"But one things is clear, is that dependence on foreign oil jeopardizes our capacity to grow. I mean, the problem is we get oil from some parts of the world and they simply don't like us. And so the more dependent we are on that type of energy, the less likely it will be that we are able to compete, and so people have good, high-paying jobs.

And so I've got a plan to work with -- to spend money on technologies. See, the technological development here at this school has been dramatic. Well, we can achieve the same technological breakthroughs when it comes to energy. And that starts with how we drive our automobiles. You know, one of these days, you're going to have a -- batteries in your automobile that will enable you to drive the first 40 miles without gasoline, and your car doesn't have to look like a golf cart. (Laughter.) I mean, I bet the people down in this part of the world like to drive pickups, Mike. (Laughter.) But we're going to have a battery that makes those pickups go.

And the reason why is, is that we're spending money to develop new technologies to enable us to become less dependent on oil. And that makes sense. And so, in order to think about how we remain competitive as a nation, we've got to be aggressive in promoting new technologies, particularly on the energy front."