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As we all know, no crude oil refineries have been built in the United States since 1976. During that time, close to 100 ethanol refineries have been built.

Companies, cities, and potentially even individuals could have a small refinery to make their own fuel.

The BP spill was the greatest environmental catastrophe in U.S. history. Yet somehow, gas companies like BP and Halliburton ran interference on reporting that story.

Cap and trade is not an easy one for refiners, so we tried to get some moderation in the bill, and we did, but not near as much I would like.

From 1859 to 1971, the U.S. oil industry grew virtually continuously, in the process serving mightily to drive our economy and win our wars. But that growth was stopped dead in 1971 and sent into decline thereafter, as the advent of the EPA and the accompanying National Environmental Policy Act made it increasingly difficult to drill.

Companies are always being bought and sold. The markets are always moving; you have to be on top of your position. And in the U.S., the market is never closed for more than three days. The only time the market was ever closed was 9/11. I think it may have been closed the whole week.

Refineries are very energy-intensive.

First off, the crude oil market, unlike every other commodity in America, is virtually unregulated.

Right now, oil is being isolated around the globe, and there is a major effort in shipping, trucking and otherwise transporting that oil around to a very finite number of refineries. Biology allows us to make these same fuels in a much more distributed fashion.

Folks, you're the reason that the automobile industry is back. Whether it was the wage freezes, the plant closures, folks, you sacrificed to keep your companies open. Because of your productivity, the combined auto companies have committed to invest another $23 billion in expansion in America.