixed feelings about the current state of, well, everything - including oil. The president declared that part of the American plan to fight global terror would be to cut back U.S. dependence on foreign sources of the black stuff - most notably from the countries whose governments hate us the most (i.e. iran and Venezuela).

Currently, 60% of U.S. oil needs are met from the importation of oil. To curb that figure, President Bush called for the Congress to step up its support for domestically produced e85 ethanol and other alternative fuels such as biodiesel and methanol.

On matters pertaining specifically to the automobile industry, the Big 2.5 in Detroit were likely pleased to not hear the president speak of raising the Corporate Average Fuel Economy (CAFE) standards on their production fleets, but instead suggesting in a less binding fashion of a need to "reform U.S. automobile efficiency standards," in order to save 8.5 billion gallons of oil by 2017.

Further, Mr. Bush called upon his fellow Americans to retard their usage of petroleum by 20% over the next decade.

Considering the president's historic ties to Big Oil, his anti-petrol statements while not strong enough for some, must seem like betrayal to others...

Read the Reuters coverage in full.