The Prometheus Plan (“Plan”) saves 5 million barrels of oil a day (MBD) in 10 years by: increasing new light-duty vehicle fuel efficiency to 40 mpg; making efficiency improvements to heavy-duty trucks, tires and motor oils; and accelerating the use of biofuels. Based on Annual Energy Outlook 2010 projections, the Plan will reduce 2020 U.S. oil consumption of 21 MBD by 24% ─ a savings equal to all Persian Gulf oil imports (1.4 MBD) and U.S. offshore oil production (2.1 MBD) with a surplus (1.5 MBD).
The Plan meets the Gulf Challenge in 10 years as follows:
- Technological Capability/Policy – utilizes only proven technologies that can significantly impact oil savings (minimum 0.1 MBD) through sound energy policies.
- Environmental Sustainability – accelerates renewable fuel efficiencies and biofuels in transportation sector, while reducing greenhouse gas emissions and pollution.
- Timing and Cost – phased oil saving goals are achievable at cost of $180 billion, which at $75/barrel will save U.S. over $200 billion net annually.
- Public/Private Investment Strategy – Plan funded through a five-year 20% Excess Profits Tax on major oil companies’ $1 trillion in net cash flow.
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