We share a common interest with producers in seeing oil prices stabilize at a lower level in the near future. The Administration continues to work daily toward this goal. In his recent speech before the National Press Club, Energy Secretary Richardson outlined five principles of U.S. energy policy designed to enhance our energy security and reduce our dependence on foreign oil over the long term. I will touch briefly on a few of these elements of long term U.S. policy and then I want to mention the important issue of producer reform . The spike in oil prices that we are experiencing is a stinging reminder of how important it is to maintain a diverse supply of energy from multiple sources.
Diversity is key to our search for greater energy security.
The Administration has worked to diversify our suppliers of oil. Last year we imported oil from 40 different countries, including nations in Africa and Latin America. Where we once imported 6.19 million barrels per day from OPEC governments, we now import 22 percent less. In addition, we have been working hard to attract investment and to pry open new markets in Africa, Latin America and the Caspian region. When you talk about world energy needs you cannot overlook the demand side of the equation.