Overall, Americans are living more abundantly than ever before. Despite this record of achievement, as we turn to the year ahead we hear once again the familiar voice of the perennial prophets of gloom telling us now that because of the need to fight inflation, because of the energy shortage, America may be headed for a recession.
We will break the back of the energy crisis; we will lay the foundation for our future capacity to meet America's energy needs from America's own resources.
Last week, I sent to the Congress a comprehensive special message setting forth our energy situation, recommending the legislative measures which are necessary to a program for meeting our needs.
This must be the year in which we organize a full-scale effort to provide for our energy needs, not only in this decade but through the 21st century.
Let this be our national goal: At the end of this decade, the United States will not be dependent on any other country for the energy we need to provide our jobs, to heat our homes, and to keep our transportation moving.
We plan to spend $10 billion in Federal funds over the next 5 years. That is an enormous amount. But during the same 5 years, private enterprise will be investing as much as $200 billion-- and in 10 years, $500 billion--to develop the new resources, the new technology, the new capacity America will require for its energy needs.
And having in mind the energy crisis to which I have referred to earlier, we will be working with the other nations of the world toward agreement on means by which oil supplies can be assured at reasonable prices on a stable basis in a fair way to the consuming and producing nations alike.
All of these are steps toward a future in which the world's peace and prosperity, and ours as well as a result, are made more secure.
That President? It was Richard M. Nixon. The date was January 30, 1974—in his State of the Union Address.
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